Exhibit
4.4 


 


EXECUTION
VERSION





	 



 


NATIXIS
COMMERCIAL MORTGAGE SECURITIES LLC

as Depositor,


 


WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Servicer and Special Servicer,


 


WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator,


 


and


 


WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as Trustee


 










 



 


TRUST
AND SERVICING AGREEMENT



Dated as of May 23, 2018


 





 








 


20
Times Square Trust 2018-20TS,

Commercial Mortgage Pass-Through Certificates, Series 2018-20TS


	 





 




     


     


    

 


TABLE
OF CONTENTS


 





	 	 	 	Page
	 	 	 	 
	1	DEFINITIONS	 
	 	 	 
	 	1.1	Definitions	6
	 	1.2	Interpretation	63
	 	1.3	Certain Calculations in Respect of the Whole
    Loan	63
	 	 	 	 
	2	DECLARATION OF TRUST; ORIGINAL ISSUANCE
    OF CERTIFICATES	 
	 	 	 
	 	2.1	Creation and Declaration of Trust; Conveyance
    of the Whole Loan	66
	 	2.2	Acceptance by the Trustee and the Custodian	70
	 	2.3	Representations and Warranties of the Trustee	73
	 	2.4	Representations and Warranties of the Certificate
    Administrator	74
	 	2.5	Representations and Warranties of the Servicer
    and Special Servicer	75
	 	2.6	[Reserved]	76
	 	2.7	Representations and Warranties of the Depositor	76
	 	2.8	Representations and Warranties Contained in
    the Loan Purchase Agreement	78
	 	2.9	Issuance of Uncertificated Lower-Tier Interests;
    Issuance of Regular Interests; Execution and Delivery of Certificates	79
	 	2.10	Miscellaneous REMIC Provisions	80
	 	2.11	Miscellaneous Grantor Trust Provisions	80
	 	2.12	Grantor Trust Reporting	80
	 	 	 	 
	3	ADMINISTRATION AND SERVICING OF
    THE WHOLE LOAN	 
	 	 	 
	 	3.1	Servicer to Act as the Servicer; Special Servicer
    to Act as the Special Servicer	81
	 	3.2	Sub-Servicing Agreements	83
	 	3.3	Cash Management Account	85
	 	3.4	Collection Account, Companion Loan Account and
    Interest Reserve Account	85
	 	3.5	Distribution Account	91
	 	3.6	Foreclosed Property Account	92
	 	3.7	Appraisal Reductions	92
	 	3.8	Investment of Funds in the Collection Account,
    the Companion Loan Account and the Foreclosed Property Account	96
	 	3.9	Payment of Taxes, Assessments, etc	98
	 	3.10	Appointment of Special Servicer	98
	 	3.11	Maintenance of Insurance and Errors and Omissions
    and Fidelity Coverage	103
	 	3.12	Procedures with Respect to Defaulted Loan; Realization
    upon the Property	105
	 	3.13	Custodian to Cooperate; Release of Items in
    the Mortgage File	107
	 	3.14	Title and Management of Foreclosed Property	108



 



    -i- 


     


    

 


	 	3.15	Sale
    of Foreclosed Property	110
	 	3.16	Sale
    of Defaulted Loan	112
	 	3.17	Servicing
    Compensation	114
	 	3.18	Reports
    to the Certificate Administrator; Account Statements	118
	 	3.19	[Reserved]	120
	 	3.20	[Reserved]	120
	 	3.21	Access
    to Certain Documentation Regarding the Trust Loan and Other Information	120
	 	3.22	Inspections	121
	 	3.23	Advances	121
	 	3.24	Modifications
    of Loan Documents	125
	 	3.25	Servicer
    and Special Servicer May Own Certificates	127
	 	3.26	Intercreditor
    Agreement; Notice of Trust Loan Event of Default to Mezzanine Lender	127
	 	3.27	Rating
    Agency Confirmation	127
	 	3.28	Certain
    Co-Lender Matters Relating to the Whole Loan	129
	 	3.29	Additional
    Matters with Respect to the Whole Loan	130
	 	3.30	Additional
    Matters with Respect to Repurchases	132
	 	 	 	 
	4	PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS	 
	 	 	 
	 	4.1	Distributions	134
	 	4.2	Withholding
    Tax	144
	 	4.3	Allocation
    and Distribution of Yield Maintenance Premiums and Excess Default Interest	145
	 	4.4	Statements
    to Certificateholders	147
	 	4.5	Investor
    Q&A Forum; Investor Registry and Rating Agency Q&A Forum	150
	 	 	 	 
	5	THE CERTIFICATES	 
	 	 	 
	 	5.1	The
    Certificates	153
	 	5.2	Form
    and Registration	153
	 	5.3	Registration
    of Transfer and Exchange of Certificates	155
	 	5.4	Mutilated,
    Destroyed, Lost or Stolen Certificates	163
	 	5.5	Persons
    Deemed Owners	163
	 	5.6	Access
    to List of Certificateholders’ Names and Addresses; Special Notices	163
	 	5.7	Maintenance
    of Office or Agency	164
	 	5.8	Exchanges
    of Exchangeable Groups of Certificates	164
	 	 	 	 
	6	THE DEPOSITOR, THE SERVICER AND
    THE SPECIAL SERVICER	 
	 	 	 
	 	6.1	Respective
    Liabilities of the Depositor, the Servicer and the Special Servicer	167
	 	6.2	Merger
    or Consolidation of the Servicer or the Special Servicer	167
	 	6.3	Limitation
    on Liability of the Depositor, the Servicer, the Special Servicer and Others	167



 



    -ii- 


     


    

 


	 	6.4	Servicer
    and Special Servicer Not to Resign; Replacement of Servicer or Special Servicer	169
	 	6.5	Access
    to Information	170
	 	6.6	Indemnification
    by the Servicer, the Special Servicer and the Depositor	170
	 	 	 	 
	7	SERVICER TERMINATION EVENTS; TERMINATION
    OF SPECIAL SERVICER WITHOUT CAUSE
	 	 
	 	7.1	Servicer
    Termination Events; Special Servicer Termination Events	171
	 	7.2	Trustee
    to Act; Appointment of Successor	177
	 	7.3	[Reserved.]	179
	 	7.4	Other
    Remedies of Trustee	179
	 	7.5	Waiver
    of Past Servicer Termination Events and Special Servicer Termination Events	179
	 	7.6	Trustee
    as Maker of Advances	180
	 	 	 	 
	8	THE TRUSTEE AND CERTIFICATE ADMINISTRATOR	 
	 	 	 
	 	8.1	Duties
    of the Trustee and the Certificate Administrator	180
	 	8.2	Certain
    Matters Affecting the Trustee and the Certificate Administrator	183
	 	8.3	Neither
    the Trustee nor the Certificate Administrator is Liable for Certificates or the Trust Loan	185
	 	8.4	Trustee
    and Certificate Administrator May Own Certificates	187
	 	8.5	Trustee’s
    and Certificate Administrator’s Fees and Expenses	187
	 	8.6	Eligibility
    Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance	188
	 	8.7	Resignation
    and Removal of the Trustee or the Certificate Administrator	189
	 	8.8	Successor
    Trustee or Successor Certificate Administrator	191
	 	8.9	Merger
    or Consolidation of the Trustee or the Certificate Administrator	192
	 	8.10	Appointment
    of Co-Trustee or Separate Trustee	192
	 	8.11	Appointment
    of Authenticating Agent	193
	 	8.12	Indemnification
    by Trustee and the Certificate Administrator	194
	 	8.13	Certificate
    Administrator and Servicer Not Responsible for Inconsistent Payment Information	195
	 	8.14	Access
    to Certain Information	195
	 	 	 	 
	9	CERTAIN MATTERS RELATING TO THE
    DIRECTING HOLDER AND RISK RETENTION CONSULTATION PARTY	 
	 	 	 
	 	9.1	Selection
    and Removal of the Directing Holder	204
	 	9.2	Limitation
    on Liability of Directing Holder and Risk Retention Consultation Party; Acknowledgements of the Certificateholders	205
	 	9.3	Rights
    and Powers of the Directing Holder, the Risk Retention Consultation Party and the Companion Holders	206
	 	9.4	Directing
    Holder Contact with Servicer and Special Servicer	209
	 	9.5	The
    Risk Retention Consultation Party	209



 



    -iii- 


     


    

 


	10	TERMINATION	 
	 	 	 
	 	10.1	Termination	211
	 	10.2	Additional
    Termination Requirements	212
	 	10.3	Trusts
    Irrevocable	212
	 	 	 	 
	11	MISCELLANEOUS PROVISIONS	 
	 	 	 
	 	11.1	Amendment	213
	 	11.2	Recordation
    of Agreement; Counterparts	216
	 	11.3	Governing
    Law; Submission to Jurisdiction; Waiver of Trial by Jury	216
	 	11.4	Notices	217
	 	11.5	Notices
    to the Rating Agencies	221
	 	11.6	Severability
    of Provisions	222
	 	11.7	Limitation
    on Rights of Certificateholders	222
	 	11.8	Certificates
    Nonassessable and Fully Paid	223
	 	11.9	Reproduction
    of Documents	223
	 	11.10	No
    Partnership	223
	 	11.11	Actions
    of Certificateholders	223
	 	11.12	Successors
    and Assigns	224
	 	11.13	Acceptance
    by Authenticating Agent, Certificate Registrar and Custodian	224
	 	11.14	Streit
    Act	224
	 	11.15	Assumption
    by Trust of Duties and Obligations of the Lenders Under the Loan Documents	225
	 	 	 	 
	12	REMIC ADMINISTRATION	 
	 	 	 
	 	12.1	REMIC
    Administration	225
	 	12.2	Foreclosed
    Property	229
	 	12.3	Prohibited
    Transactions and Activities	230
	 	12.4	Indemnification
    with Respect to Certain Taxes and Loss of REMIC Status	231
	 	 	 	 
	13	EXCHANGE ACT REPORTING AND REGULATION
    AB COMPLIANCE	 
	 	 	 
	 	13.1	Intent
    of the Parties; Reasonableness	232
	 	13.2	Succession;
    Sub-Servicers; Subcontractors	232
	 	13.3	Companion
    Loan Securitization Trust’s Filing Obligations	234
	 	13.4	Form
    10-D Disclosure	234
	 	13.5	Form
    10-K Disclosure	235
	 	13.6	Form
    8-K Disclosure	235
	 	13.7	Annual
    Compliance Statements	236
	 	13.8	Annual
    Reports on Assessment of Compliance with Servicing Criteria	237
	 	13.9	Annual
    Independent Public Accountants’ Servicing Report	238
	 	13.10	Significant
    Obligor	239
	 	13.11	Sarbanes-Oxley
    Backup Certification	240
	 	13.12	Indemnification	240
	 	13.13	Amendments	241
	 	13.14	Termination
    of the Certificate Administrator	241



 



    -iv- 


     


    

 


	 	13.15	Termination
    of Sub-Servicing Agreements	242
	 	13.16	Notification
    Requirements and Deliveries in Connection with Securitization of a Companion Loan	242


 


EXHIBITS


 


	Exhibit A-1	Form of Class A Certificates
	 	 
	Exhibit A-2	Form of Class B Certificates
	 	 
	Exhibit A-3	Form of Class C Certificates
	 	 
	Exhibit A-4	Form of Class D Certificates
	 	 
	Exhibit A-5	Form of Class E Certificates
	 	 
	Exhibit A-6	Form of Class F Certificates
	 	 
	Exhibit A-7	Form of Class G Certificates
	 	 
	Exhibit A-8	Form of Class H Certificates
	 	 
	Exhibit A-9	Form of Class R Certificates
	 	 
	Exhibit A-10	Form of Class V Certificates
	 	 
	Exhibit B	Form of Request for Release
	 	 
	Exhibit C	Form of Transfer Certificate for Rule 144A Global
    Certificate to Temporary Regulation S Global Certificate
	 	 
	Exhibit D	Form of Transfer Certificate for Rule 144A Global
    Certificate to Regulation S Global Certificate
	 	 
	Exhibit E	Form of Transfer Certificate for Temporary Regulation
    S Global Certificate to Rule 144A Global Certificate during Restricted Period
	 	 
	Exhibit F	Form of Certification to be given by Beneficial
    Owner of Temporary Regulation S Global Certificate
	 	 
	Exhibit G	Form of Transfer Certificate for Non-Book Entry
    Certificate to Temporary Regulation S Global Certificate
	 	 
	Exhibit H	Form of Transfer Certificate for Non-Book Entry
    Certificate to Regulation S Global Certificate
	 	 
	Exhibit I	Form of Transfer Certificate for Non-Book Entry
    Certificate to Rule 144A Global Certificate
	 	 
	Exhibit J-1	Form of Investor Certification for Non-Borrower
    Related Parties
	 	 
	Exhibit J-2	Form of Investor Certification for Borrower
    Related Parties
	 	 
	Exhibit J-3	Form of Certification of the Risk Retention
    Consultation Party



 



    -v- 


     


    

 


	Exhibit J-4	Online Market Data Provider
    Certification
	 	 
	Exhibit K	Applicable Servicing Criteria
	 	 
	Exhibit L	Form of Certification for NRSROs
	 	 
	Exhibit M-1	Form of Transferee Affidavit
	 	 
	Exhibit M-2	Form of Transferor Letter
	 	 
	Exhibit M-3	Form of ERISA Representation Letter
	 	 
	Exhibit M-4	Form of Transferee Certificate for Transfers
    of RR Interest
	 	 
	Exhibit M-5	Form of Transferor Certificate for Transfers
    of RR Interest
	 	 
	Exhibit M-6	Form of Transferor Certificate for Transfer
    of the Excess Servicing Fee Rights
	 	 
	Exhibit M-7	Form of Transferee Certificate for Transfer
    of the Excess Servicing Fee Rights
	 	 
	Exhibit N	Form of Custodial Certificate
	 	 
	Exhibit O	Form of Final Custodial Certificate
	 	 
	Exhibit P	Form of Notice of Mezzanine Equity Collateral
    Foreclosure
	 	 
	Exhibit Q	Form of Power of Attorney by Trustee for Servicer
    and Special Servicer
	 	 
	Exhibit R	Form of Notice of Exchange of Exchangeable Groups
    of Certificates
	 	 
	Exhibit S	Additional Form 10-D Disclosure
	 	 
	Exhibit T	Additional Form 10-K Disclosure
	 	 
	Exhibit U	Form 8-K Disclosure Information
	 	 
	Exhibit V	Additional Disclosure Notification
	 	 
	Exhibit W	Initial Sub-Servicers
	 	 
	Exhibit X-1	Form of Certification to be Provided to Depositor
    by Servicer
	 	 
	Exhibit X-2	Form of Certification to be Provided to Depositor
    by Special Servicer
	 	 
	Exhibit X-3	Form of Certification to be Provided to Depositor
    by Certificate Administrator
	 	 
	Exhibit X-4	Form of Certification to be Provided to Depositor
    by Trustee




 






    -vi- 


     


    

 





THIS
TRUST AND SERVICING AGREEMENT (“Agreement”) is dated as of May 23, 2018 among Natixis Commercial Mortgage Securities
LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wells Fargo Bank National Association,
as Certificate Administrator, and Wilmington Trust, National Association, as Trustee.


 


INTRODUCTORY
STATEMENT


 


Terms
not defined in this Introductory Statement shall have the meanings specified in Article 1 hereof.


 


Natixis
Real Estate Capital LLC (“NREC”) originated that certain five-year fixed rate loan (the “Whole Loan”)
pursuant to that certain Loan Agreement, dated as of April 27, 2018 (the “Loan Agreement”), by and between
NREC and 20 TSQ GROUNDCO LLC, a Delaware limited liability company (the “Borrower”). As of the Closing Date,
the outstanding principal balance of the Whole Loan is $750,000,000.


 


The
Whole Loan is comprised of (1) promissory note A-1-A, having an unpaid principal balance as of the Cut-off Date of $32,500,000
(“Note A-1-A”); (2) promissory note A-1-B, having an unpaid principal balance as of the Cut-off Date of $49,100,000
(“Note A-1-B”); (3) promissory note A-1-C, having an unpaid principal balance as of the Cut-off Date of $4,700,000
(“Note A-1-C”); (4) promissory note A-2-A-1, having an unpaid principal balance as of the Cut-off Date of $30,000,000
(“Note A-2-A-1”); (5) promissory note A-2-A-2, having an unpaid principal balance as of the Cut-off Date of
$25,000,000 (“Note A-2-A-2”); (6) promissory note A-2-A-3, having an unpaid principal balance as of the Cut-off
Date of $20,000,000 (“Note A-2-A-3”); (7) promissory note A-2-A-4, having an unpaid principal balance as of
the Cut-off Date of $10,000,000 (“Note A-2-A-4”); (8) promissory note A-2-A-5, having an unpaid principal balance
as of the Cut-off Date of $10,000,000 (“Note A-2-A-5”); (9) promissory note A-2-A-6, having an unpaid principal
balance as of the Cut-off Date of $5,000,000 (“Note A-2-A-6”); (10) promissory note A-2-B-1, having an unpaid
principal balance as of the Cut-off Date of $16,000,000 (“Note A-2-B-1”); (11) promissory note A-2-B-2, having
an unpaid principal balance as of the Cut-off Date of $16,000,000 (“Note A-2-B-2”); (12) promissory note A-2-B-3,
having an unpaid principal balance as of the Cut-off Date of $16,000,000 (“Note A-2-B-3”); (13) promissory
note A-2-B-4, having an unpaid principal balance as of the Cut-off Date of $16,000,000 (“Note A-2-B-4”); (14)
promissory note A-2-C-1, having an unpaid principal balance as of the Cut-off Date of $7,350,000 (“Note A-2-C-1”);
(15) promissory note A-2-C-2-A, having an unpaid principal balance as of the Cut-off Date of $3,650,000 (“Note A-2-C-2-A”);
(16) promissory note A-2-C-2-B, having an unpaid principal balance as of the Cut-off Date of $3,700,000 (“Note A-2-C-2-B”);
(17) promissory note A-B-1, having an unpaid principal balance as of the Cut-off Date of $242,500,000 (“Note A-B-1”);
(18) promissory note A-B-2, having an unpaid principal balance as of the Cut-off Date of $206,900,000 (“Note A-B-2”);
and (19) promissory note A-B-3, having an unpaid principal balance as of the Cut-off Date of $35,600,000 (“Note A-B-3”).


 


Note
A-1-A, Note A-1-B, Note A-1-C, Note A-2-A-2 and Note A-2-C-2-B are collectively referred to herein as the “Trust A Notes”.
Note A-B-1, Note A-B-2 and Note A-B-3 


 



     


     


    

 


are
collectively referred to herein as the “Trust A-B Notes”. Note A-2-A-1, Note A-2-A-3, Note A-2-A-4, Note A-2-A-5,
Note A-2-A-6, Note A-2-B-1, Note A-2-B-2, Note A-2-B-3, Note A-2-B-4, Note A-2-C-1 and Note A-2-C-2-A are collectively referred
to herein as the “Non-Trust A Notes”. The Trust A Notes and the Non-Trust A Notes are collectively referred
to herein as the “A Notes”. The Trust A Notes and the Trust A-B Notes are referred to herein as the “Trust
Notes”.


 


WHEREAS,
on or prior to the date hereof, NREC transferred Note A-1-B, Note A-2-B-1, Note A-2-B-2, Note A-2-B-3, Note A-2-B-4 and Note A-B-2
to Column Financial, Inc., a Delaware corporation (“Column”);


 


WHEREAS,
on or prior to the date hereof, NREC transferred Note A-1-C, Note A-2-C-1, Note A-2-C-2-A, Note A-2-C-2-B and Note A-B-3 to China
Merchants Bank Co., Ltd., New York Branch, a US branch of China Merchants Bank Co., Ltd., a bank organized under the laws of the
People’s Republic of China (“CMB”);


 


The
portion of the Whole Loan evidenced by the Trust Notes is referred to herein as the “Trust Loan”, having an
aggregate principal balance as of the Cut-off Date of $600,000,000. The portions of the Whole Loan evidenced by the Non-Trust
A Notes are referred to herein as the “Companion Loans”, having an aggregate principal balance as of the Cut-off
Date of $150,000,000. The Trust Notes and Non-Trust A Notes are collectively referred to herein as the “Notes”
and each is referred to herein as a “Note”.


 


The
Trust Loan was sold and assigned by NREC, Column and CMB (collectively, in such capacity, the “Loan Sellers”)
to the Depositor pursuant to a loan purchase and sale agreement, dated as of the date hereof, by and between the Loan Sellers
and the Depositor (the “Loan Purchase Agreement”). The Companion Loans will not be assets of the Trust.


 


The
Trust Loan and the Companion Loans are subject to the terms and conditions of the Co-Lender Agreement, dated as of May 23, 2018,
between NREC, as holder of Note A-1-A, Note A-2-A-1, Note A-2-A-2, Note A-2-A-3, Note A-2-A-4, Note A-2-A-5, Note A-2-A-6 and
Note A-B-1; Column, as holder of Note A-1-B, Note A-2-B-1, Note A-2-B-2, Note A-2-B-3, Note A-2-B-4 and Note A-B-2; and CMB, as
holder of Note A-1-C, Note A-2-C-1, Note A-2-C-2-A, Note A-2-C-2-B and Note A-B-3 (the “Co-Lender Agreement”).


 


As
provided for herein, the Certificate Administrator shall elect or shall cause elections to be made to treat designated portions
of the Trust Fund for federal income tax purposes as two separate real estate mortgage investment conduits (the “Upper-Tier
REMIC” and the “Lower-Tier REMIC” and, each, a “Trust REMIC”). The Class A, Class
B, Class C, Class D, Class E, Class F, Class G and Class H Regular Interests (excluding the right to receive Excess Default Interest)
will represent “regular interests” in the Upper-Tier REMIC. The Class LA, Class LB, Class LC, Class LD, Class LE,
Class LF, Class LG and Class LH Uncertificated Interests will represent “regular interests” in the Lower-Tier REMIC.
The Class R Certificates will evidence the sole Class of “residual interests” in each of the Upper-Tier REMIC and
Lower-Tier REMIC for purposes of the REMIC Provisions under federal income tax law.


 






    -2- 


     


    

 


The
portions of the Trust Fund consisting of (i) the Specific Grantor Trust Assets and (ii) the Default Interest with respect to the
Trust Loan and related proceeds shall be treated as a grantor trust under subpart E, part I of subchapter J of the Code (the “Grantor
Trust”) for federal income tax purposes. Each Class of Certificates (other than the Class R Certificates) shall represent
undivided beneficial interests in such Class’s entitlements to the Grantor Trust.


 


In
exchange for the Trust Loan and the Uncertificated Lower-Tier Interests, the Trust will issue to the Depositor the Class A, Class
B, Class C, Class D, Class E, Class F, Class G, Class H and Class R Certificates (collectively, the “Certificates”),
which Certificates in the aggregate will evidence the entire beneficial interest in the Trust Fund. The Trust Fund consists principally
of the Trust Notes, the Mortgage and the Loan Documents.


 


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


 


UPPER-TIER
REMIC


 


The
Regular Interests will evidence “regular interests” in the Upper-Tier REMIC created hereunder. The Class UT-R Interest
will constitute the sole Class of “residual interests” in the Upper-Tier REMIC created hereunder, and will be evidenced
by the Class R Certificates.


 


LOWER-TIER
REMIC


 


The
Class LA, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Uncertificated Interests will evidence “regular
interests” in the Lower-Tier REMIC created hereunder. The Class LT-R Interest will constitute the sole Class of “residual
interests” in the Lower-Tier REMIC created hereunder and will be evidenced by the Class R Certificates. The following table
sets forth the initial Lower-Tier Principal Amounts and Pass-Through Rates for the Uncertificated Lower-Tier Interests and the
Class UT-R Interest comprising the interests in the Lower-Tier REMIC created hereunder:


 


	Class

                                         Designation 
	 	Pass-Through
                                         Rate 
	 	Original
                                         Lower-Tier

                                         Principal Amount 

	Class
    LA	 	(1)	 	$
    114,820,000
	Class
    LB	 	(1)	 	$
    56,880,000
	Class
    LC	 	(1)	 	$
    50,200,000
	Class
    LD	 	(1)	 	$
    69,630,000
	Class
    LE	 	(1)	 	$
    64,660,000
	Class
    LF	 	(1)	 	$
    85,660,000
	Class
    LG	 	(1)	 	$
    94,200,000
	Class
    LH	 	(1)	 	$
    63,950,000
	Class
    LT-R	 	None(2)	 	None(2)



 





 



 



		(1)	The
                                         Pass-Through Rate for each Certificate Interest Accrual Period and each of the Class
                                         LA, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Uncertificated
                                         Interests will be the Net Mortgage Rate.



 


		(2)	The
Class LT-R Interest (evidenced by the Class R Certificates) will not have a Certificate Balance, will not bear interest and will
not be entitled to distributions of Yield Maintenance Premiums. Any Available Funds



 






    -3- 


     


    

 


constituting
assets remaining in the Lower-Tier Distribution Account after distributing the Lower-Tier Distribution Amount shall be distributed
to the Holders of the Class R Certificates in respect of the Class LT-R Interest (but only to the extent of the Available Funds
for such Distribution Date, if any, remaining in the Lower-Tier Distribution Account).


 


All
covenants and agreements made by the Depositor herein are for the benefit and security of the Certificateholders and the Trustee
as Holder of the Regular Interests and the Uncertificated Lower-Tier Interests. The Depositor, the Servicer, the Special Servicer,
the Certificate Administrator and the Trustee are entering into this Agreement, and the Trustee is accepting the trusts created
hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged.


 


THE
GRANTOR TRUST


 


The
Certificates (other than the Class R Certificates) shall represent undivided beneficial interests in the related portions of the
Grantor Trust as described herein. 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.


 


THE
CERTIFICATES


 


The
following table sets forth the Class designation and initial Certificate Balance of each Class of Regular Interests (collectively,
the “Corresponding Regular Interests”), and the corresponding Lower-Tier Regular Interest (the “Corresponding
Lower-Tier Regular Interests”) and the corresponding Classes of Certificates (the “Corresponding Certificates”).


 


	Corresponding

                                         Regular Interests 
	 	Original
                                         Certificate Balance 
	 	Corresponding
                                         Lower-Tier Regular Interests(1) 
	 	Initial
                                         Lower-Tier Principal Balance 
	 	Corresponding
                                         Certificates 

	Class
    A Regular Interest	 	$114,820,000	 	LA	 	$114,820,000	 	Class
    A

    ClassV
	 	 	 	 	 	 	 	 	 
	Class
    B Regular Interest	 	$56,880,000	 	LB	 	$56,880,000	 	Class
    B

    Class V
	 	 	 	 	 	 	 	 	 
	Class
    C Regular Interest	 	$50,200,000	 	LC	 	$50,200,000	 	Class
    C

    Class V
	 	 	 	 	 	 	 	 	 
	Class
    D Regular Interest	 	$69,630,000	 	LD	 	$69,630,000	 	Class
    D

    Class V
	 	 	 	 	 	 	 	 	 
	Class
    E Regular Interest	 	$64,660,000	 	LE	 	$64,660,000	 	Class
    E

    Class V
	 	 	 	 	 	 	 	 	 
	Class
    F Regular Interest	 	$85,660,000	 	LF	 	$85,660,000	 	Class
    F

    Class V
	 	 	 	 	 	 	 	 	 
	Class
    G Regular Interest	 	$94,200,000	 	LG	 	$94,200,000	 	Class
    G

    Class V
	 	 	 	 	 	 	 	 	 
	Class
    H Regular Interest	 	$63,950,000	 	LH	 	$63,950,000	 	Class
    H

    Class V



 






    -4- 


     


    

 





 







		(1)	The
                                         Lower-Tier Regular Interest that corresponds to any particular Class of Regular Interest
                                         and any particular Class of Certificates also correspond to each other and, accordingly,
                                         constitute the (i) Corresponding Lower-Tier Regular Interest, (ii) Corresponding Regular
                                         Interest and (iii) Corresponding Certificates, respectively, with respect to each other.



 


The
following table sets forth the class designation, the pass-through rate (the “Pass-Through Rate”) and the aggregate
initial Certificate Balance (the “Original Certificate Balance”) for each Class of Certificates:


 


	Class

    Designation	 	Pass-Through
    Rate  
(per annum)	 	Original

                                         Certificate Balance (1) 


	 	

Initial
                                         Maximum Balance(2) 



	Class A	 	 	3.203230	%(3)	 	$	114,820,000	 	 	$	114,820,000	 
	Class B	 	 	3.203230	%(3)	 	$	56,880,000	 	 	$	56,880,000	 
	Class C	 	 	3.203230	%(3)	 	$	50,200,000	 	 	$	50,200,000	 
	Class D	 	 	3.203230	%(3)	 	$	69,630,000	 	 	$	69,630,000	 
	Class E	 	 	3.203230	%(3)	 	$	64,660,000	 	 	$	64,660,000	 
	Class F	 	 	3.203230	%(3)	 	$	85,660,000	 	 	$	85,660,000	 
	Class G	 	 	3.203230	%(3)	 	$	94,200,000	 	 	$	94,200,000	 
	Class H	 	 	3.203230	%(3)	 	$	63,950,000	 	 	$	63,950,000	 
	Class V	 	 	N/A	 	 	$	0	 	 	$	600,000,000	 




 





 







		(1)	The
                                         Original Certificate Balance of each Class of Certificates will be subject to re-designation
                                         as between such Classes pursuant to Section 5.8.



 


		(2)	The
                                         Initial Maximum Balance of each class of the Regular Certificates shown in the table
                                         above represents the maximum Certificate Balance of such Class without giving effect
                                         to any issuance of Class V Certificates. The Initial Maximum Balance of the Class V Certificates
                                         shown in the table above represents the maximum principal balance of such Certificates
                                         that could be issued in an exchange pursuant to Section 5.8.



 


		(3)	The
                                         Class A Pass-Through Rate, Class B Pass-Through Rate, Class C Pass-Through Rate, Class
                                         D Pass-Through Rate, Class E Pass-Through Rate, Class F Pass-Through Rate, Class G Pass-Through
                                         Rate and Class H Pass-Through Rate are equal to the Net Mortgage Rate.



 


Pursuant
to the Certificate Purchase Agreement, NREC is purchasing from the Initial Purchasers the respective portions of the Certificate
Balance of each Class of Certificates set forth below:


 


	Class
                                         of 

                                         Certificates(1)
	 	Certificate
    Balance
	Class
    A	 	$	114,820,000	 
	Class
    B	 	$	56,880,000	 
	Class
    C	 	$	50,200,000	 
	Class
    D	 	$	69,630,000	 
	Class
    E	 	$	64,660,000	 
	Class
    F	 	$	85,660,000	 
	Class
    G	 	$	94,200,000	 
	Class
    H	 	$	63,950,000	 



 


		(1)	The
                                         Certificates that NREC is purchasing pursuant to the Certificate Purchase Agreement,
                                         as such Certificates may be exchanged pursuant to Section 5.8, are referred to
                                         in this Agreement collectively as the “RR Interest”.



 




    -5- 


     


    

 


W
I T N E S S E T H T H A T:


 


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


 


1.          DEFINITIONS


 


1.1.          Definitions.


 


Whenever
used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings
and such meanings shall be equally applicable to the singular and plural forms of such terms, as the context may require.


 


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


 


“17g-5
Information Provider’s Website”: The internet website of the 17g-5 Information Provider that will initially be
located within the Certificate Administrator’s Website (www.ctslink.com), under the “NRSRO” tab on the page
relating to this transaction. Such website shall provide means of navigation for the Depositor and the NRSROs (including the Rating
Agencies) to the portion of the Certificate Administrator’s Website available to Privileged Persons.


 


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


 


“A
Notes”: As defined in the Introductory Statement.


 


“Acceptable
Insurance Default”: Any default arising when the Loan Documents require that the Borrower 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 Accepted Servicing Practices, that (i) such insurance is not available at commercially
reasonable rates and the subject hazards are not commonly insured against by prudent owners of similar real properties located
in or near the geographic region in which the 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. The Special Servicer may hire an
insurance consultant (at the expense of the Trust Fund) and shall be entitled to rely on such insurance consultant in making the
determinations described in this definition.


 


“Accepted
Servicing Practices”: As defined in Section 3.1.


 


“Acquisition
Date”: The date upon which, under the Code (and in particular the REMIC Provisions and Section 856(e) of the Code),
the Trust Fund is deemed to have acquired the Property.


 


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


 






    -6- 


     


    

 


“Additional
Servicer”: Each Affiliate of the Servicer or the Special Servicer (other than the Certificate Administrator) that Services
the Whole Loan and each Person who is not an Affiliate of the Servicer or the Special Servicer, who Services the Whole Loan as
of any date of determination.


 


“Additional
Servicing Compensation”: As defined in Section 3.17.


 


“Additional
Special Servicing Compensation”: As defined in Section 3.17.


 


“Administrative
Advances”: As defined in Section 3.23(b).


 


“Advance”:
Any Administrative Advance, Monthly Payment Advance or any Property Protection Advance.


 


“Advance
Rate”: As defined in Section 3.23(d).


 


“Adverse
REMIC Event”: As defined in Section 12.1(j).


 


“Advisers
Act”: As defined in Section 5.3(p).


 


“Affiliate”:
With respect to any specified Person, any other Person, directly or indirectly, controlling or controlled by or under common control
with such specified Person. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract, relation to individuals or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. The Trustee and/or the Certificate Administrator may obtain and rely upon an Officer’s
Certificate of the Servicer, the Special Servicer, the Trustee (in the case of the Certificate Administrator), the Certificate
Administrator (in the case of the Trustee) or the Depositor, as applicable, to determine whether any Person is an Affiliate of
the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Borrower, the Mezzanine Borrower or the Depositor.


 


“Agreement”:
This Trust and Servicing Agreement (including all exhibits hereto) and all amendments and supplements hereto.


 


“Applicable
Laws”: As defined in Section 8.2(d).


 


“Applicable
Servicing Criteria”: With respect to the Servicer, the Special Servicer or any Servicing Function Participant, the Servicing
Criteria applicable to it, as set forth on Exhibit K attached hereto. For clarification purposes, multiple parties can
have responsibility for the same Applicable Servicing Criteria and with respect to a Servicing Function Participant engaged by
the Servicer or the Special Servicer, the term “Applicable Servicing Criteria” may refer to a portion of the
Applicable Servicing Criteria applicable to the Servicer or the Special Servicer, as the case may be.


 


“Applied
Realized Loss Amount”: All amounts applied to reduce the Certificate Balance of a Class of Certificates in respect of
Realized Losses pursuant to Section 4.1(g).


 






    -7- 


     


    

 


“Appraisal”:
With respect to the Property or Foreclosed Property, an appraisal of such Property or Foreclosed Property, conducted by an Independent
Appraiser in accordance with the standards of the Appraisal Institute by an Independent Appraiser and certified by such Independent
Appraiser as having been prepared in accordance with the requirements of the Standards of Professional Practice of the Appraisal
Institute with an “MAI” designation and the Uniform Standards of Professional Appraisal Practice of the Appraisal
Foundation, as well as the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended; provided that
after an initial “Appraisal” has been obtained pursuant to the terms of this Agreement, an update of such initial
Appraisal shall be considered an “Appraisal” hereunder for all purposes. All Appraisals (and updates thereof) obtained
pursuant to the terms of this Agreement shall include a valuation using the “income capitalization – discounted cash
flow approach” and set forth the discount rate and terminal capitalization rate utilized by the Independent Appraiser. All
calculations under this Agreement requiring that a “value” or “appraised value” be used with respect to
the Property or Foreclosed Property (as applicable) shall use the most recently determined appraised value set forth in an Appraisal
(or update thereof) unless a different valuation is specifically required (such as the appraised value of the Property at origination).
With respect to any Appraisal Reduction Amount calculated for purposes of determining an Appraisal Reduction Event, the appraised
value (as determined by an updated Appraisal obtained pursuant to Section 3.7) of the Property will be determined on an
“as-is” basis.


 


“Appraisal
Reduction Amount”: As to the Whole Loan and as of any date of determination, an amount equal to the excess of (i) the
outstanding principal balance of the Whole Loan on such date plus the sum of (A) to the extent not previously advanced by the
Servicer or the Trustee or the Other Servicer or Other Trustee, all accrued and unpaid interest on the Whole Loan at the Interest
Rate, (B) all unreimbursed Advances (including Companion Loan Advances) and interest on all Advances (including interest on Companion
Loan Advances) at the Advance Rate in respect of the Whole Loan or the Property, (C) the amount of any Advances and Companion
Loan Advances and interest on such Advances and Companion Loan Advances previously reimbursed from principal collections on the
Whole Loan that have not otherwise been recovered from the Borrower, (D) all currently due and unpaid real estate taxes and assessments
and insurance premiums and all other amounts, including, if applicable, ground rents or leasehold rents, due and unpaid in respect
of the Property (which taxes, premiums and other amounts have not been the subject of an Advance) and (E) to the extent not duplicative
of amounts in clauses (B), (C) or (D), all unpaid Trust Fund Expenses then due hereunder over (ii) the sum
of (A) 90% of the appraised value (as determined by an updated Appraisal) of the Property less the amount of any liens (exclusive
of Permitted Encumbrances) on the Property senior to the lien of the Loan Documents plus (B) any escrows with respect to the Whole
Loan, including for taxes and insurance premiums and ground rents and leasehold rents. The Trust Loan and the Companion Loans
shall be treated as a single mortgage loan for purposes of calculating the Appraisal Reduction Amount. Any Appraisal Reduction
Amount with respect to the Whole Loan will be allocated first, to the Trust A-B Notes, up to the full outstanding principal
balance thereof, and then, to the A Notes, on a pro rata and pari passu basis, up to the full outstanding
principal balance thereof.


 


“Appraisal
Reduction Event”: With respect to the Whole Loan, the earliest of (i) 60 days after an uncured payment delinquency (other
than a delinquency in respect of the Balloon Payment) occurs in respect of the Whole Loan, (ii) 90 days after an uncured delinquency


 



    -8- 


     


    

 


occurs
in respect of the Balloon Payment for the Whole Loan unless a refinancing or sale is anticipated within 120 days after the Maturity
Date of the Whole Loan (as evidenced by a fully executed term sheet, written refinancing commitment or signed purchase and sale
agreement from an acceptable lender or purchaser that is reasonably satisfactory in form and substance to the Servicer which provides
that such refinancing or sale will occur within 120 days after the Maturity Date), in which case 120 days after such uncured delinquency,
(iii) 60 days after a reduction in Monthly Payments, (iv) 60 days after an extension of the Maturity Date of the Whole Loan (except
for an extension within the time periods described in clause (ii) above), (v) immediately after a receiver has been appointed
in respect of the Property on behalf of the Trust and the Companion Loan Holders or any other creditor, (vi) immediately after
the Borrower declares, or becomes the subject of, bankruptcy, insolvency or similar proceedings, admits in writing the inability
to pay its debts as they become due or makes an assignment for the benefit of creditors, or (vii) immediately after the Property
becomes a Foreclosed Property; provided that with respect to the Appraisal Reduction Event described in clause (i),
to the extent that (x) the Borrower becomes current on its payment obligations with respect to the Notes (including payment in
full of (A) all accrued and unpaid interest on the Notes (including accrued and unpaid Default Interest, if any, thereon) and
(B) all Advances made by the Servicer and/or the Trustee and interest thereon) and remain current for a period of twelve consecutive
months and (y) an updated Appraisal shows that no Appraisal Reduction Amount exists, such Appraisal Reduction Event shall cease
to exist.


 


“Appraised-Out
Class”: As defined in Section 3.7(e).


 


“Asset
Status Report”: As defined in Section 3.10(h).


 


“Assignment
of Leases”: With respect to the Whole Loan, the assignment of leases, rents and profits or similar document or instrument
executed by the loan parties in connection with the origination of the Whole Loan, as such assignment may be amended, modified,
renewed or extended through the date hereof and from time to time hereafter.


 


“Assignment
of Mortgage”: An assignment of the Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the Property is located to reflect of record the assignment
of the Mortgage to the Trustee on behalf of the Trust Fund and the Companion Loan Holders; provided, however, that
the Trustee, the Certificate Administrator, the Servicer and the Special Servicer shall not be responsible for determining whether
any such assignment is legally sufficient or in recordable form.


 


“Assumed
Monthly Payment”: With respect to the Trust Loan for any Distribution Date (including any Distribution Date following
a delinquency in the payment of the Balloon Payment or the foreclosure of the Whole Loan or acceptance by the Trust and the Companion
Loan Holders of a deed-in-lieu of foreclosure or comparable conversion of the Whole Loan), will be equal to the scheduled monthly
payment of interest that would have been due in respect of the Trust Loan on its Maturity Date (excluding Default Interest) and
each subsequent Loan Payment Date (or assumed Loan Payment Date) if the Trust Loan had been required to continue to accrue interest
in accordance with its terms (other than Default Interest) in effect immediately prior to, and without regard to, the occurrence
of the Maturity Date or the


 



    -9- 


     


    

 


occurrence
of a foreclosure of the Whole Loan or acceptance by the Trust of a deed-in-lieu of foreclosure comparable conversion of the Whole
Loan, in respect of the Whole Loan on the last Loan Payment Date (or assumed Loan Payment Date) prior to its foreclosure or acceptance
of a deed-in-lieu, in each case as such terms may have been modified, and such Maturity Date may have been extended, in connection
with a bankruptcy or similar proceeding involving the Borrower or otherwise a modification, waiver or amendment granted or agreed
to by the Servicer or the Special Servicer.


 


“Authenticating
Agent”: As defined in Section 8.11(a).


 


“Available
Funds”: On each Distribution Date, with respect to the Trust Loan, the sum of (i) all amounts (other than Yield Maintenance
Premiums and Default Interest) received in respect of the Whole Loan during the related Collection Period (including, without
limitation, any Repurchase Price amounts, Net Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and Net Foreclosure
Proceeds received by the Trust Fund, but not including any Monthly Payments due after the end of the Collection Period relating
to such Distribution Date), plus (ii) all amounts advanced in respect of interest, or, if any, principal, with respect
to the Trust Loan and such Distribution Date, plus (iii) if such Distribution Date is the Distribution Date occurring in
March of each year (or February, if such Distribution Date is the final Distribution Date), Withheld Amounts to be withdrawn from
the Interest Reserve Account for such Distribution Date, minus (iv) an amount equal to the applicable Withheld Amount in
the case of the February Distribution Date and any January Distribution Date occurring in a year that is not a leap year (unless,
in either case, such Distribution Date is the final Distribution Date), minus (v) the Available Funds Reduction
Amount for such Distribution Date.


 


“Available
Funds Reduction Amount”: As of each Distribution Date, all amounts withdrawn on the related Remittance Date or during
the related Collection Period from the Collection Account pursuant to clauses (i) through (xii) of Section 3.4(c).


 


“Balloon
Payment”: With respect to the Trust Loan or Whole Loan, as applicable, the amount of principal of the Trust Loan or
of the Whole Loan, as applicable, together with all accrued and unpaid interest, due and payable on the Maturity Date.


 


“Beneficial
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository). Each of the Depositor,
the Trustee, the Certificate Administrator, the Special Servicer and the Servicer, as applicable, shall have the right to require,
as a condition to acknowledging the status of any Person as a Beneficial Owner under this Agreement, that such Person provide
an Investor Certification.


 


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


 


“Borrower”:
As defined in the Introductory Statement.


 






    -10- 


     


    

 


“Borrower
Related Party”: With respect to the Whole Loan, any of the (i) Borrower, (ii) any guarantor or indemnitor under the
Loan Documents, (iii) any manager or operator of the Property (including the Manager); (iv) the Ground Lessee; (v) any Restricted
Holder, and (vi) an Affiliate of any of the foregoing. For the avoidance of doubt, the ownership of any trust certificates shall
not, in and of itself, cause a Person to be a Borrower Related Party.


 


“Borrower
Sponsor”: Mark A. Siffin, a natural person.


 


“Breach”:
As defined in Section 2.8(a).


 


“Business
Day”: Any day other than a Saturday, a Sunday or a legal holiday on which national banks are not open for general business
in (i) the states of North Carolina, California or New York, (ii) the state where the corporate trust offices of the Trustee and
the Certificate Administrator are located, or (iii) the state where the servicing offices of the Servicer are located.


 


“Cash
Management Account”: As defined in the Loan Agreement.


 


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


 


“Certificate”:
Any Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H or Class R Certificate.


 


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


 


“Certificate
Administrator Fee”: With respect to the Trust Loan and for any Distribution Date, an amount accrued during the related
Loan Interest Accrual Period at the Certificate Administrator Fee Rate on the stated principal balance of the Trust Loan as of
the close of business on the Distribution Date in such Loan 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 Trust Loan is computed and shall be prorated for partial periods. A portion of the Certificate Administrator Fee, namely the
Trustee Fee, shall be payable to the Trustee. For the avoidance of doubt, the Certificate Administrator Fee shall be deemed to
be payable from the Lower-Tier REMIC.


 


“Certificate
Administrator Fee Rate”: With respect to the Trust Loan, a rate equal to 0.0051% per annum, calculated on the
same interest accrual basis as the Trust Loan. A portion of the Certificate Administrator Fee Rate shall constitute the Trustee
Fee and shall be payable to the Trustee.


 


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


 


“Certificate
Balance”: With respect to any outstanding Class of Regular Interests or Sequential Pay Certificates at any date, an
amount equal to the aggregate initial Certificate


 



    -11- 


     


    

 


Balance
of such Class less the sum of (a) all amounts distributed to Holders of such Class on all previous Distribution Dates and treated
under this Agreement as allocable to principal and (b) the aggregate amount of Realized Losses allocated to such Class, if any,
pursuant to Section 4.1(g). With respect to any individual Certificate in any Class, the product of (x) the Percentage
Interest represented by such Certificate multiplied by (y) the Certificate Balance of such Class. The initial and then-current
Certificate Balance of each Class of Regular Interests or Certificates subject to exchange in accordance with Section 5.8
will be subject to re-designation as between the applicable Classes pursuant to Section 5.8.


 


“Certificate
Interest Accrual Period”: With respect to each Class of Certificates (other than the Class R Certificates) for any Distribution
Date, the calendar month immediately preceding the month in which such Distribution Date occurs.


 


“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.3(a).


 


“Certificateholder”
or “Holder”: With respect to any Certificate, the person in whose name a Certificate is registered in the Certificate
Register; provided, however, that solely for the purposes of providing, distributing or otherwise making available
any reports, statements, communications, or other information as required or permitted to be provided, distributed or made available
to a Certificateholder under this Agreement, a Certificateholder shall include any Beneficial Owner to the extent that the Person
providing, distributing or making available such reports, statements, communications, or other information has received from such
Beneficial Owner information and a written certification reasonably acceptable to such Person regarding its name, and address
and beneficial ownership of a Certificate; and provided further that, solely for the purposes of the taking of any action
or the giving of any consent, waiver, request or demand pursuant to this Agreement (except as set forth in the following sentence),
any Certificate beneficially owned by the Servicer, the Special Servicer, the Trustee, a Restricted Holder, the Borrower, the
Manager, the Ground Lessee, the Certificate Administrator, or any sub-servicer as such person is identified to the Certificate
Administrator or Trustee, or any of their respective Affiliates, shall be deemed not to be outstanding and the Voting Rights to
which it is entitled shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary
to take any such action or effect any such consent, waiver, request or demand has been obtained. However, the foregoing limitation
as to Voting Rights shall not be construed so as to limit or prevent a Controlling Class Certificateholder or the Directing Holder
that is an Affiliate of the Special Servicer from exercising any appointment, consent or non-binding consultation rights it may
have solely in its capacity as Controlling Class Certificateholder or Directing Holder, as applicable (unless, for the avoidance
of doubt, the Controlling Class Certificateholder or Directing Holder is a property manager, a Borrower or an affiliate of a property
manager or a Borrower or a Restricted Holder). For purposes of obtaining the consent of Certificateholders to an amendment of
this Agreement, any Certificate beneficially owned by the Trustee, the Certificate Administrator, the Servicer or the Special
Servicer or any Affiliates thereof shall be deemed to be outstanding, provided that such amendment does not relate to the
compensation, termination or replacement of the Trustee, the Certificate Administrator, the Servicer or the Special Servicer,
as the case may be, or benefit the Trustee, the Certificate Administrator, the Servicer or the Special Servicer in their capacity
as such or any Affiliates thereof (other than solely in the capacity as a Certificateholder) in any material respect, in which
case such


 



    -12- 


     


    

 


Certificate
shall be deemed not to be outstanding. The Trustee, the Certificate Administrator, and the Certificate Registrar may obtain and
conclusively rely upon an Officer’s Certificate of the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
(in the case of the Trustee), the Trustee (in the case of the Certificate Administrator) or any sub-servicer to determine whether
a Certificate is beneficially owned by an Affiliate of any of them. The Trustee will be the Holder of the Uncertificated Lower-Tier
Interests and the Regular Interests for the benefit of the Certificateholders.


 


“Certificateholder
Quorum”: As defined in Section 7.1(e).


 


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


 


“Class
A Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-1 hereto and designated as a Class A Certificate, representing undivided beneficial interests in
the Class A Specific Grantor Trust Assets.


 


“Class
A Pass-Through Rate”: The per annum rate set forth in the Introductory Statement with respect to the Class A
Certificates.


 


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


 


“Class
A Regular Interest”: The uncertificated interest corresponding to the Class A Certificates, the Class V Certificates
(to the extent of the Class V Percentage Interest of the Class A Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and have the characteristics attributable thereto in this Agreement.


 


“Class
A Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class A Percentage Interest of
the Class A Regular Interest and (ii) amounts held from time to time in the Regular Interest Distribution Account that represent
distributions of the Class A Percentage Interest of the Class A Regular Interest.


 


“Class
B Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-2 hereto and designated as a Class B Certificate, representing undivided beneficial interests in
the Class B Specific Grantor Trust Assets.


 


“Class
B Pass-Through Rate”: The per annum rate set forth in the Introductory Statement with respect to the Class B
Certificates.


 






    -13- 


     


    

 


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


 


“Class
B Regular Interest”: The uncertificated interest corresponding to the Class B Certificates, the Class V Certificates
(to the extent of the Class V Percentage Interest of the Class B Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.


 


“Class
B Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class B Percentage Interest of
the Class B Regular Interest and (ii) amounts held from time to time in the Regular Interest Distribution Account that represent
distributions of the Class B Percentage Interest of the Class B Regular Interest.


 


“Class
C Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-3 hereto and designated as a Class C Certificate, representing undivided beneficial interests in
the Class C Specific Grantor Trust Assets.


 


“Class
C Pass-Through Rate”: The per annum rate set forth in the Introductory Statement with respect to the Class C
Certificates.


 


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


 


“Class
C Regular Interest”: The uncertificated interest corresponding to the Class C Certificates, the Class V Certificates
(to the extent of the Class V Percentage Interest of the Class C Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.


 


“Class
C Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class C Percentage Interest of
the Class C Regular Interest and (ii) amounts held from time to time in the Regular Interest Distribution Account that represent
distributions of the Class C Percentage Interest of the Class C Regular Interest.


 


“Class
D Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-4 hereto and designated as a Class D Certificate, representing undivided beneficial interests in
the Class D Specific Grantor Trust Assets.


 


“Class
D Pass-Through Rate”: The per annum rate set forth in the Introductory Statement with respect to the Class D
Certificates.


 






    -14- 


     


    

 


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


 


“Class
D Regular Interest”: The uncertificated interest corresponding to the Class D Certificates, the Class V Certificates
(to the extent of the Class V Percentage Interest of the Class D Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.


 


“Class
D Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class D Percentage Interest of
the Class D Regular Interest and (ii) amounts held from time to time in the Regular Interest Distribution Account that represent
distributions of the Class D Percentage Interest of the Class D Regular Interest.


 


“Class
E Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-5 hereto and designated as a Class E Certificate, representing undivided beneficial interests in
the Class E Specific Grantor Trust Assets.


 


“Class
E Pass-Through Rate”: The per annum rate set forth in the Introductory Statement with respect to the Class E
Certificates.


 


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


 


“Class
E Regular Interest”: The uncertificated interest corresponding to the Class E Certificates, the Class V Certificates
(to the extent of the Class V Percentage Interest of the Class E Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.


 


“Class
E Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class E Percentage Interest of
the Class E Regular Interest and (ii) amounts held from time to time in the Regular Interest Distribution Account that represent
distributions of the Class E Percentage Interest of the Class E Regular Interest.


 


“Class
F Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-6 hereto and designated as a Class F Certificate, representing undivided beneficial interests in
the Class F Specific Grantor Trust Assets.


 


“Class
F Pass-Through Rate”: The per annum rate set forth in the Introductory Statement with respect to the Class F
Certificates.


 






    -15- 


     


    

 


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


 


“Class
F Regular Interest”: The uncertificated interest corresponding to the Class F Certificates, the Class V Certificates
(to the extent of the Class V Percentage Interest of the Class F Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.


 


“Class
F Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class F Percentage Interest of
the Class F Regular Interest and (ii) amounts held from time to time in the Regular Interest Distribution Account that represent
distributions of the Class F Percentage Interest of the Class F Regular Interest.


 


“Class
G Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-7 hereto and designated as a Class G Certificate, representing undivided beneficial interests in
the Class G Specific Grantor Trust Assets.


 


“Class
G Pass-Through Rate”: The per annum rate set forth in the Introductory Statement with respect to the Class G
Certificates.


 


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


 


“Class
G Regular Interest”: The uncertificated interest corresponding to the Class G Certificates, the Class V Certificates
(to the extent of the Class V Percentage Interest of the Class G Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.


 


“Class
G Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class G Percentage Interest of
the Class G Regular Interest and (ii) amounts held from time to time in the Regular Interest Distribution Account that represent
distributions of the Class G Percentage Interest of the Class G Regular Interest.


 


“Class
H Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-8 hereto and designated as a Class H Certificate, representing undivided beneficial interests in
the Class H Specific Grantor Trust Assets.


 


“Class
H Pass-Through Rate”: The per annum rate set forth in the Introductory Statement with respect to the Class H
Certificates.


 






    -16- 


     


    

 


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


 


“Class
H Regular Interest”: The uncertificated interest corresponding to the Class H Certificates, the Class V Certificates
(to the extent of the Class V Percentage Interest of the Class H Regular Interest), constituting a “regular interest”
in the Upper-Tier REMIC for purposes of the REMIC Provisions and having the characteristics attributable thereto in this Agreement.


 


“Class
H Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class H Percentage Interest of
the Class H Regular Interest and (ii) amounts held from time to time in the Regular Interest Distribution Account that represent
distributions of the Class H Percentage Interest of the Class H Regular Interest.


 


“Class
LA Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier
REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Introductory Statement.


 


“Class
LB Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier
REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Introductory Statement.


 


“Class
LC Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier
REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Introductory Statement.


 


“Class
LD Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier
REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Introductory Statement.


 


“Class
LE Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier
REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Introductory Statement.


 


“Class
LF Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier
REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Introductory Statement.


 


“Class
LG Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier
REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Introductory Statement.


 


“Class
LH Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier
REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Introductory Statement.


 






    -17- 


     


    

 


“Class
LT-R Interest”: The residual interest in the Lower-Tier REMIC. The Class LT-R Interest will be represented by the Class
R Certificates.


 


“Class
Percentage Interest”: The Class A Percentage Interest, the Class B Percentage Interest, the Class C Percentage Interest,
the Class D Percentage Interest, the Class E Percentage Interest, the Class F Percentage Interest, the Class G Percentage Interest,
the Class H Percentage Interest and the Class V Percentage Interest.


 


“Class
R Certificates”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-9 hereto and designated as a Class R Certificate. The Class R Certificates have neither a Certificate
Balance nor a Pass-Through Rate. The Class R Certificates will evidence the sole class of “residual interests” in
each of the Upper-Tier REMIC and the Lower-Tier REMIC.


 


“Class
UT-R Interest”: The residual interest in the Upper-Tier REMIC. The Class UT-R Interest will be represented by the Class
R Certificates.


 


“Class
V Certificate”: A Certificate designated as “Class V” on the face thereof, in the form of Exhibit A-10
hereto, representing undivided beneficial interests in the Class V Specific Grantor Trust Assets.


 


“Class
V Percentage Interest”: As of any date of determination, with respect to any Regular Interest and the Class V Certificates,
a percentage interest equal to a fraction, the numerator of which is the Certificate Balance of the Class V Certificates, and
the denominator of which is the aggregate Certificate Balance of the Regular Interests.


 


“Class
V Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V Percentage Interest of
the Regular Interests and (ii) amounts held from time to time in the Regular Interest Distribution Account that represent distributions
of the Class V Percentage Interest of the Regular Interests.


 


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


 


“Clearstream”:
As defined in Section 5.2(a).


 


“Closing
Date”: May 23, 2018.


 


“CMB”:
As defined in the Introductory Statement.


 


“Co-Lender
Agreement”: As defined in the Introductory Statement.


 


“Code”:
The Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto,
and applicable U.S. Department of the Treasury regulations issued pursuant thereto in temporary or final form and any proposed
regulations thereunder, to the extent that, by reason of their proposed effective date, such proposed regulations would apply
to the Trust Fund.


 






    -18- 


     


    

 


“Collateral”:
With respect to the Whole Loan, collectively, whether now or hereafter acquired, (a) the Property and (b) any other asset subject
to the security interests and liens of the Mortgage and the other Loan Documents.


 


“Collateral
Security Documents”: Any document or instrument given to secure or guaranty the Whole Loan, including without limitation,
the Mortgage and the Assignment of Leases, as amended, supplemented, assigned, extended or otherwise modified from time to time.


 


“Collection
Account”: As defined in Section 3.4(a).


 


“Collection
Period”: With respect to any Distribution Date, the period commencing immediately following the Determination Date in
the calendar month preceding the month in which such Distribution Date occurs and ending on and including the Determination Date
in the calendar month in which such Distribution Date occurs; provided that the first Collection Period will commence on
the Closing Date and end on and include the Determination Date in June 2018.


 


“Column”:
As defined in the Introductory Statement.


 


“Commission”:
The Securities and Exchange Commission.


 


“Companion
Loan Remittance Date”: The day that is the earlier of (A) the Remittance Date and (B) the Business Day following the
“determination date” (or any term substantially similar thereto), as such term is defined in the related Companion
Loan Pooling and Servicing Agreement as long as such determination date is no earlier than the 11th day of the calendar
month.


 


“Companion
Loans”: As defined in the Introductory Statement.


 


“Companion
Loan Account”: As defined in Section 3.4(a).


 


“Companion
Loan Advance”: With respect to a Companion Loan that is part of a Companion Loan Securitization Trust, any advance of
delinquent scheduled payments with respect to such Companion Loan made by the Other Servicer or Other Trustee with respect to
such Companion Loan Securitization Trust.


 


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


 


“Companion
Loan Exchange Act Reporting Party”: With respect to any Companion Loan Securitization Trust that is subject to the reporting
requirements of the Exchange Act, the Other Trustee, Other Certificate Administrator, Other Servicer, Other Special Servicer or
Other Depositor under the related Companion Loan 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 Companion Loan Securitization Trust, as identified in writing
to the parties to this Agreement; and, with respect to any Companion Loan Securitization Trust that is not subject to the reporting
requirements of the Exchange Act and for the purposes of Sections


 



    -19- 


     


    

 


13.7,
13.8, 13.9 and 13.16 only, the Other Trustee, Other Certificate Administrator, Other Servicer, Other Special
Servicer or Other Depositor under the related Companion Loan 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.


 


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


 


“Companion
Loan Pooling and Servicing Agreement”: The pooling and servicing agreement or other comparable agreement governing the
creation of any Companion Loan Securitization Trust and the issuance of securities backed by the assets of such Companion Loan
Securitization Trust.


 


“Companion
Loan Rating Agency”: With respect to the Companion Loans, any rating agency that was engaged by a participant in the
securitization of a Companion Loan to assign a rating to the related Companion Loan Securities.


 


“Companion
Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of the Companion
Loans as to which any Companion Loan Securities exist, confirmation in writing (which may be in electronic form) by each applicable
Companion Loan Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then current rating assigned to any class of such Companion Loan Securities
(if then rated by such Companion Loan Rating Agency); provided that upon receipt of a written waiver or other acknowledgment from
the Companion Loan Rating Agency indicating its decision not to review or declining to review the matter for which the Companion
Loan Rating Agency Confirmation is sought (such written notice, a “Companion Loan Rating Agency Declination”),
or as otherwise provided in Section 3.27(a) of this Agreement, the requirement for the Companion Loan Rating Agency Confirmation
from the applicable Companion Loan Rating Agency with respect to such matter shall not apply.


 


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


 


“Companion
Loan Securitization Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that
holds a Companion Loan (or any portion thereof or interest therein), as identified in writing to the parties to this Agreement.


 


“Companion
Loan Service Provider”: If a Companion Loan has been deposited into a securitization trust, the related Other Trustee,
Other Servicer, Other Special Servicer, any sub-servicer and any other Person that makes principal and/or interest advances in
respect of such Companion Loan pursuant to the related Senior Pooling and Servicing Agreement.


 


“Condemnation”:
As defined in the Loan Agreement.


 


“Condemnation
Proceeds”: The portion of the Net Proceeds relating to a Condemnation.


 






    -20- 


     


    

 


“Condominium
Conversion”: As defined in the Loan Agreement.


 


“Condominium
Documents”: As defined in the Loan Agreement.


 


“Control
Eligible Certificates” shall be the Class G and Class H Certificates. No other Class of Certificates shall be eligible
to act as a Controlling Class or appoint a Directing Holder.


 


“Controlling
Class”: The most subordinate Class of Control Eligible Certificates then outstanding that has an outstanding Certificate
Balance, as notionally reduced by an Appraisal Reduction Amounts allocated to such Class, equal to or greater than 25% of the
initial Certificate Balance of such class or, if no Class of Control Eligible Certificates satisfies the foregoing, the Class
G Certificates. The Controlling Class as of the Closing Date will be the Class H Certificates. For the avoidance of doubt, during
any Subordinate Consultation Period, the Controlling Class will retain certain consultation rights as set forth herein.


 


“Controlling
Class Certificateholder”: 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 Servicer or
the Special Servicer may from time to time request that the Certificate Administrator provide a list of the Holders (or Certificate
Owners, if applicable) of the Controlling Class and the Certificate Administrator shall promptly provide such list to such Trustee,
Certificate Administrator, Servicer, or Special Servicer, as applicable (the cost of which being an expense of the Trust if such
expense arises in connection with an event as to which the Directing Holder has consent or consultation rights pursuant to this
Agreement and such expense would qualify as an “unanticipated expense incurred by the REMIC” within the meaning of
Treasury Regulations Section 1.860G-1(b)(3)(ii), or otherwise at the expense of the requesting party). The Trustee, the Servicer
and the Special Servicer shall be entitled to rely on any such list so provided. Notwithstanding the foregoing, for purposes of
determining the Directing Holder, exercising any rights of the Controlling Class or the Directing Holder or receiving Asset Status
Reports or any other information under this Agreement other than Distribution Date Statements, any holder of any interest in a
Controlling Class Certificate who is the Borrower, a Restricted Holder, or an agent or Affiliate of the foregoing, will not be
deemed to be a holder of the related Controlling Class and will not be entitled to exercise such rights or receive such information.
If, as a result of the preceding sentence, no holder of Controlling Class Certificates would be eligible to exercise such rights,
there will be no Controlling Class or Directing Holder.


 


“Controlling
Persons”: As defined in Section 6.3(a).


 


“Corporate
Trust Office”: The principal corporate trust office of the Trustee or the Certificate Administrator, as applicable,
initially located at (a) with respect to the Trustee, 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee
20 Times Square Trust 2018-20TS, or the principal trust office of any successor trustee qualified and appointed pursuant to this
Agreement; and (b) with respect to the Certificate Administrator, at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention:
Corporate Trust Services (CMBS) – 20 Times Square Trust 2018-20TS or for certificate transfer services, at 600 South 4th
Street, 7th Floor MAC N9300-070, Minneapolis, Minnesota 55479, Attention: Certificate 


 



    -21- 


     


    

 


Transfers
– CTS (CMBS) – 20 Times Square Trust 2018-20TS, or the principal trust office of any successor certificate administrator
qualified and appointed pursuant to this Agreement.


 


“Corresponding
Certificates”: As defined in the Introductory Statement with respect to any Corresponding Regular Interest.


 


“Corresponding
Lower-Tier Regular Interests”: As defined in the Introductory Statement with respect to any Corresponding Regular Interests.


 


“Corresponding
Regular Interests”: As defined in the Introductory Statement with respect to any Corresponding Lower-Tier Regular Interest
or Corresponding Certificate.


 


“Credit
Risk Retention Rule”: The final rule that was promulgated to implement the credit risk retention requirements under
Section 15G of the Securities Exchange Act of 1934, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (the “Dodd-Frank Act”) (79 F.R. 77601; pages 77740-77766), as such rule may be amended from
time to time, and subject to such clarification and interpretation as have been provided by the Department of Treasury, the Federal
Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission
and the Department of Housing and Urban Development in the adopting release (79 F.R. 77601 et seq.) or by the staff of any such
agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time to time.


 


“CREFC®”:
The Commercial Real Estate Finance Council®, or any association or organization that is a successor thereto. If
neither such association nor any successor remains in existence, “CREFC®” shall be deemed to refer
to such other association or organization as may exist whose principal membership consists of servicers, trustees, issuers, placement
agents and underwriters generally involved in the commercial mortgage loan securitization industry, which is the principal such
association or organization in the commercial mortgage loan securitization industry and one of whose principal purposes is the
establishment of industry standards for reporting transaction-specific information relating to commercial mortgage pass-through
certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties underlying or backing
them to investors holding or owning such certificates or bonds, and any successor to such other association or organization. If
an organization or association described in one of the preceding sentences of this definition does not exist, “CREFC®”
shall be deemed to refer to such other association or organization as shall be reasonably acceptable to the Servicer, the Special
Servicer, the Certificate Administrator, and the Trustee.


 


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


 






    -22- 


     


    

 


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


 


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


 


“CREFC®
Collateral Summary File”: The report substantially in the form of, and containing the information called for in,
the downloadable form of the “Collateral Summary File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Certificate Administrator.


 


“CREFC®
Comparative Financial Status Report”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Comparative Financial Status Report” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer
and the Special Servicer.


 


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


 


“CREFC®
Financial File”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Financial File” available as of the Closing Date on the CREFC® Website, or such other
form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer.


 


“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation 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.


 






    -23- 


     


    

 


“CREFC®
Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report”: A report substantially in the form
of, and containing the information called for in, the downloadable form of the “Historical Loan Modification/Forbearance
and Corrected Mortgage Loan Report” available as of the Closing Date on the CREFC® Website, or such other
form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer
and the Special Servicer.


 


“CREFC®
Intellectual Property Royalty License Fee”: A fee, payable on a monthly basis, computed for the same period and
on the same interest accrual basis respecting which any related interest payment due or deemed due on the Trust Loan is computed
at the CREFC® Intellectual Property Royalty License Fee Rate and will be prorated for partial periods.


 


“CREFC®
Intellectual Property License Fee Rate”: With respect to the Trust 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®
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 substantially in the form of, and containing the information
called for in, the downloadable form of the “Loan Level Reserve/LOC Report” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such additional information
as may from time to time be recommended by the CREFC® for commercial mortgage securities transactions generally
and is reasonably acceptable to the Servicer.


 


“CREFC®
Loan 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 as of the Closing Date on the CREFC®
Website, or in such other form for the presentation of such information and containing such additional information as may from
time to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer and the Special Servicer.


 


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


 


“CREFC®
Loan Periodic Update File”: The monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Loan 


 



    -24- 


     


    

 


Periodic
Update File” available as of the Closing Date on the CREFC® Website, or such other form for the presentation
of such information and containing such additional information as may from time to time be recommended by the CREFC®
for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer, the Special Servicer
and the Certificate Administrator.


 


“CREFC®
Loan Setup File”: The report substantially in the form of, and containing the information called for in, the downloadable
form of the “Loan Setup File” available as of the Closing Date on the CREFC® Website, or such other
form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer,
the Special Servicer and the Certificate Administrator.


 


“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “NOI Adjustment Worksheet” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is acceptable
to the Servicer or the Special Servicer, as applicable, and in any event, shall present the computations made in accordance with
the methodology described in such form to “normalize” the full year and year to date net operating income and debt
service coverage numbers used in the other reports required by this Agreement.


 


“CREFC®
Operating Statement Analysis Report”: A report prepared with respect to the Property substantially in the form
of, and containing the information called for in, the downloadable form of the “Operating Statement Analysis Report”
available as of the Closing Date on the CREFC® Website or in such other form for the presentation of such information
and containing such additional information as may from time to time be recommended by the CREFC® for commercial
mortgage securities transactions generally and is reasonably acceptable to the Servicer.


 


“CREFC®
Property File”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Property File” available as of the Closing Date on the CREFC® Website, or such other form
for the presentation of such information and containing such additional information as may from time to time be recommended by
the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer
and the Special Servicer.


 


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


 


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


 



    -25- 


     


    

 


Report”
available as of the Closing Date on the CREFC® Website, or in such other form for the presentation of such information
and containing such additional information as may from time to time be recommended by the CREFC® for commercial
mortgage securities transactions generally and is reasonably acceptable to the Servicer and the Special Servicer.


 


“CREFC®
Reports”: Collectively refers to the following reports as such may be amended, updated or supplemented from time
to time as part of the CREFC® “IRP” (Investor Reporting Package), and any additional reports that become
part of the CREFC® IRP from time to time (if agreed to by the parties hereto):


 


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


 


(ii)      the
following twenty supplemental reports and templates: (i) CREFC® Comparative Financial Status Report, (ii) CREFC®
Delinquent Loan Status Report, (iii) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage
Loan Report, (iv) CREFC® Operating Statement Analysis Report, (v) CREFC® NOI Adjustment Worksheet,
(vi) CREFC® REO Status Report, (vii) CREFC® Servicer Watch List, (viii) CREFC® Loan
Level Reserve/LOC Report, (ix) CREFC® Advance Recovery Report, (x) CREFC® Appraisal Reduction Template,
(xi) CREFC® Servicer Realized Loss Template, (xii) CREFC® Reconciliation of Funds Template, (xiii)
CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template, (xiv) CREFC® Historical
Liquidation Loss Template, (xv) CREFC® Interest Shortfall Reconciliation Template, (xvi) CREFC®
Servicer Remittance to Certificate Administrator Template, (xvii) CREFC® Significant Insurance Event Template,
(xviii) CREFC® Loan Liquidation Report, (xix) CREFC® REO Liquidation Report and (xx) CREFC®
Loan Modification Report; and


 


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


 


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


 


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


 


“CREFC®
Servicer Remittance to Certificate Administrator Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form


 



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of
the “Servicer Remittance to Certificate Administrator Template” available and effective from time to time on the CREFC®
Website.


 


“CREFC®
Servicer Watch List”: For any Determination Date, a report substantially in the form of, and containing the information
called for in, the downloadable form of the “Servicer Watch List” available as of the Closing Date on the CREFC®
Website, or in such other final form for the presentation of such information and containing such additional information
as may from time to time be promulgated as recommended by the CREFC® for commercial mortgage securities transactions
generally and, insofar as it requires the presentation of information in addition to that called for by the form of the “Servicer
Watch List” available as of the Closing Date on the CREFC® Website, is reasonably acceptable to the Servicer.


 


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


 


“CREFC®
Special Servicer Loan File”: The monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Special Servicer Loan File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from
time to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer and the Special Servicer.


 


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


 


“Current
Interest Determination Amount”: With respect to any Distribution Date for any Class of Certificates (other than the
Class R Certificates) or Uncertificated Lower-Tier Interests, the interest accruing during the related applicable Certificate
Interest Accrual Period at the Pass-Through Rate applicable to such Class for such Certificate Interest Accrual Period on the
Certificate Balance or Lower-Tier Principal Amount of such Class of Certificates and Uncertificated Lower-Tier Interests, respectively,
as of the prior Distribution Date (after giving effect to distributions of principal and allocations of Realized Losses on such
prior Distribution Date).


 


“Custodian”:
The Certificate Administrator, in its capacity as custodian, or any successor certificate administrator.


 


“Default
Interest”: With respect to the Trust Notes and the Non-Trust A Notes, as applicable, during the occurrence and continuance
of a Loan Event of Default, interest accrued on the Trust Notes and the Non-Trust A Notes, as applicable, at the excess of the
Default Rate over the Interest Rate of the Trust Notes and the Non-Trust A Notes, as applicable, during the Loan Interest Accrual
Period on the outstanding principal balance of the Trust Notes and the Non-Trust A Notes, as applicable, as of the prior Loan
Payment Date in accordance with the Loan Agreement and, to the extent permitted by law, all accrued and unpaid interest and other


 



    -27- 


     


    

 


amounts
due in respect of the Trust Notes and the Non-Trust A Notes, as applicable, from the date such payment was due without regard
to any grace or cure periods.


 


“Default
Rate”: As defined in the Loan Agreement.


 


“Defaulted
Loan”: As defined in Section 1.3(c).


 


“Defect”:
As defined in Section 2.8(a).


 


“Definitive
Certificate”: Any Certificate in fully registered certificated form without interest coupons. For the avoidance of doubt,
any RR Interest shall at all times be evidenced by Definitive Certificates.


 


“Delivery
Date”: As defined in Section 2.1(b).


 


“Depositor”:
Natixis Commercial Mortgage Securities LLC, a Delaware limited liability company, together with its successors and assigns.


 


“Depository”:
The Depository Trust Company or a successor appointed by the Certificate Registrar (which appointment shall be at the direction
of the Depositor if the Depositor is legally able to do so).


 


“Depository
Participant”: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges of securities
deposited with the Depository.


 


“Determination
Date”: With respect to each Distribution Date, the 11th day of each calendar month or, if such 11th
day is not a Business Day, the immediately succeeding Business Day.


 


“Directing
Holder”: The Majority Controlling Class Certificateholder (or a representative appointed by such holder or holders);
provided, however, that in the case of a Directing Holder to be appointed by the Majority Controlling Class Certificateholder,
(i) absent such appointment, (ii) until a Directing Holder is so appointed or (iii) upon receipt by the Servicer, the Special
Servicer and the Certificate Administrator of notice from the Majority Controlling Class Certificateholder that a Directing Holder
appointed by them is no longer so designated, the Controlling Class Certificateholder that owns and is identified in writing (with
contact information) to the Servicer, the Special Servicer, the Trustee and the Certificate Administrator as owning, the largest
aggregate Certificate Balance of Certificates of the Controlling Class will be the Directing Holder; provided, further,
that no Borrower Related Party shall be entitled to exercise the rights of the Directing Holder.


 


“Directly
Operate”: With respect to any Foreclosed Property, the furnishing or rendering of services to the tenants thereof, that
are not customarily provided to tenants in connection with the rental of space “for occupancy only” within the meaning
of Treasury Regulations Section 1.512(b)-1(c)(5), the management or operation of such Foreclosed Property, the holding of such
Foreclosed Property primarily for sale to customers, the use of such Foreclosed Property in a trade or business conducted by the
Trust Fund or the performance of any construction work on the Foreclosed Property, other than through an Independent


 



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Contractor;
provided, however, that a Foreclosed Property shall not be considered to be Directly Operated solely because the
Trustee on behalf of the Trust and the Companion Loan Holders (or the Special Servicer on behalf of the Trustee on behalf of the
Trust and the Companion Loan Holders) establishes rental terms, chooses tenants, enters into or renews leases, deals with taxes
and insurance or makes decisions as to repairs or capital expenditures with respect to such Foreclosed Property or takes other
actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).


 


“Disclosable
Special Servicer Fees”: With respect to the Whole Loan or Foreclosed Property, any compensation and other remuneration
(including, without limitation, in the form of commissions, brokerage fees, rebates, and as a result of any other fee-sharing
arrangement) received or retained by the Special Servicer or any of its Affiliates that is paid by any Person (including, without
limitation, the Trust, the Borrower, the Borrower Sponsor or indemnitor in respect of the Whole Loan and any purchaser of the
Whole Loan or Foreclosed Property) in connection with the disposition or workout of the Whole Loan, the management or disposition
of the Foreclosed Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing duties
under this Agreement other than (i) Permitted Special Servicer/Affiliate Fees and (ii) any Additional Special Servicing Compensation
to which the Special Servicer is entitled under this Agreement in the form of late payment charges, Default Interest, assumption
fees, assumption application fees, consent fees, Modification Fees, processing fees or other similar fees or other income earned
on deposits in the Foreclosed Property Account to the extent not reported in the CREFC® Reports; provided
that any compensation and other remuneration that the Servicer or Certificate Administrator is permitted to receive or retain
pursuant to the terms of this Agreement in connection with its duties as Servicer or Certificate Administrator hereunder will
not be Disclosable Special Servicer Fees.


 


“Disclosure
Parties”: As defined in Section 8.14(c).


 


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


 


“Disqualified
Organization”: Either (a) the United States, a State, or any agency or instrumentality of any of the foregoing (other
than an instrumentality that is a corporation if all of its activities are subject to tax and, except for FHLMC, a majority of
its board of directors is not selected by any such governmental unit), (b) a foreign government, International Organization or
agency or instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed by Chapter 1 of the
Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as
defined in Section 860E(c)(1)) of the Code with respect to the Class R Certificates (except certain farmers’ cooperatives
described in Section 521 of the Code), (d) rural electric and telephone cooperatives


 



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described
in Section 1381(a)(2) of the Code, or (e) any other person so designated by the Certificate Administrator based upon an Opinion
of Counsel to the effect that any transfer of a Class R Certificate to such person may cause the Upper-Tier REMIC or the Lower-Tier
REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding. The terms “United States,”
“State” and “International Organization” have the meanings set forth in Section 7701 of the Code or successor
provisions.


 


“Distribution
Account”: The account established and maintained by the Certificate Administrator pursuant to Section 3.5.


 


“Distribution
Date”: The 4th Business Day after each Determination Date, beginning in June 2018. The first Distribution
Date shall be June 15, 2018.


 


“Distribution
Date Statement”: As defined in Section 4.4(a).


 


“Eligible
Account”: A separate and identifiable account from all other funds held by the holding institution that is either (a)
an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with
the definition of Eligible Institution or (b) a segregated trust account or accounts maintained with a federal or state chartered
depository institution or trust company acting in its fiduciary capacity the long-term unsecured debt obligations of which are
rated at least “A2” by Moody’s which, in the case of a state chartered depository institution or trust company,
is subject to regulations substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus
of at least $50,000,000.00 and subject to supervision or examination by federal or state authority, as applicable. An Eligible
Account will not be evidenced by a certificate of deposit, passbook or other instrument.


 


“Eligible
Institution”: (a) A depository institution or trust company insured by the Federal Deposit Insurance Corporation, 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 30 days or more, and the short term debt obligations of which have a short term rating of not less than
“P-1” by Moody’s, if the deposits are to be held in such account for less than 30 days, or as to which the Servicer
or the Special Servicer, as applicable, receives a Rating Agency Confirmation from each Rating Agency; or (b) Wells Fargo Bank,
National Association, so long as Wells Fargo Bank, National Association’s long-term unsecured debt or deposit rating shall
be at least “A2” by Moody’s (if the deposits are to be held in the account for more than 30 days) or Wells Fargo
Bank, National Association’s short term deposit or short term unsecured debt rating shall be at least “P-1”
by Moody’s, if the deposits are to be held in such account for 30 days or less.


 


“ERISA”:
The Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.


 


“ERISA
Plan”: As defined in Section 5.3(p).


 


“Euroclear”:
As defined in Section 5.2(a).


 


“Excess
Default Interest”: As defined in Section 4.3(d).


 






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“Excess
Default Interest Distribution Account”: As defined in Section 3.4(f).


 


“Excess
Servicing Fee”: With respect to the Whole Loan (and any successor Foreclosed Property with respect thereto), that portion
of the Servicing Fees that accrues at a per annum rate equal to 0%.


 


“Excess
Servicing Fee Right”: With respect to the Whole Loan (and any successor Foreclosed Property with respect thereto), the
right to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, the 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.


 


“Exchangeable
Group”: As defined in Section 5.8(c).


 


“Extended
Period”: As defined in Section 12.2(b).


 


“Extended
Resolution Period”: As defined in the Loan Purchase Agreement.


 


“Extension”:
As defined in Section 12.2(b).


 


“FATCA”:
Section 1471 through 1474 of the Code and any regulations or official interpretations thereof (including any revenue ruling, revenue
procedure, notice or similar guidance issued by the IRS thereunder as a precondition to relief or exemption from taxes under such
Sections, regulations and interpretations), any agreements entered into pursuant to Section 1471(b)(1) of the Code, and including
any amendments made to FATCA after the date of this Agreement.


 


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


 


“Final
Asset Status Report”: With respect to the Specially Serviced Loan and the Property, each related Asset Status Report,
together with such other data or supporting information provided by the Special Servicer to the Directing Holder or the Risk Retention
Consultation Party, in each case, which does not include any communication (other than the related Asset Status Report) between
the Special Servicer and Directing Holder or the Risk Retention Consultation Party with respect to the Specially Serviced Loan
and the Property. During any Subordinate Control Period, no Asset Status Report shall be considered to be a Final Asset Status
Report unless the Directing Holder has either finally approved of and consented to the actions proposed to be taken in connection
therewith, or has been deemed to have approved or consented to such action, or has exhausted all of its rights of approval and
consent, or the Asset Status Report is otherwise implemented by the Special Servicer in accordance with this Agreement.


 


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


 






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“Foreclosed
Property”: The Property or other Collateral securing the Whole Loan, in the event that title to such Property or such
other Collateral has been acquired by the Special Servicer on behalf of the Trust and the Companion Loan Holders through foreclosure,
deed in lieu of foreclosure or otherwise in the name of the Trustee for the benefit of Certificateholders and the Companion Loan
Holders or their nominee.


 


“Foreclosed
Property Account”: As defined in Section 3.6.


 


“Foreclosed
Property Management Fee”: As to the Property when it is a Foreclosed Property, a fee payable out of the Foreclosed Property
Account to the Successor Manager for managing such property while it is owned by the Trust Fund, which shall be reasonable and
customary in the market in which the Property is located.


 


“Foreclosure
Proceeds”: The proceeds, net of any related expenses of the Servicer, Special Servicer, the Certificate Administrator
and/or the Trustee, received in respect of the Foreclosed Property (including, without limitation, proceeds from the operation
or rental of the Foreclosed Property) prior to the final liquidation of the Foreclosed Property.


 


“Global
Certificates”: As defined in Section 5.2(b).


 


“Grantor
Trust”: A segregated asset pool within the Trust Fund, which at all times shall be treated as a “grantor trust”
under the Grantor Trust Provisions, consisting of (i) the Specific Grantor Trust Assets and (ii) the Default Interest with respect
to the Trust Loan and related proceeds, beneficial ownership of which Specific Grantor Trust Assets (in the case of any Class
thereof) is represented by the Class of Certificates with the corresponding alphabetic or alphanumeric designation.


 


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


 


“Ground
Lease”: That certain ground lease, dated as of April 27, 2018, between the 701 Seventh Property Owner LLC, as landlord,
and 20 TSQ Lessee LLC, as tenant, together the Assignment and Assumption of Lease dated as of April 27, 2018 and any estoppels
from the related ground lessee.


 


“Ground
Lessee”: 20 TSQ Lessee LLC, or successor in interest as tenant under the Ground Lease.


 


“Guarantor”:
As defined in the Loan Documents.


 


“Guaranty”:
As defined in the Loan Agreement.


 


“Indemnified
Party”: As defined in Section 8.12.


 


“Independent”:
When used with respect to any specified Person, such a Person who (i) does not have any direct financial interest or any material
indirect financial interest in the Depositor, the Borrower, the Trustee, the Certificate Administrator, the Risk Retention Consultation
Party, the Companion Loan Holders, the Servicer or the Special Servicer or in any


 



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of
their respective Affiliates and (ii) is not connected with the Depositor, the Borrower, the Companion Loan Holders, the Trustee,
the Certificate Administrator, the Risk Retention Consultation Party, the Servicer or the Special Servicer or any of their respective
Affiliates as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.


 


“Independent
Appraiser”: An Independent professional real estate appraiser who (i) is a member in good standing of the Appraisal
Institute, (ii) if the state in which the subject Property or Foreclosed Property is located certifies or licenses appraisers,
is certified or licensed in such state, and (iii) has a minimum of five (5) years’ experience in the appraisal of comparable
properties in the geographic area in which the subject Property is located.


 


“Independent
Contractor”: Either (i) any Person (other than the Special Servicer or Servicer) that would be an “independent
contractor” with respect to the Lower-Tier REMIC or the Upper-Tier REMIC within the meaning of Section 856(d)(3) of the
Code if such REMIC were a real estate investment trust (except that the ownership test set forth in that Section of the Code shall
be considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class of Certificates or 35% or more
of the aggregate value of all Classes of Certificates or such other interest in the Certificates as is set forth in an Opinion
of Counsel, which shall, at no expense to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer, or the
Trust Fund, be delivered to the Trustee, or to the Certificate Administrator, the Special Servicer or the Servicer on behalf of
the Trustee); provided that neither the Lower-Tier REMIC nor the Upper-Tier REMIC receives or derives any income from such
Person and the relationship between such Person and such REMIC is at arm’s length, all within the meaning of Treasury Regulations
Section 1.856-4(b)(5), or (ii) any other Person (including the Special Servicer or the Servicer) if the Trustee and the Certificate
Administrator (or the Servicer or the Special Servicer on behalf of the Trustee) has received an Opinion of Counsel which shall,
at no expense to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer (unless the Special Servicer or
the Servicer is providing the Opinion of Counsel with respect to itself) or the Trust Fund, be to the effect that the taking of
any action in respect of any Foreclosed Property by such Person, subject to any conditions therein specified, that is otherwise
herein contemplated to be taken by an Independent Contractor will not cause such Foreclosed Property to cease to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for
purposes of Section 860D(a) of the Code), or cause any income realized in respect of such Foreclosed Property to fail to qualify
as Rents from Real Property.


 


“Initial
Purchasers”: Natixis Securities Americas LLC and Credit Suisse Securities (USA) LLC.


 


“Initial
Resolution Period”: As defined in the Loan Purchase Agreement.


 


“Inquiry”
and “Inquiries”: As defined in Section 4.5(a).


 


“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a)
(1), (2), (3) or (7) under the Act.


 






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“Insurance
Proceeds”: With respect to the Whole Loan, (a) the portion of Net Proceeds paid as a result of a Casualty (as defined
in the Loan Agreement) other than amounts to be applied to the restoration, preservation or repair of the Property or to be released
to the Borrower each in accordance with the terms of the Loan Agreement, or if not required to be so applied or so released under
the terms of the Loan Agreement and Accepted Servicing Practices, (b) amounts paid by any insurer pursuant to any insurance policy
required to be maintained by the Servicer pursuant to Section 3.11, to the extent related to this Agreement only and/or
(c) any other amounts paid by an insurer pursuant to any insurance policy required to be maintained by the Borrower, to the extent
allocable to the Whole Loan under the Loan Documents.


 


“Intercreditor
Agreement”: The Intercreditor Agreement among the Mezzanine Lender and the Lenders, dated as of April 27, 2018.


 


“Interest
Distribution Amount”: With respect to any Distribution Date for any Class of Certificates (other than the Class R Certificates),
any Class of Regular Interests or any Class of Uncertificated Lower-Tier Interests, the sum of the Current Interest Determination
Amount for such Distribution Date and such Class of Certificates, Regular Interests or Uncertificated Lower-Tier Interests plus
the aggregate unpaid Interest Shortfalls in respect of prior Distribution Dates for such Class of Certificates, Regular Interests
or Uncertificated Lower-Tier Interests.


 


“Interest
Rate”: With respect to each Note, a per annum rate equal to 3.108%.


 


“Interest
Reserve Account”: As defined in Section 3.4(d).


 


“Interest
Shortfall”: With respect to any Distribution Date for any Class of Certificates (other than the Class R Certificates),
any Class of Regular Interests or any Class of Uncertificated Lower-Tier Interests, the amount by which the Current Interest Determination
Amount for such Class exceeds the portion thereof actually paid in respect of interest in respect of such Class on such Distribution
Date.


 


“Interested
Person”: As defined in Section 3.16(a)(ii).


 


“Investment”:
Any direct or indirect ownership interest in any security, note or other financial instrument issued or executed by the Borrower
or any Affiliate thereof, a loan directly or indirectly secured by any of the foregoing or a hedging transaction (however structured)
that references or relates to any of the foregoing.


 


“Investment
Account”: As defined in Section 3.8(a).


 


“Investment
Decisions”: Investment, trading, lending or other financial decisions, strategies or recommendations with respect to
Investments, whether on behalf of the Servicer, the Special Servicer, the Certificate Administrator or any Affiliate thereof,
as applicable, or any Person on whose behalf the Servicer, the Special Servicer or any of their respective Affiliates has discretion
in connection with Investments.


 


“Investor
Certification”: A certificate representing that such person executing the Certificate is a Certificateholder, a Beneficial
Owner, a prospective purchaser of a Certificate,


 



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the
Directing Holder (to the extent a Subordinate Control Period or Subordinate Consultation Period is in effect), the Risk Retention
Consultation Party or a Loan Seller if it has repurchased its respective Loan Seller Percentage Interest in the Trust Loan in
accordance with this Agreement and the Loan Purchase Agreement and that either (a) such person is not the Borrower, the Guarantor
(or any replacement guarantor), a general partner or managing member of the Borrower, the Manager, a Restricted Holder, the Ground
Lessee or an agent or Affiliate of the foregoing, in which case such person shall have access to all the reports and information
made available to Privileged Persons pursuant to this Agreement, or (b) such person is a Borrower, the Guarantor (or any replacement
guarantor), a general partner or managing member of the Borrower, the Manager, a Restricted Holder, the Ground Lessee or an agent
or Affiliate of the foregoing, in which case such person shall only be permitted to receive access to the Distribution Date Statements
prepared by the Certificate Administrator. The Investor Certification shall be substantially in the form of Exhibit J-1
or Exhibit J-2 hereto, as applicable, or may be in the form of an electronic certification contained on the Certificate
Administrator’s Website. Investor Certifications may be submitted electronically via the Certificate Administrator’s
Website. The Certificate Administrator may require that Investor Certifications are resubmitted from time to time in accordance
with its policies and procedures and, upon receipt of notice substantially in the form of Exhibit P hereto from the Special
Servicer that (a) an event of default has occurred giving rise to an automatic acceleration of the Mezzanine Loan or the right
of the lender thereunder to accelerate the Mezzanine Loan, (b) as to which foreclosure proceedings against the related Mezzanine
Loan collateral have been initiated or (c) as to which foreclosure proceedings against the related collateral for a Junior Equity
Pledge have been initiated, the Certificate Administrator shall require each Restricted Holder to resubmit an Investor Certification.


 


“Investor
Q&A Forum”: As defined in Section 4.5(a).


 


“Investor
Registry”: As defined in Section 4.5(b).


 


“IRS”:
The Internal Revenue Service.


 


“Junior
Equity 1 Pledgor”: 20 TSQ GroundCo Holdings, LLC.


 


“Junior
Equity Pledge”: A pledge by the following affiliates of the Borrower in their respective equity interests in certain
parent entities of the Borrower to secure various obligations: (1) Junior Equity 1 Pledgor, the immediate parent of the Mezzanine
Borrower, pledged its equity interest in the Mezzanine Borrower to: (a) 701 TSQ 1000 Funding, LLC (an EB-5 lender), the current
holder of Leasehold Mortgage Notes in the aggregate principal amount of $125,000,000, with such pledge securing a certain limited
guaranty provided by the Junior Equity 1 Pledgor in connection with those Leasehold Mortgage Notes; and (b) 701 Seventh Property
Owner LLC (an entity controlled by The Witkoff Group LLC and Winthrop Capital), the current holder of Leasehold Mortgage Notes
in the aggregate principal amount of $75,000,000, with such pledge securing a certain limited guaranty provided by the Junior
Equity 1 Pledgor in connection with those Leasehold Mortgage Notes; and (2) CFMDC 20 TSQ LLC, the immediate parent of the Junior
Equity 1 Pledgor, pledged its equity interest in Junior Equity 1 Pledgor to Fortress Credit Corp. (an affiliate of such company
is the current holder of Leasehold Mortgage Notes in the aggregate principal amount of $50,000,000) as additional


 



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security
for certain financings obtained by affiliates of the Borrower Sponsor unrelated to the Property and the mixed-use building with
hotel, retail and signage components.


 


“Leasehold
Mortgage Notes”: Nine notes which evidence a loan in the original principal amount of $650,000,000 made by Natixis,
New York Branch, as co-lender and as agent on behalf of other co-lenders, to 20 TSQ Lessee LLC and 20 TSQ Sign LLC, which is currently
held by NREC and various co-lenders.


 


“Lender”:
As defined in the Loan Agreement.


 


“Liquidated
Property”: The Property, if it has been liquidated and the Special Servicer has determined that all amounts which it
expects to recover from or on account of the Property have been recovered.


 


“Liquidation
Expenses”: Reasonable and customary expenses (other than expenses covered by any insurance policy) incurred by the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee in connection with the liquidation of the Whole Loan or the
Property, such expenses including, without limitation, legal fees and expenses, appraisal fees, brokerage fees and commissions,
conveyance taxes and trustee and co-trustee fees, if any. Liquidation Expenses shall not include any previously incurred expenses
which have been previously reimbursed to the party incurring the same or which were netted against income from the Foreclosed
Property and were considered in the calculation of the amount of Foreclosure Proceeds pursuant to the definition thereof.


 


“Liquidation
Fee”: A fee payable to the Special Servicer with respect to the Liquidated Property or the liquidation of the Whole
Loan or the Notes as to which the Special Servicer receives any Net Liquidation Proceeds, equal to the product of the Liquidation
Fee Rate and Net Liquidation Proceeds related to the Liquidated Property, Whole Loan or Notes; except as provided in Section 3.17(a).
The Liquidation Fee with respect to the Specially Serviced Loan or Foreclosed Property shall be reduced by the amount of any Modification
Fees paid by or on behalf of the Borrower in regard to any Special Servicing Loan Event and received by the Special Servicer as
compensation within the 12 month period preceding payment of the Liquidation Fee, but only to the extent those fees have not previously
been deducted from a Work-out Fee or Liquidation Fee.


 


“Liquidation
Fee Rate”: A rate equal to 0.30%.


 


“Liquidation
Proceeds”: Amounts (other than Insurance Proceeds and Condemnation Proceeds) received by the Special Servicer and/or
the Certificate Administrator in connection with (a) the liquidation of the Whole Loan or the Property, whether through judicial
foreclosure, sale or otherwise, (b) the sale, discounted payoff or other liquidation of the Whole Loan (other than amounts required
to be paid to the Borrower pursuant to law or the terms of the Loan Agreement) including the proceeds of any full, partial or
discounted payoff of the Whole Loan (exclusive of any portion of such payoff or proceeds that represents Default Interest or late
payment charges), (c) the purchase of the Trust Loan by the related Companion Loan Holder or (d) the purchase of the Whole Loan
by the Mezzanine Lender.


 


“Loan
Agreement”: As defined in the Introductory Statement.


 






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“Loan
Documents”: With respect to the Whole Loan, all documents executed or delivered by the Borrower (or its
Affiliates) evidencing or securing the Whole Loan and any amendment
thereof or thereafter or subsequently added to the Mortgage File, in each case, as each of the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time in accordance therewith, including without
limitation the Loan Agreement.


 


“Loan
Event of Default”: An “Event of Default” as defined in the Loan Agreement.


 


“Loan
Interest Accrual Period”: With respect to the Notes and any Loan Payment Date or any Distribution Date, the period commencing
on and including the fifth day of a calendar month immediately preceding the month in which such Loan Payment Date occurs to and
including the fourth day of the following calendar month.


 


“Loan
Payment Date”: The “Payment Date” as defined in the Loan Agreement.


 


“Loan
Principal Balance”: As of the date of any determination, with respect to the Trust Loan, Companion Loans, Whole Loan
or Foreclosed Property, the outstanding principal balance of such Trust Loan, Companion Loans or Whole Loan or, as determined
in accordance with Section 3.12(g), such Foreclosed Property.


 


“Loan
Purchase Agreement”: As defined in the Introductory Statement.


 


“Loan
Seller Percentage Interest”: As to NREC, a 50% interest in the Trust Loan, as to Column, a 42.67% interest in the Trust
Loan, and as to CMB, a 7.33% interest in the Trust Loan.


 


“Loan
Sellers”: As defined in the Introductory Statement.


 


“Lower-Tier
Distribution Account”: A subaccount of the Distribution account, which shall be an asset of the Trust Fund and the Lower-Tier
REMIC.


 


“Lower-Tier
Distribution Amount”: As defined in Section 4.1(b).


 


“Lower-Tier
Principal Amount”: With respect to any Uncertificated Lower-Tier Interest, a principal amount that initially will equal
the Original Lower-Tier Principal Amount of such Uncertificated Lower-Tier Interest set forth in the Introductory Statement herein,
and from time to time will equal such amount reduced by the amount of any distributions of the Lower-Tier Distribution Amount
allocable to principal made, and any Realized Losses allocated, with respect to such Uncertificated Lower-Tier Interest on any
Distribution Date as provided in Section 4.1(g) of this Agreement and increased by the amount of any recoveries of Nonrecoverable
Advances applied to increase the Certificate Balance of the Corresponding Regular Interest as provided in Section 4.1(g)
of this Agreement.


 


“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Trust Loan, collections thereon (other than
Default Interest), the Trust’s interest in any Foreclosed Property acquired in respect thereof, amounts related thereto
held from time to time in the Collection Account, the Lower-Tier Distribution Account, the Foreclosed Property


 



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Account,
the Interest Reserve Account and all other property included in the Trust Fund that is not in the Upper-Tier REMIC or the Grantor
Trust.


 


“Lower-Tier
Regular Interests”: The Class LA Interest, Class LB Interest, Class LC Interest, Class LD Interest, Class LE Interest,
Class LF Interest, Class LG Interest and Class LH Interest issued by the Lower-Tier REMIC and held by the Trustee as assets of
the Upper-Tier REMIC. Each Lower-Tier Regular Interest (i) is designated as a “regular interest” in the Lower-Tier
REMIC, (ii) relates to its Corresponding Regular Interest and Corresponding Certificates, (iii) is uncertificated, (iv) has an
initial Lower-Tier Principal Balance as set forth in the Introductory Statement herein, (v) has a Pass-Through Rate equal to the
Net Mortgage Rate, (vi) has a “latest possible maturity date,” within the meaning of Treasury Regulations Section
1.860G-1(a), that is the Rated Final Distribution Date and (vii) is entitled to the distributions in the amounts and at the times
specified in Section 4.2(b) of this Agreement.


 


“MAI”:
Standards of Professional Appraisal Practice established for Members of the Appraisal Institute.


 


“Major
Decision”: any of the following:


 


(i)          any
proposed or commenced foreclosure or actual foreclosure upon or comparable conversion (which may include acquisitions of a Foreclosed
Property) of the ownership of the Property;


 


(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 the Whole Loan
or any extension of the maturity date of the Whole Loan, other than as expressly permitted pursuant to the terms of the Loan Documents,
a reduction in the interest rate or the monthly debt service payment, an increase in the principal amount or a deferral or forgiveness
of interest on, or principal of, the Whole Loan or of late payment or penalty charges payable with respect thereto, or any modification,
consent to a modification or waiver of any other monetary term of the Whole Loan relating to the timing or amount of any payment
of principal and interest (including, without limitation, default interest);


 


(iii)        any
exercise of remedies under the Whole Loan, including, without limitation, the acceleration of the Whole Loan or initiation of
any proceedings under the Loan Documents or any acquisition of the Property or any interest therein by foreclosure, deed-in-lieu
of foreclosure, settlement or otherwise;


 


(iv)        any
sale of the Whole Loan or any Foreclosed Property for less than the Repurchase Price;


 


(v)         any
determination to bring the Property or Foreclosed Property into compliance with applicable environmental laws or to otherwise
address hazardous materials located at the Property or Foreclosed Property;


 






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(vi)        any
substitution or release of real property collateral for the Whole Loan (other than substitutions or releases of immaterial and
non-income producing real property collateral or in connection with a condemnation action) except, in each case, as expressly
permitted by the Loan Documents;


 


(vii)       any
determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause (unless such clause is not
exercisable under applicable law or such exercise is reasonably likely to result in successful legal action by the Borrower);


 


(viii)      any
transfer of the Property or any portion of the Property, or any transfer of any direct or indirect ownership interest in the Borrower
to the extent the Lenders’ consent is required under the Loan Documents is required, except in each case as expressly permitted
by the Loan Documents or in connection with a pending or threatened condemnation;


 


(ix)         any
consent to incurrence of additional debt by the Borrower or mezzanine debt by a direct or indirect parent of the Borrower, including
modification of the terms of any document evidencing or securing any such additional debt and of any intercreditor or subordination
agreement executed in connection therewith and any waiver of or amendment or modification to the terms of any such document or
agreement, in each case to the extent the Lenders’ approval is required by the Loan Documents;


 


(x)          approval
of the termination, engagement or replacement of a property manager, to the extent the Lenders’ approval is required by
the Loan Documents;


 


(xi)         releases
of any escrow accounts, reserve accounts or letters of credit each if held as performance escrows or reserves other than those
required pursuant to the specific terms of the Loan Documents and for which there is no lender discretion;


 


(xii)        any
acceptance of an assumption agreement releasing the Borrower, Guarantor or other obligor from liability under the Whole Loan or
the Loan Documents other than pursuant to the specific terms of the Whole Loan and for which there is no lender discretion;


 


(xiii)       any
determination of an Acceptable Insurance Default under the Loan Documents;


 


(xiv)      any
proposed modification or waiver of any provision of the Loan Documents with respect to the Whole Loan governing the types, nature
or amount of insurance coverage required to be obtained and maintained;


 


(xv)       approval
of casualty/condemnation insurance settlements, any determination to apply casualty proceeds or condemnation awards to the reduction
of the debt evidenced by the Whole Loan rather than to the restoration of the Property other than pursuant to the specific terms
of the Whole Loan;


 


(xvi)      the
voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Borrower or the Property;


 






    -39- 


     


    

 


(xvii)     any
determination by the Servicer or the Special Servicer to transfer the Whole Loan to the Special Servicer with respect to any Whole
Loan default or Loan Event of Default that is anticipated but has not yet occurred;


 


(xviii)    any
release of the Borrower or of any guarantor or indemnitor from liability under the Loan Documents; and


 


(xix)       any
modification or amendment of the Ground Lease, in each case, to the extent the approval of the Lenders is required under the Loan
Documents.


 


“Majority
Controlling Class Certificateholder”: The Holder(s) of Certificates representing more than 50% of the aggregate Certificate
Balance of the Controlling Class that are not Holders of the RR Interest.


 


“Manager”:
A property manager or any successor, assignee or replacement manager, in each case appointed by the Borrower in accordance with
the Loan Agreement.


 


“Material
Breach”: As defined in Section 2.8(a).


 


“Material
Document Defect”: As defined in Section 2.8(a).


 


“Maturity
Date”: The date on which the final payment of principal of a Note becomes due and payable as therein provided, whether
at the Stated Maturity Date, by declaration of acceleration, or otherwise.


 


“Mezzanine
Borrower”: 20 TSQ GroundCo Mezz LLC, a Delaware limited liability company, and its successors in interest.


 


“Mezzanine
Equity Collateral”: The pledge by Mezzanine Borrower of 100% of its ownership interests in the Borrower to secure the
Mezzanine Loan.


 


“Mezzanine
Lender”: NREC, and its successors and assigns.


 


“Mezzanine
Loan”: A mezzanine loan in the aggregate original principal amount of $150,000,000, originated by the Mezzanine Lender
pursuant to a mezzanine loan agreement, dated April 27, 2018, among the Mezzanine Lender and the Mezzanine Borrower.


 


“Mezzanine
Party”: The Mezzanine Borrower and each applicable pledgor under the Mezzanine Loan documents.


 


“Modification
Fees”: With respect to the Whole Loan, any and all fees collected from the Borrower with respect to a modification,
extension, waiver or amendment that modifies, extends, amends or waives any term of the Loan Documents (as evidenced by a signed
writing) agreed to by the Servicer or the Special Servicer, other than (a) any assumption fees, consent fees or assumption application
fees, (b) any fee in connection with a defeasance of the Whole Loan and (c) Special Servicing Fees, Work-out Fees and Liquidation
Fees.


 






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“Monthly
Debt Service Payment Amount”: The monthly payment of interest and principal, if any, required to be made by the Borrower
on the Trust Loan in the amount set forth in the Loan Agreement.


 


“Monthly
Payment”: With respect to the Trust Loan or Whole Loan, as applicable and any Distribution Date, the scheduled payment
on the Trust Loan or Whole Loan, as applicable pursuant to the Loan Agreement, including any Balloon Payment which is due and
payable on the immediately preceding Loan Payment Date.


 


“Monthly
Payment Advance”: Any advance in respect of the Trust Loan only made by the Servicer or the Trustee pursuant to Section
3.23(a) or Section 3.23(c), as applicable. Each reference to the reimbursement or payment of a Monthly Payment Advance
shall be deemed to include, whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance
Rate through the date preceding the date of payment or reimbursement. Neither the Servicer nor the Trustee shall be required to
make principal and/or interest advances with respect to the Companion Loans, and the term “Monthly Payment Advance”
shall be operative only in respect of the Trust Loan.


 


“Moody’s”:
Moody’s Investors Service, Inc., and its successor-in-interest.


 


“Morningstar”:
Morningstar Credit Ratings, LLC, and its successors-in-interest.


 


“Mortgage”:
The first lien mortgage encumbering the Borrower’s fee simple interest in the Property.


 


“Mortgage
File”: As defined in Section 2.1(b) and any additional documents required to be added to the Mortgage File pursuant
to this Agreement.


 


“Net
Foreclosure Proceeds”: With respect to any Foreclosed Property, the Foreclosure Proceeds with respect to such Foreclosed
Property net of any insurance premiums, taxes, assessments, ground rents, leasehold rents and other costs permitted to be paid
therefrom pursuant to Section 3.14.


 


“Net
Investment Earnings”: With respect to any Investment Account for any period from any Distribution Date to the immediately
succeeding Remittance Date, the amount, if any, by which the aggregate of all interest and other income realized during such period
on funds relating to the Trust Fund held in such account, exceeds the aggregate of all losses, if any, incurred during such period
in connection with the investment of such funds in accordance with Section 3.8.


 


“Net
Liquidation Proceeds”: The excess of Liquidation Proceeds received with respect to the Property or the Whole Loan, as
the case may be, over the amount of Liquidation Expenses incurred with respect thereto.


 


“Net
Mortgage Rate”: With respect to any Distribution Date and the Trust Loan, the annualized rate at which interest would
have to accrue in respect of the Trust Loan on the basis of a 360-day year consisting of twelve 30-day months in order to produce
the aggregate amount of interest (net of the related Servicing Fee, the CREFC® Intellectual Property Royalty 


 



    -41- 


     


    

 


License
Fee and the Certificate Administrator Fee (including the portion that is the Trustee Fee) and exclusive of Default Interest with
respect to the Trust Loan) actually accrued on the Trust Loan during the related Loan Interest Accrual Period; provided
that for purposes of calculating Pass-Through Rates, the Net Mortgage Rate will be determined without regard to any modification,
waiver or amendment of the terms of the Trust Loan, whether agreed to by the Servicer, the Special Servicer or resulting from
a bankruptcy, insolvency or similar proceeding involving the Borrower or otherwise; provided, further, however,
that for purposes of calculating Pass-Through Rates (i) the Net Mortgage Rate for the Loan Interest Accrual Period preceding the
Loan Payment Dates in (a) January and February in each year that is not a leap year or (b) in February only in each year that
is a leap year (unless the related Distribution Date is the final Distribution Date), shall be the annualized rate at which interest
would have to accrue on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount
of interest (net of the related Servicing Fee, the CREFC® Intellectual Property Royalty License Fee and the Certificate
Administrator Fee (including the portion that is the Trustee Fee) and exclusive of Default Interest with respect to the Trust
Loan) actually accrued on the Trust Loan during such Loan Interest Accrual Period, minus the applicable Withheld Amount and (ii)
the Net Mortgage Rate for the Loan Interest Accrual Period preceding the Loan Payment Date in March (or February, if the related
Distribution Date is the final Distribution Date), shall be the annualized rate at which interest would have to accrue on the
basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest (net of the related
Servicing Fee, the CREFC® Intellectual Property Royalty License Fee and the Certificate Administrator Fee (including
the portion that is the Trustee Fee) and exclusive of Default Interest with respect to the Trust Loan) actually accrued on the
Trust Loan during such Loan Interest Accrual Period, plus the applicable Withheld Amounts.


 


“Net
Proceeds”: Any “Proceeds” or “Award”, as such terms are defined in the Loan Agreement, net of
reasonable costs and expenses (including, but not limited to, reasonable counsel fees and disbursements), if any, in collecting
the same.


 


“Nondisqualification
Opinion”: An Opinion of Counsel, prepared at the Trust Fund’s expense and payable from the Collection Account,
that a contemplated action will not cause (i) either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
at any time that any Certificates are outstanding or (ii) a “prohibited transaction” or “prohibited contributions”
tax to be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC at any time that any Certificates are outstanding.


 


“Nonrecoverable
Advance”: With respect to the Trust Loan, the Whole Loan or the Property, as applicable, any portion of an Advance previously
made and not previously reimbursed, or proposed to be made, including interest thereon, which, in accordance with Accepted Servicing
Practices (in the case of the Servicer) or good faith and reasonable business judgment (in the case of the Trustee) would not
be ultimately recoverable from subsequent payments or collections (including Foreclosure Proceeds, Condemnation Proceeds, Insurance
Proceeds not otherwise required to be distributed in connection with a restoration of the Property pursuant to this Agreement
or the Loan Agreement or Liquidation Proceeds) in respect of the Trust Loan, the Whole Loan or the Property, as applicable, or
from funds related to the Trust Loan, the Whole Loan or the Property, as applicable, on deposit in the Collection Account pursuant
to Section 3.4(c). The Trustee may rely conclusively upon a determination of non-


 



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recoverability
made by the Servicer. In making such non recoverability determination, the Servicer or the Trustee, as applicable, shall be entitled
to consider (among other things) the obligations of the Borrower under the terms of the Trust Loan, the Whole Loan or the Property,
as applicable, as it may have been modified, to consider (among other things) the Property in its “as is” or then
current condition and occupancy, as modified by such party’s assumptions regarding the possibility and effects of future
adverse change with respect to the Property, to estimate and consider (among other things) future expenses and to estimate and
consider (among other things) the timing of recoveries and shall be entitled to give due regard to the existence of any Nonrecoverable
Advances and Companion Loan Advances that, at the time of such consideration, the recovery of which are being deferred or delayed
by the Servicer, in light of the fact that amounts collected in respect of the Trust Loan, the Whole Loan or the Property, as
applicable, as to which such Advance or Companion Loan Advance was made, whether in the form of late payments, Insurance Proceeds,
Condemnation Proceeds, Liquidation Proceeds or otherwise from the Trust Loan, the Whole Loan or the Property, as applicable, 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 or Companion Loan Advance.


 


“Non-Book
Entry Certificates”: As defined in Section 5.2(c).


 


“Non-Trust
A Notes”: As defined in the Introductory Statement.


 


“Non-U.S.
Beneficial Ownership Certification”: As defined in Section 5.3(f).


 


“Non-U.S.
Person”: A Person that is not a U.S. Person.


 


“Note”:
As defined in the Introductory Statement.


 


“Note
A-1-A”: As defined in the Introductory Statement.


 


“Note
A-1-B”: As defined in the Introductory Statement.


 


“Note
A-1-C”: As defined in the Introductory Statement.


 


“Note
A-2-A-1”: As defined in the Introductory Statement.


 


“Note
A-2-A-2”: As defined in the Introductory Statement.


 


“Note
A-2-A-3”: As defined in the Introductory Statement.


 


“Note
A-2-A-4”: As defined in the Introductory Statement.


 


“Note
A-2-A-5”: As defined in the Introductory Statement.


 


“Note
A-2-A-6”: As defined in the Introductory Statement.


 


“Note
A-2-B-1”: As defined in the Introductory Statement.


 


“Note
A-2-B-2”: As defined in the Introductory Statement.


 






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“Note
A-2-B-3”: As defined in the Introductory Statement.


 


“Note
A-2-B-4”: As defined in the Introductory Statement.


 


“Note
A-2-C-1”: As defined in the Introductory Statement.


 


“Note
A-2-C-2-A”: As defined in the Introductory Statement.


 


“Note
A-2-C-2-B”: As defined in the Introductory Statement.


 


“Note
A-B-1”: As defined in the Introductory Statement.


 


“Note
A-B-2”: As defined in the Introductory Statement.


 


“Note
A-B-3”: As defined in the Introductory Statement.


 


“NREC”:
As defined in the Introductory Statement.


 


“NRSRO”:
Any nationally recognized statistical ratings organization, including the Rating Agencies.


 


“NRSRO
Certification”: A certification (a) in the form of Exhibit L executed by an 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 favor of the 17g-5 Information Provider that states (i) that such NRSRO is a Rating Agency, or (ii) that such NRSRO has provided
the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e), that such NRSRO has access to the Depositor’s
17g-5 website and that any confidentiality provisions relating to information on the Depositor’s 17g-5 website apply equally
to information on the Certificate Administrator’s Website and the 17g-5 Information Provider’s website.


 


“Offering
Circular”: That certain Confidential Offering Circular, dated as of May 9, 2018, relating to the offering of the Certificates.


 


“Officer’s
Certificate”: A certificate signed by (i) the Chairman of the Board, the Vice Chairman of the Board, the President or
a Vice President (however denominated), the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries
(ii) any Servicing Officer, Responsible Officer or other officer of the Servicer, the Special Servicer, the Depositor, a Lender
or any other entity referred to herein, as the case may be, customarily performing functions similar to those performed by any
of the above designated officers and also with respect to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject and (iii) with respect to the Certificate
Administrator and the Trustee, any Responsible Officer.


 


“Opinion
of Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Servicer or
the Special Servicer, reasonably acceptable to the Trustee and the Certificate Administrator.


 






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


 


“Origination
Date”: April 27, 2018.


 


“Other
Certificate Administrator”: The applicable other “certificate administrator” under any Other Pooling and
Servicing Agreement relating to a Companion Loan.


 


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


 


“Other
Pooling and Servicing Agreement”: The pooling and servicing agreement or other comparable agreement governing the creation
of any Other Securitization Trust and the issuance of securities backed by the assets of such Other Securitization Trust.


 


“Other
Securitization Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds
a Companion Loan (or any portion thereof or interest therein), as identified in writing to the parties to this Agreement.


 


“Other
Servicer”: The applicable other “master servicer” under any Other Pooling and Servicing Agreement relating
to a Companion Loan.


 


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


 


“Other
Trustee”: The applicable other “trustee” under any Other Pooling and Servicing Agreement related to a Companion
Loan.


 


“Pass-Through
Rate”: With respect to (i) the Class A Certificates and the Class A Regular Interest, the Class A Pass-Through Rate;
(ii) the Class B Certificates and the Class B Regular Interest, the Class B Pass-Through Rate; (iii) the Class C Certificates
and the Class C Regular Interest, the Class C Pass-Through Rate; (iv) the Class D Certificates and the Class D Regular Interest,
the Class D Pass-Through Rate; (v) the Class E Certificates and the Class E Regular Interest, the Class E Pass-Through Rate; (vi)
the Class F Certificates and the Class F Regular Interest, the Class F Pass-Through Rate; (vii) the Class G Certificates and the
Class G Regular Interest, the Class G Pass-Through Rate; (viii) the Class H Certificates and the Class H Regular Interest, the
Class H Pass-Through Rate; and (ix) each Uncertificated Lower-Tier Interest, the Net Mortgage Rate, which, in each case, interest
accrues at such per annum rate on the Certificate Balance or Lower-Tier Principal Amount, as applicable, of such Class
as set forth in the Introductory Statement.


 


The
Class V Certificates will not have a Pass-Through Rate, but the Class V Certificates will be entitled to receive the Class V Percentage
Interest of the sum of the interest distributable on the Regular Interests.


 


“Percentage
Interest”: As to any Certificate, the percentage interest evidenced thereby in distributions required to be made with
respect to the related Class. With respect to


 



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any
Certificate (other than the Class R Certificates), the percentage interest is equal to the initial Certificate Balance of such
Certificate divided by the initial Certificate Balance of all of the Certificates of the related Class. With respect to the Class
R Certificates, the percentage specified on the Certificate held by the Holder of such Certificate.


 


“Permitted
Encumbrances”: As defined in the Loan Agreement.


 


“Permitted
Investments”: Any one or more of the following obligations or securities acquired at a purchase price of not greater
than par, including those issued by the Servicer, the Certificate Administrator, the Trustee or any of their respective Affiliates,
payable on demand or having a maturity date not later than the Business Day immediately prior to the first Loan Payment Date following
the date of acquiring such investment and meeting one of the appropriate standards set forth below:


 


(i)     
 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, any agency or instrumentality of the United States of America shall be a Permitted
Investment only if such investment would not result in the downgrading, withdrawal or qualification of the then-current rating
assigned by each Rating Agency to any Certificate as evidenced in writing, other than (a) unsecured senior debt obligations of
the U.S. Treasury (direct or fully funded obligations), U.S. Department of Housing and Urban Development public housing agency
bonds, Federal Housing Administration debentures, Government National Mortgage Association guaranteed mortgage-backed securities
or participation certificates, RefCorp debt obligations and SBA-guaranteed participation certificates and guaranteed pool certificates
and (b) Farm Credit System consolidated systemwide bonds and notes, Federal Home Loan Banks’ consolidated debt obligations,
Freddie Mac debt obligations, and Fannie Mae debt obligations;


 


(ii)       time
deposits, demand unsecured certificates of deposit, or bankers’ acceptances with maturities of not more than 365 days that
are issued or held by any depository institution or trust company (including the Certificate Administrator) 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 which (A) in the case of such investments with maturities of 30 days or less, the short term obligations of
which are rated in the highest short term rating category by Moody’s or the long term obligations of which are rated at
least “A2” by Moody’s, (B) in the case of such investments with maturities of three months or less, but more
than 30 days, the short term obligations of which are rated in the highest short term rating category by Moody’s or the
long term obligations of which are rated at least “A2” by Moody’s (C) in the case of such investments with maturities
of six months or less, but more than three months, the short term obligations of which are rated in the highest


 



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short
term rating category by Moody’s and the long term obligations of which are rated at least “Aa3” by Moody’s
and (D) in the case of such investments with maturities of more than six 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 “Aaa”
by Moody’s (or, in each case, if permitted by the Whole Loan, if not rated by Moody’s, otherwise acceptable to Moody’s
and Morningstar, as confirmed in a Rating Agency Confirmation);


 


(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 (A) in the case of such
investments with maturities of 30 days or less, the short term obligations of which are rated in the highest short term rating
category by Moody’s or the long term obligations of which are rated at least “A2” by Moody’s, (B) in the
case of such investments with maturities of three months or less, but more than 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 “A2”
by Moody’s, (C) in the case of such investments with maturities of six months or less, but more than three 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, and (D) in the case of such investments with maturities of more than
six 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; 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) payable on demand or on a specified
date (i)(1) if maturing in three months or less, carries either a short term rating of “P-1” by Moody’s or a
long term rating of “A2” or better by Moody’s, (2) if maturing in six months or less but more than three months,
carries a short term rating of “P-1” by Moody’s and a long term rating of “Aa3” or better by Moody’s
and (3) if maturing in longer than six months, carries a short term rating of “P-1” by Moody’s and a long term
rating of “Aaa” by Moody’s or (ii) have such other ratings as confirmed in a Rating Agency Confirmation;


 






    -47- 


     


    

 


(vi)     any
money market fund that (a) has substantially all of its assets invested continuously in the types of investments referred to in
clause (i) above, (b) has net assets of not less than $5,000,000,000, (c) maintains a constant net asset value, and (d)
has a rating of “Aaa-mf” by Moody’s;


 


(vii)    units
of money market funds (including those managed or advised by the Trustee or its Affiliates) which maintain a constant net asset
value such as the Wells Fargo Money Market Funds; provided that such units of money market funds are rated “Aaa-mf”
by Moody’s; and


 


(viii)   any
other demand, money market or time deposit, obligation, security or investment with respect to which Rating Agency Confirmation
has been obtained from each Rating Agency.


 


Notwithstanding
the foregoing, “Permitted Investments” (i) shall be limited to investments that have an unqualified rating (i.e.,
one with no qualifying suffix), with the exception of ratings with regulatory indicators, such as the (sf) subscript, and unsolicited
ratings; (ii) shall be limited to those instruments that have a predetermined fixed dollar of principal due at maturity that cannot
vary or change; and (iii) shall exclude any investment where the right to receive principal and interest derived from the underlying
investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. Interest
may either be fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread
(if any), and move proportionately with that index. No investment shall be made that requires a payment above par for an obligation
if the obligation may be prepaid at the option of the issuer thereof prior to its maturity. All investments shall mature or be
redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of their purchase
and (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder.


 


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


 


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


 






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“Person”:
Any individual, corporation, limited liability company, partnership, joint venture, estate, trust, unincorporated association,
any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such
capacity on behalf of any of the foregoing.


 


“Plan”:
As defined in Section 5.3(n).


 


“Plan
Fiduciary”: As defined in Section 5.3(p).


 


“Pre-close
Information”: As defined in Section 8.14(b).


 


“Prime
Rate”: The “prime rate” published in the “Money Rates” Section of The Wall Street Journal (and
with respect to Companion Loan Advances, the rate set forth in the Companion Loan Pooling and Servicing Agreement); if The Wall
Street Journal ceases to publish the “prime rate”, then the Servicer shall select an equivalent publication that publishes
such “prime rate”, and if such “prime rate” is no longer generally published or is limited, regulated
or administered by a governmental or quasi-governmental body, then the Servicer shall reasonably select a comparable interest
rate index.


 


“Principal
Distribution Amount”: For each Distribution Date and any Class of Regular Interests or Class of Sequential Pay Certificates,
the sum of (i) the Regular Principal Distribution Amount for such Distribution Date and such Class and (ii) to the extent not
paid on any prior Distribution Date, the aggregate Principal Shortfalls in respect of prior Distribution Dates for such Class.


 


“Principal
Shortfall”: For each Distribution Date and any Class of Regular Interests or Class of Sequential Pay Certificates, the
amount by which the Regular Principal Distribution Amount for such Class exceeds the amount actually distributed to such Class
in respect of the principal on such Distribution Date.


 


“Privileged
Information”: Any (i) correspondence between the Directing Holder or the Risk Retention Consultation Party and the Special
Servicer related to the Specially Serviced Loan or the exercise of the Directing Holder’s consent or non-binding consultation
rights or the Risk Retention Consultation Party’s non-binding consultation rights under this Agreement, (ii) strategically
sensitive information that the Special Servicer has reasonably determined could compromise the Trust Fund’s position in
any ongoing or future negotiations with the Borrower or other interested party and (iii) information subject to attorney-client
privilege.


 


“Privileged
Person”: The Depositor, the Initial Purchasers, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
each Companion Loan Holder, any person who provides the Certificate Administrator with an Investor Certification (including the
Directing Holder and the Risk Retention Consultation Party) and any NRSRO that delivers a NRSRO Certification to the Certificate
Administrator, which Investor Certification and NRSRO Certification may be submitted electronically via the Certificate Administrator’s
Website. For purposes of receiving any information or report from the Certificate Administrator’s Website, other than Distribution
Date Statements only, any Borrower Related Party (as evidenced by its submission of an Investor Certification in the form of Exhibit
J-2 hereto) shall be deemed to not 


 



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be
a “Privileged Person” as defined herein. Notwithstanding anything herein to the contrary, the provisions hereof shall
not limit the Servicer’s or the Certificate Administrator’s ability to make accessible certain information regarding
the Whole Loan at a website maintained by the Servicer or the Certificate Administrator.


 


“Property”:
The property securing the Whole Loan as such term is defined in the Loan Agreement.


 


“Property
Protection Advances”: As defined in Section 3.23(b).


 


“QIB”:
A “qualified institutional buyer” within the meaning of Rule 144A.


 


“Qualified
Bidder”: As defined in Section 7.2(b).


 


“Qualified
Replacement Special Servicer”: A replacement special servicer that satisfies all of the eligibility requirements applicable
to the Special Servicer set forth in Section 2.6 and Section 3.10(b), unless expressly approved by 100% of the Certificateholders.


 


“RAC
Decision”: Any action described in clauses (vi), (vii), (viii), (ix), (x), (xii)
or (xix) of the definition of Major Decision and any modification or amendment to the Condominium Documents (following
the Condominium Conversion).


 


“Rated
Final Distribution Date”: The Distribution Date occurring in May 2035.


 


“Rating
Agency”: Moody’s and Morningstar, as applicable.


 


“Rating
Agency Confirmation”: With respect to any matter, obtaining confirmation in writing (which may be in electronic format)
by a Rating Agency that a proposed action, failure to act or other specified event will not in and of itself result in the downgrade,
withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated by such Rating Agency)
immediately prior to the occurrence of the action, failure to act or other event to which Rating Agency Confirmation is sought;
provided that a written waiver or acknowledgment (which may be in electronic format) from such Rating Agency indicating
its decision not to review or to decline 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 such Rating Agency with respect to such matter. With respect
to any matter affecting the Companion Loans, any Rating Agency Confirmation shall also refer to the nationally recognized statistical
rating organizations then rating the securities representing an interest in such loan and such rating organizations’ respective
ratings of such securities.


 


“Rating
Agency Inquiry”: As defined in Section 4.5(d).


 


“Rating
Agency Q&A Forum and Document Request Tool”: As defined in Section 4.5(d).


 


“Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate of the Certificate Balances
of Regular Interests or Class of the Sequential Pay Certificates after giving effect to distributions made on such Distribution
Date exceeds


 



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(ii)
the Loan Principal Balance of the Trust Loan after giving effect to (a) any payments of principal received with respect to the
Loan Payment Date occurring immediately prior to such Distribution Date and (b) the aggregate reductions of the principal balance
of the Trust Loan that have been permanently made as a result of a bankruptcy proceeding, modification or otherwise.


 


“Record
Date”: With respect to any Distribution Date, the close of business on the last day of the calendar month preceding
the month in which such Distribution Date occurs, or, if such last day is not a Business Day, the preceding Business Day.


 


“Regular
Certificates”: The Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates.


 


“Regular
Interests”: The Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Regular Interests.


 


“Regular
Interest Distribution Account”: As defined in Section 3.5.


 


“Regular
Principal Distribution Amount”: For each Distribution Date and any Class of Regular Interests or Class of Sequential
Pay Certificates, will equal (i) all amounts collected or advanced in respect of principal with respect to the Trust Loan during
the related Collection Period, and (ii) all amounts received during the related Collection Period in respect of principal on the
Trust Loan of any Repurchase Price, all amounts allocated to principal on the Trust Loan from Net Liquidation Proceeds, Condemnation
Proceeds, Net Foreclosure Proceeds or Insurance Proceeds (other than amounts related to clause (b) of the definition of
Insurance Proceeds necessary to be applied to the restoration, preservation or repair of the Property or to be released to the
Borrower in accordance with the Loan Documents) or otherwise in respect of principal received on the Trust Loan, in the case of
either clause (i) or (ii), that would be allocated to such Class if distributed to the Holders in Sequential Order
to reduce the outstanding Certificate Balance of each Class to zero. For the avoidance of doubt, all amounts in respect of principal
received by the Servicer or the Special Servicer in respect of a Repurchase Price shall be treated as part of the Regular Principal
Distribution Amount.


 


“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. Each of the parties
hereto acknowledge that the Regulation AB provisions herein shall be construed as if the Certificates were publicly registered
and reporting were required at all times, in each case as effective from time to time as of the compliance dates specified herein.


 


“Regulation
RR” means the Credit Risk Retention regulations, 79 Fed. Reg. 77601, pages 77740-77766 (Dec. 24, 2014), jointly promulgated
by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance
Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission, and the Department of Housing and Urban
Development (the “Agencies”) to implement the credit risk retention requirements under Section 15G of the Securities
Exchange Act of 1934 (as added by Section 941 of the Dodd-Frank Wall Street


 



    -51- 


     


    

 


Reform
and Consumer Protection Act), as such regulations may be amended from time to time by such Agencies, and subject to such clarification
and interpretation as have been provided by such Agencies, whether in the adopting release, or as may be provided by any such
Agency or its staff from time to time, in each case, as effective from time to time as of the applicable compliance date specified
therein.


 


“Regulation
S”: Regulation S under the Act.


 


“Regulation
S Global Certificate”: As defined in Section 5.2(a).





 


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


 


	Related
                                         Certificates 
	 	Related
                                         Uncertificated

                                         Lower-Tier Interest 

	Class
    A Certificates	 	Class
    LA Uncertificated Interest
	Class
    B Certificates	 	Class
    LB Uncertificated Interest
	Class
    C Certificates	 	Class
    LC Uncertificated Interest
	Class
    D Certificates	 	Class
    LD Uncertificated Interest
	Class
    E Certificates	 	Class
    LE Uncertificated Interest
	Class
    F Certificates	 	Class
    LF Uncertificated Interest
	Class
    G Certificates	 	Class
    LG Uncertificated Interest
	Class
    H Certificates	 	Class
    LH Uncertificated Interest


 


“Relevant
Distribution Date” means with respect to any “significant obligor” (within the meaning of Item 1101(k) of
Regulation AB) with respect to a Companion Loan Securitization holding a Companion Loan, the “Distribution Date” (or
analogous concept) under the related Companion Loan Pooling and Servicing Agreement.


 


“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code.


 


“REMIC
Provisions”: Provisions of the Code relating to “real estate mortgage investment conduits,” including Sections
860A through 860G of the Code and any related Treasury regulations or announcements.


 


“Remittance
Date”: With respect to each Distribution Date, the Business Day immediately preceding such Distribution Date.


 


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


 


“REO
Management Fee”: As to the Property when it is a Foreclosed Property, a fee payable out of the Foreclosed Property Account
to the Successor Manager for managing such property while it is owned by the Trust Fund, which shall be reasonable and customary
in the market in which the Property is located.


 






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“REO
Property”: The Property title to which has been acquired by a Servicer on behalf of (or other Person designated by)
the Holders through foreclosure, deed in lieu of foreclosure or otherwise.


 


“Reporting
Servicer”: The Servicer, the Special Servicer or a Servicing Function Participant engaged by any such party, as the
case may be.


 


“Repurchase
Mortgage File”: With respect to any repurchase of the whole Trust Loan pursuant to Section 2.8, the Mortgage
File, and with respect to the repurchase of a portion of the Trust Loan, the promissory note related to the portion of the Trust
Loan so repurchased.


 


“Repurchase
Price”: With respect to the Trust Loan or Whole Loan, as applicable, an amount (without duplication) equal to the sum
of (i) the unpaid principal balance of the Trust Loan or Whole Loan, as applicable, (ii) accrued and unpaid interest on the Trust
Loan or the Whole Loan, as applicable, at the Interest Rate (without giving effect to the Default Rate) to and including the last
day of the related Loan Interest Accrual Period in which the repurchase is to occur, (iii) unreimbursed Property Protection Advances
and Administrative Advances, together with interest on such Advances, (iv) an amount equal to all interest on outstanding Monthly
Payment Advances and with respect to the Whole Loan, on outstanding Companion Loan Advances, (v) any unpaid Trust Fund Expenses
and (vi) any other expenses reasonably incurred or expected to be incurred by the Servicer, the Special Servicer, the Certificate
Administrator or the Trustee arising out of the enforcement of the repurchase obligation. No Liquidation Fee shall be paid by
a Loan Seller in connection with a repurchase of the Trust Loan (or any Loan Seller Percentage Interest therein) due to a Material
Breach or a Material Document Defect pursuant to the Loan Purchase Agreement (so long as such repurchase occurs prior to the expiration
of the Initial Resolution Period or Extended Resolution Period (if applicable)).


 


For
purposes of this Agreement (including, without limitation, Section 3.16 hereof), the “Repurchase Price” in
respect of the Defaulted Loan or in respect of Foreclosed Property, in the context of a sale of REO Property or a Specially Serviced
Loan (to a party other than a Companion Loan Holder), shall include (i) the aggregate principal balance of the Non-Trust A Notes
(as of the date of the sale), (ii) aggregate accrued and unpaid interest on the Non-Trust A Notes principal balance at the related
Note Interest Rate, up to (but excluding) the date of sale and if such date of sale is not a Loan Payment Date, up to (but excluding)
the Loan Payment Date next succeeding the date of sale, provided payment is made in good funds by 2:00 p.m. New York local time,
(iii) any unreimbursed Companion Loan Holder advances and interest thereon at the Advance Rate (but excluding any amounts already
covered in clause (ii) above) and (iv) any unreimbursed costs incurred by the Companion Loan Holders.


 


“Repurchase
Request”: With respect to the Trust Loan, any request or demand whether oral or written that the Trust Loan be repurchased
or replaced, whether arising from a Material Breach or Material Document Defect or other breach of a representation or warranty.


 


“Repurchase
Request Recipient”: As defined in Section 2.2(d).


 


“Repurchase
Request Withdrawal”: As defined in Section 2.2(d).


 






    -53- 


     


    

 


“Repurchasing
Seller”: As defined in Section 3.30.


 


“Requesting
Holders”: As defined in Section 3.7(e).


 


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


 


“Required
Advance Amount”: With respect to any Distribution Date, an amount equal to (a) the aggregate amount of the Monthly Payment
Advances with respect to the Trust Loan (taking into account any Appraisal Reduction Amount as of such Distribution Date for the
Trust Loan) that would be required to be made on the related Remittance Date by the Servicer pursuant to this Agreement had the
Borrower not made any portion of its Monthly Payments in respect of the Trust Loan for the related Loan Payment Date less (b)
the aggregate compensation payable to the Servicer in respect of the aggregate Servicing Fee and the Certificate Administrator
in respect of the aggregate Certificate Administrator Fee (including that portion of which is the Trustee Fee) on such Remittance
Date with respect to the Trust Loan.


 


“Reserve
Account”: Any reserve account required to be maintained under the Loan Agreement.


 


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


 


“Responsible
Officer”: With respect to (i) the Trustee, any director, vice president, assistant vice president, assistant secretary,
treasurer, assistant treasurer, trust officer or any other officer of the Corporate Trust Office of the Trustee, customarily performing
functions similar to those performed by any of the above-designated officers with direct responsibility for the administration
of this Agreement and also, with respect to a particular matter, whom such matter is referred and (ii) the Certificate Administrator,
any officer assigned to the Corporate Trust Services group, with direct responsibility for the administration of this Agreement
and also, with respect to a particular matter, any other officer to whom a particular matter is referred by the Certificate Administrator
because of such officer’s knowledge of and familiarity with the particular subject, and in the case of any certification
or other document required to be signed by a Responsible Officer, an authorized signatory whose name and specimen signature appears
on a list furnished to the Servicer or the Special Servicer, as applicable, by the Trustee or the Certificate Administrator, as
applicable, as such list may from time to time be amended.


 


“Restricted
Holder”: Any Person (including any Certificateholder, Beneficial Owner or prospective purchaser of a Certificate (whether
legally, beneficially or otherwise)) that is also (i) the Mezzanine Lender (or any affiliate or agent thereof) or an owner of
any interest in the Mezzanine Loan (whether legally, beneficially or otherwise, including as a holder of a note evidencing the
Mezzanine Loan, a holder of a participation interest in the Mezzanine Loan or a Beneficial Owner of any securities collateralized
by the Mezzanine Loan) (a) as to which an event of default has occurred giving rise to an automatic acceleration of the Mezzanine
Loan or the right of the lender thereunder to accelerate the Mezzanine Loan or (b) as to which foreclosure proceedings against
the related collateral have been initiated (and in respect of which, the Special Servicer has received notice thereof), or (ii)
the holder of a Junior Equity Pledge as to which


 



    -54- 


     


    

 


foreclosure
proceedings against the related collateral have been initiated (and in respect of which, the Special Servicer has received notice
thereof).


 


“Restricted
Period”: As defined in Section 5.2(a).


 


“Retained
Fee Rate”: With respect to the Whole Loan (and any successor Foreclosed Property with respect thereto), that portion
of the Servicing Fee that accrues at a per annum rate equal to the Servicing Fee Rate minus 0.00125%.


 


“Retaining
Sponsor”: NREC, acting as retaining sponsor as such term is defined under § 246.2(b) of Regulation RR.


 


“Risk
Retention Consultation Party”: The Risk Retention Consultation Party shall be the party selected by the Holders of more
than 50% of the RR Interest by Certificate Balance, as determined by the Certificate Registrar from time to time. The Depositor
shall promptly provide the name and contact information for the initial Risk Retention Consultation Party upon request of any
party to this Agreement and any such requesting party may conclusively rely on the name and contact information provided by the
Depositor. The Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of the Risk
Retention Consultation Party has not changed until such parties receive written notice of a replacement of the Risk Retention
Consultation Party from a party holding the requisite interest in the RR Interest (as confirmed by the Certificate Registrar).
The initial Risk Retention Consultation Party shall be NREC.


 


In
the event that no Risk Retention Consultation Party has been appointed or identified to the Servicer or the Special Servicer,
as applicable, and the Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate
Administrator and no such entity has been identified to the Servicer or the Special Servicer, as applicable, then until such time
as the new Risk Retention Consultation Party is identified, the 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 Risk Retention Consultation Party as the
case may be.


 


“RR
Interest”: Collectively, the Certificates described in the following table (as such Certificates may be exchanged as
provided for in Section 5.8):


 


	Class	 	Original
    Certificate Balance
 to be Retained
	Class
    A	 	$	114,820,000	 
	Class
    B	 	$	56,880,000	 
	Class
    C	 	$	50,200,000	 
	Class
    D	 	$	69,630,000	 
	Class
    E	 	$	64,660,000	 
	Class
    F	 	$	85,660,000	 
	Class
    G	 	$	94,200,000	 
	Class
    H	 	$	63,950,000	 



 






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


 


“Rule
15Ga-1 Notice”: As defined in Section 2.2(d).


 


“Rule
144A”: As defined in Section 5.2(b).


 


“Rule
144A Global Certificate”: As defined in Section 5.2(b).


 


“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”: With respect to a Companion Loan Securitization Trust, the certification required to be filed together
with such Companion Loan Securitization Trust’s Exchange Act report on Form 10-K pursuant to Rule 13a-14 and Rule 15d-14
of the Exchange Act.


 


“Sequential
Order”: (i) With respect to payments in respect of principal of the Regular Interests on any Distribution Date, to the
Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Regular Interests, in that order; and (ii) with respect
to payment in respect of interest on the Regular Interests on any Distribution Date, to the Class A, Class B, Class C, Class D,
Class E, Class F, Class G and Class H Regular Interests, in that order; in each case, such payments shall be made under clauses
(i) and (ii) until the principal or interest, as applicable, to which each such Class is entitled is paid in full.


 


“Sequential
Pay Certificates”: The Certificates other than the Class R Certificates.


 


“Sequential
Pay Percentage Interest”: As of any date of determination, with respect to the Sequential Pay Certificates, a percentage
interest equal to a fraction, the numerator of which is the aggregate Certificate Balance of the Sequential Pay Certificates,
and the denominator of which is the aggregate Certificate Balance of the Regular Interests.


 


“Servicer”:
Wells Fargo Bank, National Association, in its capacity as servicer, or its successor in interest, or if any successor servicer
is appointed as herein provided, such successor servicer.


 


“Servicer
Customary Expenses”: As defined in Section 3.17(a)


 


“Servicer
Termination Event”: As defined in Section 7.1(a).


 


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


 






    -56- 


     


    

 


“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 K hereto.


 


“Servicing
Fee”: With respect to the Whole Loan and Foreclosed Property, a fee payable monthly to the Servicer pursuant to Section
3.17 which will accrue at the Servicing Fee Rate, computed on the basis of the same principal amount, on the same interest
accrual basis, and for the same interest accrual period respecting which any related interest payment on the Whole Loan is (or
would have been) computed. For the avoidance of doubt, the Servicing Fee shall be deemed to be payable from the Lower-Tier REMIC.


 


“Servicing
Fee Rate”: With respect to the Trust Loan, at a per annum rate of 0.00250% and with respect to the Companion
Loans, a per annum rate of 0.00125%.


 


“Servicing
Function Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Trustee,
the Certificate Administrator, the Servicer and the Special Servicer (or their respective employees), that is performing activities
that address the Applicable Servicing Criteria as of any date of determination.


 


“Servicing
Officer”: Any officer of the Servicer or the Special Servicer involved in, or responsible for, the administration and
servicing of the Trust Loan and/or the Companion Loans whose name and specimen signature appear on a list of servicing officers
furnished to the Trustee and the Certificate Administrator on the Closing Date by the Servicer or the Special Servicer, as applicable,
in the form of an Officer’s Certificate, as such list may from time to time be amended.


 


“Servicing-Released
Bid”: As defined in Section 7.2(b).


 


“Servicing-Retained
Bid”: As defined in Section 7.2(b).


 


“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 15 days after the Relevant Distribution Date occurring on or immediately following the
date on which financial statements for such calendar quarter are required to be delivered to the related lender under the related
Loan Documents. The parties to this Agreement acknowledge that in the event the Property securing a Companion Loan is a “significant
obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to a Companion Loan Securitization that includes
such Companion Loan, the date on which quarterly financial statements are required to be delivered to the related lender under
the related Loan Documents is, with respect to net operating income information, 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 5.3(n).


 


“Special
Notice”: As defined in Section 5.6.


 






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“Special
Servicer”: Wells Fargo Bank, National Association, in its capacity as special servicer, or its successor in interest,
or if any successor special servicer is appointed as herein provided, such successor special servicer.


 


“Special
Servicer Customary Expenses”: As defined in Section 3.17(a).


 


“Special
Servicer Termination Event”: As defined in Section 7.1(a).


 


“Special
Servicing Fee”: With respect to any Specially Serviced Loan or Foreclosed Property, a fee payable monthly to the Special
Servicer equal to an amount computed on the basis of the same principal amount, on the same interest accrual basis, and for the
same interest accrual period respecting which any related interest payment on the Whole Loan or Foreclosed Property is (or would
have been) computed, at a rate of 0.15% per annum. Such fee shall be in addition to, and not in lieu of, any other fee
or other sum payable to the Special Servicer under this Agreement. For the avoidance of doubt, the Special Servicing Fee shall
be deemed payable from the Lower-Tier REMIC.


 


“Special
Servicing Loan Event”: With respect to the Whole Loan, (i) the Borrower has not made two consecutive Monthly Payments
(and has not cured at least one such delinquency by the next Loan Payment Date under the Loan Documents) in respect of the Whole
Loan; (ii) the Servicer and/or the Trustee has made three consecutive Monthly Payment Advances with respect to the Trust Loan
(regardless of whether such Monthly Payment Advances have been reimbursed); (iii) the Borrower fails to make the Balloon Payment
when due, and the Borrower has not delivered to the Servicer, on or before the due date of such Balloon Payment, a written refinancing
commitment or signed purchase and sale agreement from an acceptable lender or purchaser that is reasonably satisfactory in form
and substance to the Servicer which provides that such refinancing or sale will occur within 120 days after the date on which
such Balloon Payment will become due (provided that a Special Servicing Loan Event will occur if either (x) such refinancing
does not occur before the expiration of the time period for refinancing specified in such binding commitment or (y) the Servicer
is required to make a Monthly Payment Advance at any time prior to such refinancing); (iv) the Servicer has received notice that
the Borrower has become the subject as debtor of any bankruptcy, insolvency or similar proceeding, admitted in writing the inability
to pay its debts as they come due or made an assignment for the benefit of creditors; (v) the Servicer has received notice of
a foreclosure of any lien on the Property securing the Whole Loan; (vi) the Borrower has expressed in writing to the Servicer
an inability to pay the amounts owed under the Whole Loan in a timely manner, (vii) in the judgment of the Servicer (consistent
with Accepted Servicing Practices), a default in the payment of principal or interest under the Whole Loan is reasonably foreseeable;
or (viii) a default under the Whole Loan of which the Servicer has notice (other than a failure by the Borrower to pay principal
or interest) and which materially and adversely affects the interests of the Certificateholders or the Companion Loan Holders,
has occurred and remains unremedied beyond the expiration of the applicable grace period specified in the Loan Documents (or,
if no grace period is specified, 60 days); provided that, a Special Servicing Loan Event shall cease (a) with respect to
the circumstances described in clauses (i) and (ii) above, when the Borrower has brought the Whole Loan current
and thereafter made three consecutive full and timely Monthly Payments on the Whole Loan, including pursuant to the workout of
the Whole Loan, (b) with respect to the circumstances described in clauses (iv), (v), (vi), (vii)
and (viii) above, 


 



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when
such circumstances cease to exist in the judgment of the Servicer (consistent with Accepted Servicing Practices), or (c) with
respect to the circumstances described in clause (iii) above, when such default is cured by or on behalf of the Borrower
or waived by the Special Servicer (whether by modification of the Loan Documents or otherwise); provided, in any case,
that at that time no other circumstance exists (as described above) that would constitute a Special Servicing Loan Event.


 


“Specially
Serviced Loan”: The Whole Loan during the occurrence of a Special Servicing Loan Event.


 


“Specific
Grantor Trust Assets”: The Class A Specific Grantor Trust Assets, Class B Specific Grantor Trust Assets, Class C Specific
Grantor Trust Assets, Class D Specific Grantor Trust Assets, Class E Specific Grantor Trust Assets, Class F Specific Grantor Trust
Assets, Class G Specific Grantor Trust Assets, Class H Specific Grantor Trust Assets and Class V Specific Grantor Trust Assets.


 


“Startup
Day”: As defined in Section 12.1(c).


 


“Stated
Maturity Date”: The Loan Payment Date in May 2023.


 


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


 


“Subordinate
Consultation Period”: means any period when both (i) the Certificate Balance of the Class G Certificates (taking into
account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such certificates), is
less than 25% of the initial Certificate Balance of that Class and (ii) the Certificate Balance of the Class G Certificates (without
regard to the application of Appraisal Reduction Amounts allocated to that class) is at least 25% of the initial Certificate Balance
of that Class. If at any time, the Certificate Balance of the Class G Certificates (without regard to the application of the Appraisal
Reduction Amounts allocated to such class) is less than 25% of the initial Certificate Balance of that Class, the Subordinate
Consultation Period will terminate.


 


“Subordinate
Control Period”: With respect to the Control Eligible Certificates and any date of determination, any period when the
Certificate Balance of any Class of the Control Eligible Certificates on such date (taking into account the application of any
Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Certificates) is at least 25% of the initial
Certificate Balance of that Class of Certificates.


 


“Sub-Servicer”:
Any Person that (i) Services the Whole Loan on behalf of the Servicer, Special Servicer or any Sub-Servicer and (ii) is responsible
for the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the servicing functions
required to be performed by the Servicer, Special Servicer, Servicing


 



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Function
Participant or an Additional Servicer, under this Agreement, with respect to the Whole Loan, that are identified in Item 1122(d)
of Regulation AB.


 


“Successful
Bidder”: As defined in Section 7.2(b).


 


“Successor
Manager”: Any Independent Contractor as selected or retained by the Special Servicer, on behalf of the Trust Fund or
the Companion Loan Holders, to serve as manager of the Foreclosed Property, which designation, as evidenced by written confirmation
from each Rating Agency, will not result in the downgrade, withdrawal or qualification of the ratings assigned to the Certificates
by such Rating Agency.


 


“Temporary
Regulation S Global Certificate”: As defined in Section 5.2(a).


 


“Terminated
Party”: As defined in Section 7.1(f).


 


“Terminating
Party”: As defined in Section 7.1(f).


 


“Tranche
Percentage Interest”: With respect to any Class of Certificates is the ratio, expressed as a percentage, of (a) the
initial denomination of that Certificate to (b) the Initial Maximum Balance of that Class of Certificates.


 


“Transaction
Parties”: As defined in Section 5.3(p).


 


“Transferee
Affidavit”: As defined in Section 5.3(o)(ii).


 


“Transferor
Letter”: As defined in Section 5.3(o)(ii).


 


“Trust”:
The Trust created hereby and to be administered hereunder. The Trust shall be named “20 Times Square Trust 2018-20TS”.


 


“Trust
A Notes”: As defined in the Introductory Statement.


 


“Trust
A-B Notes”: As defined in the Introductory Statement.


 


“Trust
Fund”: The corpus of the Trust created by this Agreement, consisting of (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Companion Loan Holder therein) (i) the Trust Loan, including the
Trust Notes together with the Mortgage File relating thereto; (ii) all scheduled and unscheduled payments on or collections in
respect of the Trust Notes; (iii) any Foreclosed Property and Foreclosed Property Account; (iv) all revenues received in respect
of any Foreclosed Property; (v) the Servicer’s, Special Servicer’s and the Trustee’s rights under the insurance
policies with respect to the Property required to be maintained pursuant to this Agreement and any proceeds thereof; (vi) any
Collateral Security Documents; (vii) any indemnities or guaranties given as additional security for the Trust Notes; (viii) all
funds deposited in the Collection Account, the Interest Reserve Account and the Distribution Account, including reinvestment income
thereon (except as otherwise provided herein); (ix) any environmental indemnity agreements relating to the Property; (x) the rights
and remedies of the Depositor under the Loan Purchase Agreement; (xi) the security interest in the Reserve Accounts granted pursuant
to Section 2.1; (xii) all other


 



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assets
included or to be included in the Lower-Tier REMIC for the benefit of the Upper-Tier REMIC; (xiii) the Uncertificated Lower-Tier
Interests; (xiv) the Regular Interests and (xv) the proceeds of any of the foregoing.


 


“Trust
Fund Expenses”: Any unanticipated and certain other default related expenses incurred by the Trust Fund (including,
without limitation, all interest on Advances and any other unanticipated expenses of the Trust reimbursable or payable by the
Borrower under the Loan Agreement, to the extent not reimbursed by the Borrower or deemed a Nonrecoverable Advance) and all other
amounts (such as indemnification payments), in each case, permitted to be retained, reimbursed or withdrawn and remitted by the
Servicer, Special Servicer or the Certificate Administrator (on behalf of itself or the Trustee, as applicable), from the applicable
Collection Account pursuant to this Agreement.


 


“Trustee”:
Wilmington Trust, National Association, a national banking association, or its successor in interest, or any successor trustee
appointed as herein provided.


 


“Trustee
Fee”: The portion of the Certificate Administrator Fee payable monthly by the Certificate Administrator to the Trustee
pursuant to Section 8.5.


 


“Trust
Loan”: The portion of the Whole Loan evidenced by Note A-1-A, Note A-1-B, Note A-1-C, Note A-2-A-2, Note A-2-C-2-B,
Note A-B-1, Note A-B-2 and Note A-B-3, which is transferred and assigned to the Trustee pursuant to Section 2.1 of this
Agreement and held in the Trust Fund.


 


“Trust
Loan Rate”: With respect to the Trust Loan and any Loan Interest Accrual Period, the annual rate at which interest accrues
on the Trust Loan during such period (in the absence of a default), as set forth in the related Trust Note from time to time.


 


“Trust
Notes”: As defined in the Introductory Statement.


 


“Trust
REMIC”: The Upper-Tier REMIC or the Lower-Tier REMIC, individually or collectively, as the context may require.


 


“Uncertificated
Lower-Tier Interests”: Any of the Class LA, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH
Uncertificated Interests.


 


“Uninsured
Cause”: With respect to the Whole Loan, any cause of damage to property of the Borrower subject to the Mortgage such
that the complete restoration of such property is not fully reimbursable (but without regard to any applicable deductible provisions)
by any insurance policy required to be maintained with respect thereto pursuant to the terms of the Loan Documents or this Agreement.


 


“Unscheduled
Payments”: With respect to any Distribution Date, all payments and collections received with respect to the Whole Loan
or upon foreclosure or liquidation of the Property (net of related foreclosure expenses and Liquidation Expenses) during the related
Collection Period including, but not limited to, prepayments due to acceleration of the Whole Loan, Net Liquidation Proceeds,
Net Foreclosure Proceeds, Condemnation Proceeds, Insurance Proceeds, voluntary prepayments and other payments and collections
on the Trust Loan or


 



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Whole
Loan, as applicable, not scheduled to be received, other than Monthly Payments or any Balloon Payment.


 


“Upper-Tier
Distribution Account”: A subaccount of the Distribution Account, which shall be an asset of the Trust Fund and the Upper-Tier
REMIC.


 


“Upper-Tier
REMIC”: One of the two separate REMICs comprising the Trust Fund, the assets of which consist of the Uncertificated
Lower-Tier Interests and such amounts as shall from time to time be held in the Upper-Tier Distribution Account.


 


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


 


“Voting
Rights”: The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of
Certificates. At any time that any Certificates are outstanding, the Voting Rights shall be allocated among the respective Classes
of Certificateholders as follows: in the case of any Class of Certificates (other than the Class R Certificates), a percentage
equal to the aggregate Certificate Balance (and in connection with certain votes under this Agreement, taking into account any
notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates) of the Class, in
each case, determined as of the prior Distribution Date, divided by the aggregate Certificate Balance (and in connection with
certain votes under this Agreement, taking into account any notional reduction in the Certificate Balance for Appraisal Reduction
Amounts allocated to the Certificates) of all Classes of Certificates, in each case determined as of the prior Distribution Date
(with respect to the RR Interest, subject to the limitations set forth herein). The Class R Certificates and the RR Interest shall
be not be entitled to any Voting Rights; provided, however, the holders of the RR Interest will be entitled to consent
to amendments to the Trust and Servicing Agreement that would adversely affect the rights of such Certificateholders.


 


“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.


 






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“Whole
Loan”: Collectively, the Trust Loan and the Companion Loans. References herein to the Whole Loan shall be construed
to refer to the aggregate indebtedness under the Trust Notes and the Non-Trust A Notes.


 


“Withheld
Amounts”: As defined in Section 3.4(d).


 


“Work-out
Fee”: A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.30% of each payment of principal
and interest (other than at the Default Rate) made on the Whole Loan following resolution of a Special Servicing Loan Event by
a written agreement with the Borrower negotiated by the Special Servicer for so long as another Special Servicing Loan Event with
respect to the Whole Loan does not occur. The Work-out Fee with respect to the Specially Serviced Loan shall be reduced by the
amount of any Modification Fees paid by or on behalf of the Borrower in regard to any Special Servicing Loan Event and received
by the Special Servicer as compensation within the 12 month period preceding payment of the Work-out Fee, but only to the extent
those fees have not previously been deducted from a Work-out Fee or Liquidation Fee.


 


“Yield
Maintenance Premium”: As defined in the Loan Agreement.


 


1.2.        Interpretation.


 


(a)
       Whenever this Agreement refers to a Distribution Date and a “related” Collection
Period, Loan Interest Accrual Period, Certificate Interest Accrual Period or Loan Payment Date, such reference shall be to the
Collection Period, Loan Interest Accrual Period, Certificate Interest Accrual Period or Loan Payment Date, as applicable, immediately
preceding such Distribution Date.


 


(b)       Whenever
this Agreement refers to a Distribution Date and an “applicable” Pass-Through Rate, such reference shall be to the
Pass-Through Rate for the applicable Class for the related Certificate Interest Accrual Period.


 


(c)       The
words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Exhibit references
contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified.


 


(d)       Interest
on the Certificates shall be computed on the basis of a 360-day year consisting of twelve 30 day months.


 


1.3.         Certain
Calculations in Respect of the Whole Loan. (a) All amounts collected by or on behalf of the Trust and the Companion Loan Holders
in respect of the Whole Loan in the form of payments from the Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance
Proceeds (other than amounts related to clause (b) of the definition thereof necessary to be applied to the restoration,
preservation or repair of the Property or to be released to the Borrower in accordance with the Loan Documents) shall be applied
to amounts due and owing under the Loan Documents (including for principal and accrued and unpaid interest) in accordance with
the express provisions of the Loan Documents and the Co-Lender Agreement; provided, however, in the absence of such
express provisions or if and to the extent that such terms authorize the mortgagee to use its discretion and in any event for
purposes of calculating


 



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distributions
hereunder after a Loan Event of Default, all such amounts collected to the extent not required to be reimbursed or paid to the
Servicer or Special Servicer as servicing compensation or reimbursement for expenses or advances and interest thereon pursuant
to the terms hereof (and for which the Borrower is obligated to pay under the terms of the Loan Documents) shall be deemed to
be applied: first, as a recovery of any unreimbursed Advances with respect to the Trust Loan or the Whole Loan, as applicable,
plus interest accrued on such advances (including Companion Loan Advances and interest on Companion Loan Advances) and, if applicable,
unpaid Liquidation Expenses or foreclosure expenses and unreimbursed Trust Fund Expenses; second, as a recovery of Nonrecoverable
Advances (including Companion Loan Advances and interest on Companion Loan Advances) or interest on Nonrecoverable Advances with
respect to the Whole Loan, as applicable (which amount is required to be treated as a collection on the Trust Loan); third,
to the extent not previously allocated pursuant to clause first above, as a recovery of accrued and unpaid interest on
each Note that has not been the subject of a Monthly Payment Advance or Companion Loan Advance to the extent of the excess of
(i) accrued and unpaid interest on such Note at the applicable Interest Rate (without giving effect to any increase in such Interest
Rate required under the Loan Agreement as a result of a default under the Whole Loan) to, but not including, the date of receipt
by or on behalf of the Trust and the Companion Loan Holders, as applicable (or, in the case of a full Monthly Payment from the
Borrower, through the end of the related Loan Interest Accrual Period), over (ii) the cumulative amount of the reductions (if
any) in the amount of the interest portion of the related Monthly Payment Advances and the Companion Loan Advances that have theretofore
occurred under Section 3.23(a) in connection with Appraisal Reduction Amounts (to the extent that collections have not
been applied as a recovery of accrued and unpaid interest pursuant to clause sixth below on earlier dates) (such accrued
and unpaid interest to be applied sequentially to accrued and unpaid interest on the Trust A Notes and Non-Trust A Notes, on a
pro rata basis, and then to the Trust A-B Notes, in that order); fourth, with respect to any Loan Interest Accrual
Period that is after the Stated Maturity Date, and as to which the Whole Loan has not been repaid in full during the related Collection
Period, as a recovery of Default Interest, but only at a per annum rate equal to 1.34%, with respect to the Whole Loan;
fifth, as a recovery of principal of the Whole Loan then due and owing, including by reason of acceleration of the Whole
Loan following a default thereunder (or, if the Whole Loan has been liquidated, as a recovery of principal to the extent of its
entire remaining unpaid principal balance), first to the Trust A Notes and the Non-Trust A Notes (to reduce the outstanding
principal balance of the Trust A Notes and the Non-Trust A Notes on a pro rata basis), and second to the Trust A-B
Notes (to reduce the outstanding principal balance of the Trust A-B Notes), in each case until their respective principal balances
have been reduced to zero; sixth, as a recovery of accrued and unpaid interest on the Whole Loan to the extent of the cumulative
amount of the reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances for the Trust
Loan and Companion Loan Advances that have theretofore occurred under Section 3.23(a) in connection with Appraisal Reduction
Amounts (to the extent that collections have not been applied as recovery of accrued and unpaid interest pursuant to this clause
sixth on earlier dates) (such accrued and unpaid interest to be applied sequentially to accrued and unpaid interest on the
Trust A Notes and the Non-Trust A Notes (on a pro rata basis) and then to the Trust A-B Notes, in that order); seventh,
as an allocation of amounts to be currently applied to the payment of, or escrowed for the future payment of, real estate taxes,
assessments, insurance premiums and similar items; eighth, as an allocation of any other reserves to the extent then required
to be held in escrow; ninth, as a


 



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recovery
of any assumption fees, defeasance fees, consent fees and similar fees, and Modification Fees then due and owing under the Whole
Loan; tenth, as a recovery of Yield Maintenance Premiums then due and owing under the Whole Loan; eleventh, as a
recovery of any remaining Default Interest (after application of clause fourth above) or any late charges then due and
owing under the Whole Loan; and twelvth, as a recovery of any other amounts then due and owing in respect of the Whole
Loan; provided that, to the extent required under the REMIC Provisions to preserve either Trust REMIC’s status as
a REMIC or otherwise prevent the imposition of any tax thereon, payment or proceeds received with respect to any partial release
of any portion of the Property (including following a condemnation) at a time when the loan-to-value ratio of the Whole Loan exceeds
125% (based solely upon the value of the remaining real property and excluding any personal property or going concern value) must
be applied to reduce the principal balance of the Whole Loan in the manner required by the REMIC Provisions.


 


(b)         Collections
by or on behalf of the Trust and the Companion Loan Holders in respect of any Foreclosed Property (exclusive of amounts to be
applied to the payment of the costs of operating, managing, leasing, maintaining and disposing of such Foreclosed Property) to
the extent not required to be reimbursed or paid to the Servicer or Special Servicer as servicing compensation or reimbursement
for expenses or advances and interest thereon pursuant to the terms hereof (and for which the Borrower is obligated to pay under
the terms of the Loan Documents) shall be treated (for the avoidance of doubt, application of such funds towards amounts owed
by the Borrower will not impact the order of application of funds on deposit in the Collection Account to the parties to the this
Agreement, and withdrawals of funds from the Collection Account will be governed by Section 4.1 regarding the priority
of withdrawals from the Collection Account): first, as a recovery of any related and unreimbursed Advances with respect
to the Trust Loan or the Whole Loan, as applicable, plus interest accrued on such Advances (including Companion Loan Advances
and interest on Companion Loan Advances) and, if applicable, unpaid Liquidation Expenses or foreclosure expenses and unreimbursed
Trust Fund Expenses; second, as a recovery of Nonrecoverable Advances or interest on Nonrecoverable Advances (including
Companion Loan Advances and interest on Companion Loan Advances) with respect to the Trust Loan or the Whole Loan, as applicable,
to the extent previously reimbursed from principal collections with respect to the Whole Loan; third, to the extent not
previously allocated pursuant to clause first above, as a recovery of accrued and unpaid interest on each Note to the extent
of the excess of (i) accrued and unpaid interest on each outstanding Note at the applicable Interest Rate (without giving effect
to any increase in the Interest Rate required under the Loan Agreement as a result of a default under the Whole Loan) to, but
not including, the Loan Payment Date in the Collection Period in which such collections were received, over (ii) the cumulative
amount of the reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances and Companion
Loan Advances that have theretofore occurred under Section 3.23(a) in connection with Appraisal Reduction Amounts (to the
extent that collections have not been applied as a recovery of accrued and unpaid interest pursuant to clause sixth below
on earlier dates) (such accrued and unpaid interest to be applied sequentially to accrued and unpaid interest on the Trust A Notes
and the Non-Trust A Notes (on a pro rata basis) and then to the Trust A-B Notes, in that order); fourth, other than
with respect to any collections that represent liquidation proceeds, as a recovery of Default Interest, but only after a per
annum rate equal to 1.34%, with respect to the Whole Loan; fifth, as a recovery of principal of the Whole Loan to the
extent of its entire unpaid principal balance, first, to the Trust A Notes and the Non-Trust A Notes (to reduce the outstanding
principal


 



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balance
of the Trust A Notes and the Non-Trust A Notes on a pro rata basis) and second to the Trust A-B Notes (to reduce
the outstanding principal balance of the Trust A-B Notes), in each case until their respective principal balances have been reduced
to zero; sixth, as a recovery of accrued and unpaid interest on the Whole Loan to the extent of the cumulative amount of
the reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances and Companion Loan Advances
that have theretofore occurred under Section 3.23(a) in connection with related Appraisal Reduction Amounts (to the extent
that collections have not been applied as recovery of accrued and unpaid interest pursuant to this clause sixth on earlier
dates) (such accrued and unpaid interest to be applied sequentially to accrued and unpaid interest on the Trust A Notes and the
Non-Trust A Notes (on a pro rata basis) and then to the Trust A-B Notes, in that order); seventh, as a recovery
of related Yield Maintenance Premiums then due and owing under the Whole Loan; eighth, as a recovery of any Default Interest
(after application of clause fourth above) or any late charges then deemed to be due and owing under the Whole Loan; and
ninth, as a recovery of any other amounts deemed to be due and owing under the Whole Loan.


 


(c)         All
net present value calculations and determinations made under this Agreement with respect to the Trust Loan or the Whole Loan,
as applicable, or the Property or Foreclosed Property (including for purposes of the definition of “Accepted Servicing Practices”)
shall be made using a discount rate appropriate for the type of cash flows being discounted; namely (i) for principal and interest
payments on the Whole Loan or sale of the Whole Loan if it is in default (in such case, the “Defaulted Loan”),
the higher of (1) the rate determined by the Special Servicer that approximates the market rate that would be obtainable by the
Borrower on similar debt of the Borrower as of such date of determination and (2) the Interest Rate on the Trust Loan or the Interest
Rate on the Whole Loan, as applicable, based on its outstanding principal balance and (ii) for all other cash flows, including
property cash flow, the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal).


 


2.          DECLARATION
OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES


 


2.1.  
      Creation and Declaration of Trust; Conveyance of the Whole Loan. (a) The Depositor,
concurrently with the execution and delivery hereof, hereby sells, transfers, assigns, delivers, sets over, and otherwise conveys
or causes to be conveyed in trust to the Trustee (on behalf of the Lower-Tier REMIC) for the benefit of the Upper-Tier REMIC and
the Certificateholders, without recourse (except to the extent otherwise provided herein and in the Loan Documents), the Depositor’s
right, title and interest, whether now owned or hereafter acquired, now existing or hereafter arising, wherever located, in and
to all of the items referred to in the definition of “Trust Fund”, including without limitation (i) all rights and
remedies of the Depositor under the Loan Purchase Agreement, (ii) all right, title and interest of the Depositor in, to and under
the Reserve Accounts, (iii) all right, title and interest of the Depositor in and to the Whole Loan as of the Closing Date and
(iv) all other assets included or to be included in the Lower-Tier REMIC for the benefit of the Upper-Tier REMIC. Such sale, transfer
and assignment include any related escrow accounts and any security interest under the Whole Loan (whether in real or personal
property and whether tangible or intangible) and all related rights to payments made or required to be made to the Depositor by
the Borrower or any other party under the Loan Documents relating to the Whole Loan. Such sale, transfer and assignment further
include all Loan Documents relating to the Whole Loan.


 






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(b)         In
connection with such sale, transfer and assignment, the Depositor shall deliver to, and deposit with the Custodian on or prior
to the tenth day after the Closing Date (or in the case of clause (a), on or prior to the Closing Date) (the “Delivery
Date”) the following documents or instruments with respect to the Whole Loan (collectively, the “Mortgage File”;
capitalized terms used in this Section 2.1(b) not defined in this Agreement shall have the meanings ascribed to them in
the Loan Agreement), in each case executed by the parties thereto:


 


(A)       each
original Trust Note (or if a Trust Note has been lost, a lost note affidavit with a customary indemnity provision, together with
a copy of such Trust Note), endorsed without recourse to the order of the Trustee in the following form: “Pay to the order
of Wilmington Trust, National Association, solely in its capacity as Trustee in trust for Holders of 20 Times Square Trust 2018-20TS,
Commercial Mortgage Pass-Through Certificates, Series 2018-20TS, without recourse or warranty except as set forth in the Trust
and Servicing Agreement, dated as of May 23, 2018, among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo
Bank, National Association, as Servicer and Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
and Wilmington Trust, National Association, as Trustee”, which Trust Notes and all endorsements thereon shall show a complete
chain of endorsement from the original payee(s) to the Trustee;


 


(B)        the
original Loan Agreement, including all amendments thereto;


 


(C)        the
original recorded Mortgage or certified copy of the recorded Mortgage, including all amendments thereto and any related spreader
agreements;


 


(D)       [Reserved];


 


(E)        the
original recorded Assignment of Mortgage, in favor of the Trustee, and in a form that is complete and suitable for recording in
the jurisdiction in which the Property is located to “Wilmington Trust, National Association, solely in its capacity as
Trustee for 20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates, Series 2018-20TS (for the benefit
of the Certificateholders and the Companion Loan Holders)”, without recourse;


 


(F)        the
original recorded Assignment of Leases;


 


(G)        the
original assignment of the recorded Assignment of Leases, in favor of the Trustee (for the benefit of the Certificateholders and
the Companion Loan Holders) and in a form that is complete and suitable for recording in the jurisdiction in which the Property
is located, without recourse;


 


(H)       an
original of the Guaranty and any other non-recourse carve-out guaranties, if any;


 


(I)         [Reserved];


 






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(J)         an
original of any Origination Date reserve guaranties;


 


(K)       an
original of any assignment of agreements, permits and contracts;


 


(L)        an
original of the Co-Lender Agreement;


 


(M)      where
applicable, a copy of each UCC-1 financing statement (and an original thereof shall have been sent for filing), together with
a fully executed UCC-3 financing statement, in a form that is complete and suitable for filing, disclosing the assignment from
the secured party named in such UCC-1 financing statement to the Trustee of the security interest in the personal property and
other UCC collateral constituting security for repayment of the Whole Loan;


 


(N)       an
original of the Intercreditor Agreement;


 


(O)       the
lender’s title insurance policy obtained in connection with the origination of the Whole Loan (or an executed irrevocable
agreement by the title insurance company to issue a title insurance policy pursuant to and in conformity with (1) a marked, signed
commitment to insure and (2) a pro forma title insurance policy), which may be an electronically issued policy, together
with any endorsements thereto;


 


(P)        a
copy of the Ground Lease, together with any estoppels from the related Ground Lessee;


 


(Q)       any
other material written agreements related to the Whole Loan or any other documents and/or certifications executed and/or delivered
by the Lender, the Borrower, the Borrower Sponsor or any other Person in connection with the closing of the Whole Loan or with
respect to the Whole Loan or any amendment thereof and any legal opinions delivered in connection with the closing of the Whole
Loan;


 


(R)       a
copy of the Mezzanine Loan Agreement, the Mezzanine Loan notes, the pledge agreement, the mezzanine irrevocable proxy agreement,
the mezzanine guaranty agreements, any mezzanine environmental indemnity, the mezzanine assignment of title insurance proceeds,
the mezzanine subordination of management agreement;


 


(S)       all
other instruments, if any, constituting additional security for the repayment of the Whole Loan; and


 


(T)       any
and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;


 


provided
that if the Depositor cannot deliver, or cause to be delivered, any of the documents and/or instruments referred to in clauses
(C), (E), (F), (G) and (M) above with evidence of filing or recording thereon (if intended to
be recorded or filed), because of a delay caused by the public 


 



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filing
or recording office where such document or instrument has been delivered for filing or recordation, or because the timing of the
Delivery Date is such that it would not be feasible to obtain such documents from such public filing or recording office in sufficient
time to meet the delivery requirements of this Section 2.1(b), the delivery requirements of this Section 2.1(b)
shall be deemed to have been satisfied on a provisional basis as of the Delivery Date as to such non-delivered document or instrument,
and such non-delivered document or instrument shall be deemed to have been included in the Mortgage File, if a duplicate original
or a photocopy of such non-delivered document or instrument (certified by the applicable public filing or recording office, the
applicable title insurance company or the Depositor to be a true and complete copy of the original thereof submitted for filing
or recording) is delivered to the Custodian on or before the Delivery Date, and either the original of such non-delivered document
or instrument, or a photocopy thereof (certified by the appropriate county recorder’s office, in the case of the documents
and/or instruments referred to in clauses (C), (E), (F), (G) and (M) above, to be a true and
complete copy of the original thereof submitted for recording), with evidence of filing or recording thereon, is delivered to
the Custodian within 180 days of the Closing Date (or within such longer period, not to exceed 12 months, after the Closing Date
as the Custodian may consent to, which consent shall not be unreasonably withheld so long as the Depositor is, as certified in
writing to the Custodian no less often than every 90 days, attempting in good faith to obtain from the appropriate public filing
office or county recorder’s office, as applicable, such original or photocopy).


 


In
addition, the Depositor shall deliver or cause to be delivered to the Servicer for its review all required insurance policies
or certificates issued by the insurers showing such insurance to be in effect on the Closing Date, together with proof of payment
of premiums relating thereto then due and payable (which may consist of such policies or certificates).


 


The
Depositor shall provide, or cause to be provided, the Servicer on or prior to the Closing Date, at its own expense, with copies
of all such documents in its possession constituting part of the Mortgage File. In the event that any letter of credit is delivered
by the Borrower under the Loan Documents after the Closing Date, the Servicer shall hold the original of such letter of credit
on behalf of the Trust and the Companion Loan Holders and deliver a copy of such letter of credit to the Trustee.


 


The
Depositor shall cause the Loan Sellers to record or cause a third party to record in the appropriate public recording office the
documents and/or instruments referred to in clauses (C), (E), (F), (G) and (M) above with instructions
to return all such recorded documents, or other evidences of filing issued by the applicable governmental offices, to the Custodian,
with a copy to the Servicer. In the event that any such document is determined to be defective or not to be in compliance with
the requirements of the applicable filing office or recording depository, or if any such document is lost or returned unrecorded
because of a defect therein, the Depositor shall cause the Loan Sellers or a third party engaged by the Loan Sellers to promptly
prepare a substitute document and cause each such document to be duly submitted for filing or recording, as applicable. Notwithstanding
anything to the contrary contained in this Section 2.1(b), in those instances where the public recording office retains
an original Mortgage, an original Assignment of Mortgage, an original Assignment of Leases, an original assignment of Assignment
of Leases or any other Collateral Security Document, if applicable, after any has been recorded, the obligations hereunder of
the Depositor and the obligations of the Loan Sellers under the Loan


 



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Purchase
Agreement shall be deemed to have been satisfied upon delivery to the Custodian of a copy of the Mortgage, Assignment of Mortgage,
Assignment of Leases, assignment of Assignment of Leases or a Collateral Security Document, if applicable, certified by the public
recording office or the title insurance company to be a true and complete copy of the recorded original thereof.


 


The
ownership of the Trust Notes, the Mortgage, the Collateral Security Documents and all other contents of the Mortgage File shall
be vested in the Trust or the Trustee in trust for the benefit of the Certificateholders and, except in the case of the Trust
Notes, the Companion Loan Holders. The Depositor, the Servicer and the Special Servicer agree to take no action inconsistent with
the Trustee’s ownership of the Trust Loan and to promptly indicate to all inquiring parties that the Trust Loan has been
sold and to claim no ownership interest in the Trust Loan. All original documents relating to the Whole Loan or Trust Loan that
are not delivered to the Custodian are and shall be held by the Depositor, the Servicer or the Special Servicer, as the case may
be, in trust for the benefit of the Certificateholders and, except in the case of the Trust Notes, the Companion Loan Holders.
In the event that any such original document is required pursuant to the terms of this Section 2.1(b) to be a part of the
Mortgage File, such document shall be delivered promptly to the Custodian.


 


The
conveyance of the Trust Loan and the related rights and property accomplished hereby is absolute and is intended by the parties
hereto to constitute an absolute sale and transfer of the Trust Loan and such other related rights and property by the Depositor
to the Trustee in trust for the benefit of the Certificateholders, in exchange for the Certificates being sold by the Depositor.
Furthermore, it is not intended that such conveyance be a pledge of security for a loan. If such conveyance is determined to be
a pledge of security for a loan, however, the Depositor and the Trustee intend that the rights and obligations of the parties
to the Trust Loan shall be established pursuant to the terms of this Agreement. The Depositor and the Trustee also intend and
agree that, in such event, (i) this Agreement shall constitute a security agreement under applicable law, (ii) the Depositor shall
be deemed to have granted to the Trustee (in such capacity) a first priority security interest in all of the Depositor’s
right, title and interest in and to the assets constituting the Trust Fund, including the Trust Loan subject hereto from time
to time, all amounts received on or with respect to the Trust Loan after the Closing Date, all amounts held from time to time
in the Collection Account, the Distribution Account, and, if established, the Foreclosed Property Account, and all of the Depositor’s
right, title and interest under the Loan Purchase Agreement, (iii) the possession by the Custodian of the Trust Notes with respect
to the Trust Loan subject hereto from time to time and such other items of property as constitute instruments, money, negotiable
documents or chattel paper shall be deemed to be “possession by the secured party” or possession by a purchaser or
person designated by such secured party for the purpose of perfecting such security interest under applicable law, and (iv) notifications
to, and acknowledgments, receipts or confirmations from, Persons holding such property, shall be deemed to be notifications to,
or acknowledgments, receipts or confirmations from, securities intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such security interest under applicable law.


 


2.2.        Acceptance
by the Trustee and the Custodian. (a) By its execution and delivery of this Agreement, the Trustee acknowledges the assignment
to it of the Trust Loan in good faith without notice of adverse claims and the Custodian declares that it holds and will


 



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hold
or will cause to be held such documents as are delivered to it constituting the Mortgage File (to the extent the documents constituting
the Mortgage File are actually delivered to it) in trust, upon the conditions herein set forth, for the use and benefit of all
present and future Certificateholders and the Companion Loan Holders.


 


(b)          The
execution and delivery of this Agreement by the Custodian shall constitute certification by the Custodian that with respect to
the Trust Loan (i) the original Trust Notes specified in clause (A) of the definition of “Mortgage File” and
all allonges thereto, if any, have been received by the Custodian; and (ii) each original Trust Note has been reviewed by the
Custodian and (A) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities
if initialed by the Borrower), (B) appears to have been executed and (C) purports to relate to the Trust Loan. The Custodian agrees
to review or cause to be reviewed the Mortgage File within 60 days after the Closing Date, and to deliver to the Trustee, the
Depositor, the Directing Holder, the Companion Loan Holders, the Loan Sellers, the Servicer and the Special Servicer a Custodial
Certificate and Certification in the form of Exhibit N attached hereto certifying, subject to any exceptions found by it
in such review, that (A) all documents referred to in Section 2.1(b) have been received, and (B) all documents have been
executed, appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have not been
torn, mutilated or otherwise defaced, and appear on their faces to relate to the Whole Loan. The Custodian shall have no responsibility
for reviewing the Mortgage File except as expressly set forth in this Section 2.2(b). The Custodian shall be under no duty
or obligation to inspect, review, or examine any such documents, instruments or certificates to independently determine that they
are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose, whether the
text of any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the
requirements of Section 2.1(b)), whether any document has been recorded in accordance with the requirements of any applicable
jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office, that
any document is other than what it purports to be on its face, or whether the title insurance policies relate to the Property.


 


(c)          Upon
the first anniversary of the Closing Date, the Custodian shall deliver to the Trustee, the Depositor, the Loan Sellers, the Servicer
and the Special Servicer a Final Custodial Certificate in the form of Exhibit O attached hereto along with a final exception
report as to any remaining documents that are not in the Mortgage File, whereupon, within 90 days, the Servicer shall either (i)
cause the Loan Sellers to cure such document deficiency; (ii) use commercially reasonable efforts to cause the Loan Sellers to
repurchase the Trust Loan pursuant to the Loan Purchase Agreement if such exception is a Material Document Defect; or (iii) other
than with respect to a Material Document Defect or Material Breach that causes the Trust Loan to be other than a “qualified
mortgage” as defined in Code Section 860G(a)(3) (but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2),
which treats defective obligations as a qualified mortgage), cause the Loan Sellers to indemnify the Trust for the losses directly
related to such Material Document Defect or Material Breach (subject to receipt of a Rating Agency Confirmation from each Rating
Agency with respect to such action). In accordance with the provisions of the Loan Purchase Agreement, the foregoing cure, repurchase
and indemnity obligation will constitute the Trust’s sole remedy against the Loan Sellers in connection with a Material
Document Defect. The Servicer shall be reimbursed for any costs,


 



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fees
(including attorney fees) and expenses incurred by it in connection with its obligations related to such enforcement by the Loan
Sellers, or if the Loan Sellers prevails in such enforcement action, by the Trust Fund. The Custodian’s review of the Mortgage
Files and its certification with respect thereto shall not be deemed to constitute “due diligence services” or a “third
party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively, promulgated by the Commission
pursuant to the Exchange Act.


 


(d)          If
the Servicer or the Special Servicer (i) receives any Repurchase Communication of a Repurchase Request (the receiving Servicer
or Special Servicer, as applicable, the “Repurchase Request Recipient” with respect to such Repurchase Request);
or (ii) receives any Repurchase Communication of a withdrawal of a Repurchase Request by the Person making such Repurchase Request
(a “Repurchase Request Withdrawal”) or such a Repurchase Request or Repurchase Request Withdrawal is forwarded
to the Servicer or Special Servicer by another party hereto, then the Repurchase Request Recipient shall deliver notice of such
Repurchase Request or Repurchase Request Withdrawal (each, a “Rule 15Ga-1 Notice”) to the Certificate Administrator,
the Depositor and the Loan Sellers, in each case within 10 Business Days from such party’s receipt thereof. Each Rule 15Ga-1
Notice may be delivered by electronic means.


 


Each
Rule 15Ga-1 Notice shall include (i) the identity of the Trust Loan, (ii) the date the Repurchase Communication of the Repurchase
Request or Repurchase Request Withdrawal is received, and (iii) in the case of a Repurchase Request, (A) the identity of the Person
making such Repurchase Request, (B) if known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and
(C) a statement from the Repurchase Request Recipient as to whether it currently plans to pursue such Repurchase Request.


 


A
Repurchase Request Recipient shall not be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client
privilege or attorney work product doctrines. The Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided
pursuant to this Section 2.2(d) is so provided only to assist the 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 2.2(d) 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 Loan Purchase Agreement, including with respect
to any Repurchase Request that is the subject of a Rule 15Ga-1 Notice.


 


In
the event that the Depositor, the Trustee or the Certificate Administrator receives a Repurchase Communication of a Repurchase
Request or a Repurchase Request Withdrawal, then such party shall promptly forward such Repurchase Communication of such Repurchase
Request or Repurchase Request Withdrawal to the Servicer (or to the Special Servicer, if a Special Servicing Loan Event has occurred
and is continuing), and include the following statement in the related correspondence: “This is a “Repurchase Request
Withdrawal” under Section 2.2 of the Trust and Servicing Agreement relating to 20 Times Square Trust 2018-20TS, Commercial
Mortgage Pass-Through Certificates, Series 2018-20TS requiring action by you as the recipient of such Repurchase Request or Repurchase
Request Withdrawal


 



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thereunder.”
Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Servicer or the
Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this
Section 2.2(d) with respect to such Repurchase Request or Repurchase Request Withdrawal.


 


If
the Depositor, the Trustee or the Certificate Administrator receives a Repurchase Communication or has actual knowledge of a withdrawal
of a Repurchase Request Withdrawal of which notice has been previously received or given, and such notice was not received from
or copied to the Servicer or the Special Servicer, then such party shall promptly give notice of such Repurchase Request Withdrawal
to the Servicer or the Special Servicer, as applicable.


 


In
the event that the Whole Loan is repurchased pursuant to Section 2.8, the Servicer or Special Servicer shall promptly notify
the Depositor, the Certificate Administrator and the Trustee of such repurchase.


 


2.3.       Representations
and Warranties of the Trustee. (a) Wilmington Trust, National Association, as the Trustee, hereby represents and warrants
to the other parties hereto and the Companion Loan Holders that as of the Closing Date:


 


(i)       it
is a national banking association, duly organized, validly existing, and is in good standing under the laws of the United States;
it possesses and shall continue to possess all requisite authority, power, licenses, permits, franchise and approvals to conduct
its business and to execute, deliver and comply with its obligations under this Agreement;


 


(ii)      the
execution and delivery of this Agreement and its performance and compliance with the terms of this Agreement will not violate
its articles of association or constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, or result in the breach of, any material contract, agreement or other instrument to which it is a party or which
may be applicable to it or any of its assets, which default or breach of such material contract, agreement or other instrument
would have a material adverse effect on its performance of its obligations hereunder;


 


(iii)     except
to the extent that the laws of any jurisdiction in which a part of the Trust Fund may be located require that a co-trustee or
separate trustee be appointed to act with respect to such property as contemplated by Section 8.10, it has the full power
and authority to enter into and consummate the transactions contemplated by this Agreement, has duly authorized the execution,
delivery and performance of this Agreement, and has duly executed and delivered this Agreement;


 


(iv)     this
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes its valid and binding obligation,
enforceable against it in accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy,
insolvency, conservatorship, reorganization, receivership, moratorium or


 



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other
laws relating to or affecting the rights of creditors generally and by general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law);


 


(v)      it
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 with respect to, any order or decree of any court or any order, law or regulation
of any federal, state, municipal or governmental agency of or in the United States of America having jurisdiction, which violation
would have consequences that would materially and adversely affect its condition (financial or other) or operations or that would
materially affect the performance of its duties hereunder or thereunder;


 


(vi)     no
consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory
agency or body, is required for its execution, delivery and performance of this Agreement or if required, such approval has been
obtained prior to the Closing Date;


 


(vii)    no
litigation is pending or, to the best of its knowledge, threatened against it which would prohibit its entering into or materially
and adversely affect its ability to perform its obligations under this Agreement; and


 


(viii)   it
is covered by errors and omissions insurance coverage which is in full force and effect and/or otherwise complies with the requirements
of Section 8.6(c).


 


The
respective representations and warranties of the Trustee set forth in this Section 2.3 shall survive until the termination
of this Agreement, and shall inure to the benefit of the other parties hereto and the Companion Loan Holders.


 


2.4.       Representations
and Warranties of the Certificate Administrator. (a) Wells Fargo Bank, National Association, as the Certificate Administrator,
hereby represents and warrants to the other parties hereto and the Companion Loan Holders that as of the Closing Date:


 


(i)       it
is a national banking association, duly organized, validly existing, and is in good standing under the laws of the United States;
it possesses and shall continue to possess all requisite authority, power, licenses, permits, franchise and approvals to conduct
its business and to execute, deliver and comply with its obligations under this Agreement;


 


(ii)      the
execution and delivery of this Agreement and its performance and compliance with the terms of this Agreement will not violate
its articles of association or constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, or result in the breach of, any material contract, agreement or other instrument to which it is a party or which
may be applicable to it or any of its assets, which default or breach of such material contract, agreement or other instrument
would have a material adverse effect on its performance of its obligations hereunder;


 






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(iii)     it
has the full power and authority to enter into and consummate the transactions contemplated by this Agreement, has duly authorized
the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;


 


(iv)    this
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes its valid and binding obligation,
enforceable against it in accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy,
insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating to or affecting the rights of creditors
generally and by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity
or at law);


 


(v)      it
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 with respect to, any order or decree of any court or any order, law or regulation
of any federal, state, municipal or governmental agency of or in the United States of America having jurisdiction, which violation
would have consequences that would materially and adversely affect its condition (financial or other) or operations or that would
materially affect the performance of its duties hereunder or thereunder;


 


(vi)     no
consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory
agency or body, is required for its execution, delivery and performance of this Agreement or if required, such approval has been
obtained prior to the Closing Date;


 


(vii)    no
litigation is pending or, to the best of its knowledge, threatened against it which would prohibit its entering into or materially
and adversely affect its ability to perform its obligations under this Agreement; and


 


(viii)   it
is covered by errors and omissions insurance coverage which is in full force and effect and/or otherwise complies with the requirements
of Section 8.6(b).


 


The
respective representations and warranties of the Trustee set forth in this Section 2.4 shall survive until the termination
of this Agreement, and shall inure to the benefit of the other parties hereto and the Companion Loan Holders.


 


2.5.       Representations
and Warranties of the Servicer and Special Servicer. (a) Wells Fargo Bank, National Association, as the Servicer and Special
Servicer, hereby represents and warrants to the other parties hereto and the Companion Loan Holders that as of the Closing Date:


 


(i)       it
is a national banking association duly organized, validly existing, and in good standing under the laws of the United States;
it is, and throughout the term of this Agreement shall remain, duly authorized and qualified to transact business in the jurisdiction
where the Property is located to the extent required by applicable law and necessary to ensure the enforceability of the Whole
Loan in accordance with the terms thereof and hereof; it possesses and shall continue to possess all requisite authority,


 



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power,
licenses, permits, franchise, and approvals to conduct its business and to execute, deliver, and comply with its obligations under
this Agreement;


 


(ii)      the
execution and delivery of this Agreement and its performance of and compliance with the terms hereof in the manner contemplated
by this Agreement will not violate its articles of association or by-laws or any other material instrument governing its operations,
or any laws, regulations, orders or decrees of any governmental authority applicable to it and will not constitute a default (or
any event which, with notice or lapse of time or both, would constitute a default) under any material contract, agreement, or
other instrument to which it is a party or which may be applicable to any of its assets, which violation or default would have
consequences that would materially and adversely affect its financial condition or operations or its properties taken as a whole
or its ability to perform its obligations hereunder, or materially impair the ability of the Trust Fund to realize on the Collateral;


 


(iii)     this
Agreement constitutes its valid, legal, and binding obligation enforceable against it in accordance with its terms, subject to
bankruptcy laws and other similar laws of general application affecting rights of creditors and subject to the application of
the rules of equity, including those respecting the availability of specific performance;


 


(iv)     it
has the full power and authority to enter into and consummate the transactions contemplated by this Agreement; this Agreement
has been duly executed and delivered by it;


 


(v)     all
consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required for
the execution, delivery and performance of this Agreement by it have been obtained or made;


 


(vi)    there
is no pending action, suit or proceeding, arbitration or governmental investigation against it, the outcome of which, in its reasonable
judgment, could reasonably be expected to prohibit it from entering into this Agreement or materially and adversely affect its
ability to perform its obligations under this Agreement; and


 


(vii)   it
has errors and omissions insurance and fidelity bond coverage which is in full force and effect and complies with the requirements
of Section 3.11(d) hereof.


 


The
representations and warranties of the Servicer and Special Servicer set forth in this Section 2.5 shall survive until termination
of this Agreement, and shall inure to the benefit of the parties hereto and the Companion Loan Holders.


 






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2.6.       [Reserved]


 


2.7.       Representations
and Warranties of the Depositor. (a) The Depositor hereby represents and warrants to the other parties hereto and the Companion
Loan Holders that as of the Closing Date:


 


(i)       the
Depositor is a Delaware limited liability company, duly organized, validly existing and in good standing under the laws of the
State of Delaware, with full power and authority to own its property, to carry on its business as presently conducted, to enter
into and perform its obligations under this Agreement, and to create the trust pursuant hereto;


 


(ii)      the
execution, delivery and performance of this Agreement by the Depositor have been duly authorized by all necessary corporate action
on the part of the Depositor; neither the execution, delivery and performance of this Agreement, nor the consummation of the transactions
herein contemplated, nor the compliance with the provisions hereof, will conflict with or result in a breach of, or constitute
a default under (A) any of the provisions of any law, rule, regulation, judgment, decree or order binding on the Depositor, (B)
the organizational documents of the Depositor, or (C) the terms of any indenture or other agreement or instrument to which the
Depositor is a party or by which it is bound or any statute, order or regulation of any court, regulatory body, administrative
agency or governmental body having jurisdiction over it;


 


(iii)     the
execution, delivery and performance by the Depositor of this Agreement and the consummation of the transactions contemplated hereby
and thereby do not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other
action in respect of, any state, federal or other governmental authority or agency, except such as has been obtained, given, effected
or taken prior to the date hereof;


 


(iv)     this
Agreement has been duly executed and delivered by the Depositor and, assuming due authorization, execution and delivery by the
other parties hereto, constitutes a valid and binding obligation of the Depositor enforceable against it in accordance with its
terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other
similar laws relating to or affecting the rights of creditors generally, and by general equity principles (regardless of whether
such enforcement is considered in a proceeding in equity or at law);


 


(v)      there
are no actions, suits or proceedings pending or, to the best of the Depositor’s knowledge, threatened or likely to be asserted
against or affecting the Depositor, before or by any court, administrative agency, arbitrator or governmental body (A) with respect
to any of the transactions contemplated by this Agreement or (B) with respect to any other matter which in the judgment of the
Depositor will be determined adversely to the Depositor and will, if determined adversely to the Depositor, materially and adversely
affect its ability to perform its obligations under this Agreement;


 






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(vi)         the
Depositor is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default would materially and adversely affect the ability of the Depositor to perform
its obligations hereunder;


 


(vii)        other
than the actions taken pursuant to this Agreement, the Depositor has taken no action to impair or encumber the title to the Whole
Loan or to subject it to any offsets, defenses or counterclaims during the Depositor’s ownership thereof;


 


(viii)       the
Depositor is not accounting for the transfer of the Trust Loan as a financing of the Trust Loan under generally accepted accounting
principles, and the Depositor will not treat the Trust Loan as an asset of the Depositor for federal income tax purposes;


 


(ix)          the
Depositor is not, and, after giving effect to the transfers contemplated under this Agreement, will not be, insolvent; and


 


(x)           the
Depositor has not transferred the Trust Loan with an intent to hinder, delay or defraud its creditors.


 


(b)          The
representations and warranties of the Depositor set forth in this Section 2.7 shall survive until termination of this Agreement,
and shall inure to the benefit of the Certificateholders, the Trustee, the Certificate Administrator, the Servicer, the Special
Servicer and the Companion Loan Holders.


 


(c)          Neither
the Depositor nor any of its Affiliates shall insure or guarantee distributions on the Certificates. Subject to Section 2.7(a)
and (b), neither the Certificateholders nor the Trustee or the Certificate Administrator on their behalf shall have
any rights or remedies against the Depositor for any losses or other claims in connection with the Certificates or the Whole Loan
except as expressly set forth herein.


 


2.8.         Representations
and Warranties Contained in the Loan Purchase Agreement. (a) If any party hereto (A) discovers or receives notice alleging
that any document required to be delivered to the Custodian pursuant to Section 2.1 is not delivered as and when required,
is not properly executed or is defective (each, a “Defect”) or (B) discovers or receives notice alleging a
breach of any representation or warranty made by the Loan Sellers as set forth in Exhibit A to the Loan Purchase Agreement (a
“Breach”), then such party shall give prompt written notice of such Defect or Breach to the Loan Sellers, the
Risk Retention Consultation Party, the Directing Holder (for so long as a Subordinate Control Period or Subordinate Consultation
Period is continuing), the other parties hereto and the Subordinate Companion Loan Holders. The Special Servicer shall reasonably
determine if any such Defect or Breach materially and adversely affects the value of the Trust Loan or the interests of the Certificateholders
in the Trust Loan or causes the Trust Loan to fail to be a “qualified mortgage” within the meaning of the REMIC Provisions
(but without regard to the rule in Treasury Regulations Section 1.860G-2(f) that treats a defective obligation as a “qualified
mortgage”) (a “Qualified Mortgage”) (any such Defect or Breach, a “Material Document Defect”
and a “Material Breach”, respectively). If such Defect or Breach has been determined to be a Material


 






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Document
Defect or Material Breach, then the Special Servicer shall (i) give prompt written notice thereof to the Loan Sellers, the Risk
Retention Consultation Party, the Directing Holder (for so long as a Subordinate Control Period or Subordinate Consultation Period
is continuing), the other parties hereto and the Subordinate Companion Loan Holders, and (ii) use efforts consistent with Accepted
Servicing Practices to cause the applicable Loan Seller, to the extent obligated to do so under the Loan Purchase Agreement, to
(A) repurchase such Loan Seller’s Loan Seller Percentage Interest in the Trust Loan at an amount equal to its respective
Loan Seller Percentage Interest of the Repurchase Price, (B) cure such Material Document Defect or Material Breach, as the case
may be, in all material respects (provided that in the case of this clause (B) any such cure that is of a monetary
nature shall be made by the Loan Sellers on a pro rata basis in accordance with their respective Loan Seller Percentage
Interests, and any Loan Seller that pays more than such pro rata share shall be entitled to contribution from the other
Loan Sellers), or (C) if such Material Document Defect or Material Breach is not related to the Trust Loan not being a Qualified
Mortgage, indemnify the Trust for its Loan Seller Percentage Interest of the losses directly related to such Material Document
Defect or Material Breach, subject to receipt of a Rating Agency Confirmation from each Rating Agency with respect to such action,
in each case under the terms of and within the time period specified by the Loan Purchase Agreement. If a Responsible Officer
of the Certificate Administrator or a Servicing Officer of the Servicer or the Special Servicer, has actual knowledge that any
Loan Seller has defaulted on its obligation to repurchase its Loan Seller Percentage Interest the Trust Loan under the Loan Purchase
Agreement, such entity shall promptly notify the Trustee, the Certificate Administrator, the Servicer and the Special Servicer,
as applicable, and the Certificate Administrator shall notify the Certificateholders of such default. The Special Servicer shall
enforce the obligations of the Loan Sellers under Section 8 of the Loan Purchase Agreement.


 


For
the avoidance of doubt, no Liquidation Fee will be payable by a Loan Seller in connection with a repurchase its Loan Seller Percentage
Interest in the Trust Loan by the Loan Sellers to a Material Breach or a Material Document Defect if made in accordance with and
within the Initial Resolution Period or any Extended Resolution Period.


 


(b)          Upon
receipt by the Servicer from any Loan Seller of its Loan Seller Percentage Interest in the Repurchase Price for its Loan Seller
Percentage Interest in the Trust Loan, the Servicer shall deposit such amount in the Collection Account, and the Certificate Administrator
shall, upon receipt of a certificate of a Servicing Officer certifying as to the receipt by the Servicer of the Repurchase Price
and the deposit of the Repurchase Price into the Collection Account pursuant to this Section 2.8(b) (i) release or cause
to be released to the designees of the applicable Loan Seller the Repurchase Mortgage File and the Trustee shall execute and deliver
such instruments of transfer or assignment, in each case without recourse, representation or warranty (except that the Trust Loan
is owned by the Trust and is being sold free and clear of liens and encumbrances), as shall be prepared by such designee to vest
in such designee the Trust Loan released pursuant hereto and the Certificate Administrator, the Trustee, the Servicer and the
Special Servicer shall have no further responsibility with regard to such Repurchase Mortgage File and (ii) release or cause to
be released to the applicable Loan Seller any escrow payments and reserve funds held by the Servicer, the Special Servicer, or
in respect of such Loan Seller Percentage Interest in the Trust Loan.


 






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(c)          In
the event that the Trust Loan is repurchased pursuant to this Section 2.8, the Servicer or Special Servicer, as applicable,
shall promptly notify the Depositor of such repurchase.


 


(d)          It
is understood and agreed that the obligations of the Loan Sellers referred to in this Section 2.8 shall be the sole remedies
available to the Certificateholders or the Trustee respecting a Material Breach of the Loan Sellers’ representations and
warranties regarding the Whole Loan, the Properties and any Material Document Defect.


 


2.9.          Issuance
of Uncertificated Lower-Tier Interests; Issuance of Regular Interests; Execution and Delivery of Certificates. The Trustee
acknowledges the assignment in trust by the Depositor to the Trustee of the Trust Notes and other assets comprising the Trust
Fund. Concurrently with such assignment and delivery and in exchange therefor, the Trustee (i) acknowledges the issuance of the
Uncertificated Lower-Tier Interests and the Class LT-R Interest to the Depositor in exchange for the Trust Loan, receipt of which
is hereby acknowledged; (ii) acknowledges the contribution by the Depositor of the Uncertificated Lower-Tier Interests to the
Upper-Tier REMIC; and (iii) acknowledges, immediately thereafter, in exchange for the Uncertificated Lower-Tier Interests, the
issuance of the Regular Interests and the UT-R Interest and that it has caused the Certificate Administrator to execute and authenticate
and deliver to or upon the order of the Depositor, the Class R Certificates, representing the Class LT-R and Class UT-R Interests,
the Regular Certificates and the Class V Certificates, and the Depositor hereby acknowledges the receipt by it or its designees,
of the Certificates in authorized denominations, evidencing the entire beneficial ownership of the Trust Fund.


 


2.10.       Miscellaneous
REMIC Provisions. (a) The Class A, Class B, Class C, Class D, Class E, Class F, Class G and Class H Regular Interests (excluding
the right to any Default Interest) are hereby designated as the “regular interests” in the Upper-Tier REMIC within
the meaning of Section 860G(a)(1) of the Code, and the Class UT-R Interest, represented by the Class R Certificates, is hereby
designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(2)
of the Code.


 


The
Class LA, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Uncertificated Interests are hereby designated
as the “regular interests” in the Lower-Tier REMIC (the “Lower-Tier Regular Interests”) within
the meaning of Section 860G(a)(1) of the Code, and the Class LT-R Interest, represented by the Class R Certificates, is hereby
designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(2)
of the Code.


 


2.11.       Miscellaneous
Grantor Trust Provisions. (a) The portion of the Trust Fund consisting of (i) the Class A Specific Grantor Trust Assets, beneficial
ownership of which will be represented by the Class A Certificates, (ii) the Class B Specific Grantor Trust Assets, beneficial
ownership of which will be represented by the Class B Certificates, (iii) the Class C Specific Grantor Trust Assets, beneficial
ownership of which will be represented by the Class C Certificates, (iv) the Class D Specific Grantor Trust Assets, beneficial
ownership of which will be represented by the Class D Certificates, (vi) the Class E Specific Grantor Trust Assets, beneficial
ownership of which will be represented by the Class E Certificates, (vii) the Class F Specific Grantor Trust Assets, beneficial
ownership of which will be represented by the Class F


 



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 Certificates, (viii) the Class G Specific Grantor Trust Assets, beneficial
ownership of which will be represented by the Class G Certificates, (ix) the Class H Specific Grantor Trust Assets, beneficial
ownership of which will be represented by the Class H Certificates, (x) Class V Specific Grantor Trust Assets, beneficial ownership
of which will be represented by the Class V Certificates and (xi) the Default Interest and the related proceeds (altogether, the
“Grantor Trust”), will be treated as a grantor trust within the meaning of subpart E, part I of subchapter
J of the Code.


 


2.12.       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 Certificateholders in the Grantor Trust so as to improve their rate of return. The Certificate Administrator shall prepare
or cause to be prepared, submit to the Trustee for execution (and the Trustee shall timely execute and timely return to the Certificate
Administrator) and timely file all Tax Returns in respect of the Grantor Trust. In addition, the Certificate Administrator shall
(A) file, or cause to be filed, Internal Revenue Service Form 1041, 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
Certificateholders, their allocable share of income and expense with respect to the related Specific Grantor Trust Assets in the
time or times and in the manner required by the Code.


 


(b)      The
Grantor Trust will be treated as a WHFIT that is a WHMT. The Certificate Administrator will report as required under the WHFIT
Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided
to the Certificate Administrator on a timely basis. The Certificate Administrator is hereby directed to assume that DTC is the
only “middleman” as defined by the WHFIT Regulations unless the Depositor provides the Certificate Administrator with
the identities of other “middlemen” that are Certificateholders. The Certificate Administrator shall be entitled to
rely on the first sentence of this Section 2.12(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 the first sentence of this paragraph
is incorrect.


 


(c)          The
Certificate Administrator shall report required WHFIT information using the accrual method, except to the extent the WHFIT Regulations
specifically require a different method. The Certificate Administrator shall be under no obligation to determine whether any Certificateholder
uses the cash or accrual method. The Certificate Administrator shall make available (via its website) WHFIT information to Certificateholders
annually. In addition, the Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised
or updated information to any Certificateholder, unless requested by the Certificateholder.


 


(d)          The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for
any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Certificate


 



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Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each Certificateholder,
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 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.


 


3.          ADMINISTRATION
AND SERVICING OF THE WHOLE LOAN


 


3.1.          Servicer
to Act as the Servicer; Special Servicer to Act as the Special Servicer. The Servicer and the Special Servicer, each as an
independent contractor, shall service and administer the Whole Loan and administer any Foreclosed Property solely on behalf of
the Trust Fund and the Companion Loan Holders, in the best interest of, and for the benefit of, all the Certificateholders and
the Companion Loan Holders, as a collective whole as if such Certificateholders and the Companion Loan Holders constituted one
lender (taking into account the relative subordination of the Trust A-B Notes) (as determined by the Servicer or the Special Servicer,
as applicable, in the exercise of its good faith and reasonable judgment), in accordance with applicable law (including the REMIC
Provisions), the terms of this Agreement and the terms of the Loan Documents and the Co-Lender Agreement and, to the extent consistent
with the foregoing, the following standards: (i) (a) in the same manner in which and with the same care, skill, prudence and diligence
with which the Servicer or the Special Servicer, as applicable, services and administers similar loans and manages foreclosed
or other similarly situated properties for third parties, giving due consideration to customary and usual standards of practice
of prudent institutional commercial mortgage lenders in servicing their own loans, or (b) with the care, skill, prudence and diligence
the Servicer or the Special Servicer, as applicable, uses for loans which it owns or for foreclosed or other similarly situated
properties which it owns and manages, whichever is higher; (ii) with a view to the timely collection of (a) all scheduled payments
of principal and interest under the Whole Loan or, if the Whole Loan comes into and, with respect to the Special Servicer only,
continues in default and if no satisfactory arrangements can be made for the collection of the delinquent payments, the maximization
of the recovery on the Whole Loan to the Certificateholders and the Companion Loan Holders (as a collective whole, as if the Certificateholders
and the Companion Loan Holders constituted a single lender)(taking into consideration the relative subordination of the Trust
A-B Notes) on a net present value basis and (b) the payment of Trust Fund Expenses that are reimbursable or payable by the Borrower
under the Loan Agreement and (iii) without regard to:


 


(A)          any
relationship that the Servicer or the Special Servicer or any affiliate thereof may have with the Borrower, the Mezzanine Lender,
any Loan Seller, any Companion Loan Holder or any of their respective affiliates;


 


(B)          the
ownership of any Certificate or any interest in the Companion Loans or a Mezzanine Loan by the Servicer or the Special Servicer
or by any affiliate thereof;


 


(C)          in
the case of the Servicer, its obligation to make Advances;


 






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(D)          the
right of the Servicer or the Special Servicer or any affiliate thereof to receive reimbursement of costs, compensation or other
fees (other than Advances), or the sufficiency of any compensation payable to it under this Agreement or with respect to any particular
transaction; or


 


(E)          the
ownership, servicing or management for others of any other mortgage loans or mortgaged property by the Servicer or the Special
Servicer.


 


Subject
to the above-described servicing standards (hereinafter referred to as “Accepted Servicing Practices”) and
the terms of this Agreement and of the Loan Documents, the Servicer and the Special Servicer each shall have full power and authority,
acting alone and/or through one or more sub-servicers as provided in Section 3.2, to do or cause to be done any and all
things in connection with such servicing and administration which it may deem necessary or desirable. The Servicer and the Special
Servicer shall service and administer the Whole Loan in accordance with applicable state and federal law. At the written request
of the Servicer or the Special Servicer, as applicable, accompanied by the form of power of attorney, as set out in Exhibit
Q or other documents being requested, the Trustee shall furnish to the Servicer or the Special Servicer any powers of attorney
and other documents necessary or appropriate to enable such Servicer or the Special Servicer to carry out its servicing and administrative
duties hereunder, and the Trustee shall not be held responsible (and shall be indemnified by the Servicer or the Special Servicer)
for any negligence or misuse by the Servicer or the Special Servicer in its uses of any such powers of attorney or other document.
Notwithstanding anything contained herein to the contrary, the Servicer and the Special Servicer shall not without the Trustee’s
and the Certificate Administrator’s, as applicable, prior written consent: (i) initiate any action, suit or proceeding solely
under the Trustee’s or the Certificate Administrator’s name without indicating the representative capacity of the
Servicer or the Special Servicer, as applicable, or (ii) take any action with the intent to, and which actually does cause, the
Trustee or the Certificate Administrator to be registered to do business in any state.


 


The
liability of each of the Servicer and the Special Servicer, as applicable, for actions and omissions in its capacity as Servicer
and the Special Servicer, respectively, hereunder is limited as provided herein (including, without limitation, pursuant to Section
6.3). Nothing contained in this Agreement shall be construed as an express or implied guarantee by the Servicer or the Special
Servicer of the collectibility of the Whole Loan.


 


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.


 


With
respect to any amounts received on the Whole Loan to which a Companion Loan is entitled pursuant to the Co-Lender Agreement, the
Servicer shall remit such funds to the


 



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 applicable Companion Loan Holder in the manner and time frame set forth in the Co-Lender
Agreement.


 


3.2.          Sub-Servicing
Agreements. (a) Each of the Servicer and the Special Servicer, at its own expense without a right of reimbursement under this
Agreement or otherwise, may enter into sub-servicing agreements with sub-servicers for the servicing and administration of the
Whole Loan, provided that (i) any such sub-servicing agreement shall be upon such terms and conditions as are not inconsistent
with this Agreement and as the Servicer or Special Servicer, as applicable, and the sub-servicer have agreed, (ii) no sub-servicer
retained by the Servicer or Special Servicer, as applicable, shall grant any modification, waiver, or amendment to the Loan Documents
without the approval of the Servicer or Special Servicer, as applicable, and (iii) any such sub-servicer shall be precluded from
participating in servicing activities relating to any foreclosure proceedings. References in this Agreement to actions taken or
to be taken, and limitations on actions permitted to be taken, by the Servicer or Special Servicer, as applicable, in servicing
the Whole Loan include actions taken or to be taken by a sub-servicer on behalf of the Servicer or Special Servicer, as applicable.
Each sub-servicer shall be (i) authorized to transact business and licensed in the applicable state(s), if, and to the extent,
required by applicable law to enable the sub-servicer to perform its obligations under the applicable sub-servicing agreement,
and (ii) qualified to perform its obligations under the applicable sub-servicing agreement. For purposes of this Agreement, the
Servicer or Special Servicer, as applicable, shall be deemed to have received any amount when the sub-servicer receives such amount,
irrespective of whether such amount is remitted to the Servicer or Special Servicer, as applicable, for deposit in the Collection
Account, the Companion Loan Account, any Cash Management Account, any Reserve Account or the Distribution Account, and actions
taken by the sub-servicer shall be deemed to be actions of the Servicer or Special Servicer, as applicable. The Servicer or Special
Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Borrower, the Companion Loan Holders and
the Depositor in writing promptly upon the appointment of any sub-servicer and promptly furnish the Trustee and the Certificate
Administrator, upon its request, with a copy of the sub-servicing agreement. No sub-servicer shall be permitted to enter into
any sub-servicing agreement with other sub-servicers without the prior written consent of the Servicer or Special Servicer, as
applicable.


 


(b)          Notwithstanding
any sub-servicing agreement, the Servicer or Special Servicer, as applicable, shall remain obligated and liable to the Trustee
and the Certificateholders for the servicing and administering of the Whole Loan in accordance with the provisions of Section
3.1 without diminution of such obligation or liability by virtue of such sub-servicing agreement, or by virtue of indemnification
from a sub-servicer, and to the same extent and under the same terms and conditions as if the Servicer or Special Servicer, as
applicable, alone were servicing and administering the Whole Loan.


 


(c)          Any
sub-servicing agreement entered into by the Servicer or Special Servicer, as applicable, shall provide that it may be assumed
or terminated by (i) the Trustee if the Trustee has assumed the duties of the Servicer or Special Servicer, as applicable, or
if the Servicer or Special Servicer, as applicable, is otherwise terminated pursuant to the terms of this Agreement, or (ii) a
successor Servicer or Special Servicer, as applicable, if such successor Servicer or Special Servicer, as applicable, has assumed
the duties of the Servicer or Special Servicer, as applicable, without cost or obligation to the Trustee, the Certificate Administrator,


 



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the successor Servicer or Special Servicer, as applicable, the Trust, the Companion Loan Holders or the Trust Fund.


 


(d)          Any
sub-servicing agreement, and any other transactions or services relating to the Whole Loan involving a sub-servicer, shall be
deemed to be between the Servicer or Special Servicer, as applicable, and such sub-servicer alone, and the Trustee, the Certificate
Administrator, the Depositor, the Trust, the Certificateholders and the Companion Loan Holders shall not be deemed parties thereto
and shall have no claims, rights, obligations, duties or liabilities with respect to the sub-servicer, and no provision herein
shall be construed so as to require the Trust, the Trustee, the Certificate Administrator or the Depositor to indemnify any such
sub-servicer. The Servicer or Special Servicer, as applicable, is permitted, at its own expense, or to the extent that a particular
expense is provided herein to be an Advance or an expense of the Trust, at the expense of the Trust, to utilize other agents or
attorneys typically used by servicers of mortgage loans underlying commercial mortgage-backed securities in performing its obligations
under this Agreement.


 


(e)          Notwithstanding
anything herein, each of the initial Servicer and the initial Special Servicer may delegate certain of its duties and obligations
hereunder to an Affiliate of the Servicer or Special Servicer, as applicable. Such delegation shall not be considered a sub-servicing
agreement hereunder, and the requirements and obligations set forth herein applicable to sub-servicing agreements, sub-servicers
or Servicing Function Participants shall not be applicable to such arrangement. Notwithstanding any such delegation, the Servicer
and the Special Servicer shall remain obligated and liable for the performance of their respective obligations and duties under
this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions as if each
alone were servicing and administering the Whole Loan as required hereby. Furthermore, each of the initial Servicer and the initial
Special Servicer may contract with third party vendors or sub-contractors for the performance of limited functions such as the
performance of inspections or conduction of appraisals and such contracts shall not be considered a sub-servicing agreement hereunder,
and the requirements and obligations set forth herein applicable to sub-servicing agreements and sub-servicers shall not be applicable
to such arrangement; provided that the Servicer and the Special Servicer shall remain obligated and liable for the performance
of their respective obligations and duties under this Agreement in accordance with the provisions hereof to the same extent and
under the same terms and conditions as if each alone were performing such functions as required hereby; provided further that
any engagement of a party that performs any activity that addresses the Applicable Servicing Criteria shall be considered a Servicing
Function Participant and the requirements and obligations set forth herein applicable to Servicing Function Participants shall
apply.


 


(f)          The
parties hereto acknowledge that the Whole Loan is subject to the terms and conditions of the Co-Lender Agreement and recognize
the respective rights and obligations of the Trust, as holder of the Trust Loan, and of the Companion Loan Holders, as holders
of the Companion Loans, under the Co-Lender Agreement, including: (i) with respect to the allocation of collections on or in respect
of the Whole Loan, and the making of remittances, to the Trust, as holder of the Trust Loan, and to the Companion Loan Holders,
as holders of the Companion Loans; (ii) with respect to the allocation of expenses and losses relating to the Whole Loan to the
Trust, as holder of the Trust Loan, and to the Companion Loan Holders, as holders of


 



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 the Companion Loans, and (iii) to the extent
provided for under the Co-Lender Agreement, the consultation rights of the Companion Loan Holders. In the event of any conflict
between this Agreement and the Co-Lender Agreement, the terms of the Co-Lender Agreement shall control with respect to the Whole
Loan.


 


3.3.         Cash
Management Account. A Cash Management Account has been or shall be established pursuant to the terms of the Loan Agreement.
The Servicer shall exercise and enforce the rights of the Trust Fund with respect to the Cash Management Accounts under the Loan
Agreement in accordance with Accepted Servicing Practices.


 


3.4.         Collection
Account, Companion Loan Account and Interest Reserve Account. (a) The Servicer shall establish and maintain (x) one or more
deposit accounts for the benefit of the Certificateholders in the name of “Wells Fargo Bank, National Association, as Servicer
for Wilmington Trust, National Association, as Trustee of 20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS” (the “Collection Account”) and (y) one or more deposit accounts (or, a separate ledger
account) for the benefit of the Companion Loan Holders in the name of “Wells Fargo Bank, National Association, as Servicer
for Wilmington Trust, National Association, as Trustee of 20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS for the benefit of the Companion Loan Holders” (the “Companion Loan Account”). Each
Collection Account must be an Eligible Account maintained with an Eligible Institution (or a ledger account if one Eligible Account
is maintained). The Servicer shall deposit into the Collection Account within two (2) Business Days of receipt of properly identified
and available funds the following amounts representing payments and collections received or made during each Collection Period
on or with respect to the Whole Loan.


 


(i)           all
payments on account of principal on the Whole Loan;


 


(ii)          all
payments on account of interest on the Whole Loan;


 


(iii)         any
amount representing reimbursements by the Borrower of Advances, interest thereon, and any other expenses of the Depositor, the
Trustee, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, as required by the Loan Documents
or hereunder;


 


(iv)         any
other amounts payable for the benefit of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the
Certificateholders under the Whole Loan;


 


(v)          any
amounts required to be deposited pursuant to Section 3.8(b) in connection with net losses realized on Permitted Investments
with respect to funds held in the Collection Account;


 


(vi)         any
amounts representing Condemnation Proceeds or Insurance Proceeds (other than amounts related to clause (b) of the definition
of Insurance Proceeds necessary to be applied to the restoration, preservation or repair of the Property or to be released to
the Borrower in accordance with the Loan Documents);


 






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(vii)        all
Net Foreclosure Proceeds received from the Special Servicer pursuant to Section 3.14 and all Net Liquidation Proceeds;
and


 


(viii)       any
other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer, including,
without limitation, any (1) proceeds of any repurchase of the Trust Loan (or any Loan Seller Percentage Interest therein) pursuant
to Section 2.8(b) hereof and the Loan Purchase Agreement, (2) proceeds of a sale of a Defaulted Loan pursuant to Section
3.16 hereof, or (3) amounts payable under the Loan Documents or the Co-Lender Agreement by any Person to the extent not specifically
excluded.


 


The
foregoing requirements for deposits in the Collection Account by the Servicer shall be exclusive, it being understood and agreed
that, without limiting the generality of the foregoing, payments (if any) in the nature of late payment fees (to the extent not
applied pursuant to Section 3.4(c)), Default Interest (to the extent not applied pursuant to Section 3.4(c)), assumption
fees, assumption application fees, substitution fees, defeasance fees, Modification Fees, consent fees, loan service transaction
fees, release fees, similar fees and expenses and any other Additional Servicing Compensation or Additional Special Servicing
Compensation to which the Servicer or Special Servicer, as applicable are entitled pursuant to Section 3.17 and any reimbursement
made by the Borrower of expenses of the Servicer or the Special Servicer need not be deposited in the Collection Account by the
Servicer or Special Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable,
shall be entitled to retain any such fees and expense reimbursements received with respect to the Whole Loan.


 


(b)          Funds
in the Collection Account or Companion Loan Account may be invested in Permitted Investments in accordance with the provisions
of Section 3.8. The Servicer shall on the Closing Date give written notice to the Certificate Administrator of the location
and account number of the Collection Account and shall notify the Certificate Administrator in writing prior to any subsequent
change thereof.


 


(c)          On
or prior to each Remittance Date (or such other date as specified below or on which funds are available for such purpose as specified
below), prior to the remittance of Available Funds to the Certificate Administrator for deposit in the Distribution Account pursuant
to Section 3.5, the Servicer shall make withdrawals from the Collection Account (which withdrawals shall be the only permitted
withdrawals from the Collection Account by the Servicer) as described below (the order set forth below not constituting an order
of priority for such withdrawals):


 


(i)      
    to withdraw funds deposited therein in error;


 


(ii)          to
reimburse the Trustee (and the Other Trustee with respect to each Companion Loan Securitization Trust) and the Servicer (and the
Other Servicer with respect to each Companion Loan Securitization Trust), in that order, out of general collections on the Whole
Loan, for any Nonrecoverable Advances made by each and not previously reimbursed together with unpaid interest thereon at the
Advance Rate as follows:


 






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(A)          first,
to reimburse Nonrecoverable Advances that are Property Protection Advances and Administrative Advances relating to the Whole Loan
and the Property and interest thereon; and


 


(B)          second,
to reimburse Nonrecoverable Advances that are Monthly Payment Advances or Companion Loan Advances on the A Notes and interest
thereon, on a pro rata and pari passu basis, then to reimburse Nonrecoverable Advances that are Monthly Payment
Advances on the Trust A-B Notes and interest thereon; and


 


(C)          third,
to reimburse the Other Servicer with respect to each Companion Loan Securitization Trust for its pro rata and pari passu
share of Nonrecoverable Advances previously paid from general collections on the related Companion Loan Securitization Trust;
provided, however, that interest on such Nonrecoverable Advances shall be paid first out of Default Interest or
late payment charges collected in the related Collection Period before such interest on Advances is paid out of other amounts
on deposit in the Collection Account;


 


(iii)         concurrently,
to pay the Servicing Fee to the Servicer (or with respect to the Excess Servicing Fee Rights, to pay any Excess Servicing Fes
to the holder of such Excess Servicing Fee Rights) from amounts on deposit with respect to the Whole Loan or Foreclosed Property,
as the case may be, the Certificate Administrator Fee (including the portion that is the Trustee Fee) to the Certificate Administrator
and the CREFC® Intellectual Property Royalty License Fee to CREFC®, as applicable;


 


(iv)          (a)
to pay to the Servicer, as additional compensation, any income earned (net of losses (subject to Section 3.8(b)) on the
investment of funds deposited in the Collection Account; and (b) to pay to the Special Servicer, the Special Servicing Fee, if
any, the Work-out Fee, if any and the Liquidation Fee, if any (with respect to clauses (a) and (b), in that order);


 


(v)          to
reimburse the Trustee (and the Other Trustee with respect to each Companion Loan Securitization Trust) and the Servicer (and the
Other Servicer with respect to each Companion Loan Securitization Trust), in that order, for (A) Advances made by each and not
previously reimbursed from late payments received during the applicable period on the Whole Loan, Liquidation Proceeds, Foreclosure
Proceeds and other collections on the Whole Loan; provided that any Advance which has been determined to be a Nonrecoverable
Advance shall be reimbursed pursuant to clause (ii) above and (B) unpaid interest on such Advances at the Advance Rate
(subject to the same order of priority as between the payment of Advances with respect to the A Notes and the Trust A-B Notes
as provided in clause (ii) above); provided, however, that interest on Advances shall be paid first out of
Default Interest or late payment charges collected in the related Collection Period before such interest on Advances is paid out
of other amounts on deposit in the Collection Account;


 


(vi)         to
reimburse the Trustee, the Certificate Administrator, the Servicer and the Special Servicer, in that order, for expenses incurred
by them in connection with the


 






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 liquidation of the Whole Loan or Foreclosed Property, and not otherwise covered and paid by an
insurance policy or deducted from the proceeds of liquidation;


 


(vii)        (A)
to pay to the Servicer, as additional compensation, to the extent actually received from the Borrower, any payments (if any) in
the nature of Default Interest (to the extent not withdrawn to reimburse the Trustee (and the Other Trustee with respect to each
Companion Loan Securitization Trust) or the Servicer (and the Other Servicer with respect to each Companion Loan Securitization
Trust) or the Servicer for unpaid interest on any Advances pursuant to clause (ii) or (v)(B) above), late payment
fees (to the extent not withdrawn to reimburse the Trustee or the Servicer for unpaid interest on any Advances pursuant to clause
(ii) or (v)(B) above), Additional Servicing Compensation including, but not limited to, assumption fees, assumption
application fees, substitution fees, defeasance fees, Modification Fees, consent fees, loan service transaction fees and similar
fees and expenses which the Servicer is entitled to pursuant to Section 3.17; provided, however, that such
amounts received during each Collection Period shall be deemed to have been deposited in the Collection Account and withdrawn
pursuant to this clause (vii) solely for the purpose of determining the Available Funds Reduction Amount in connection
with the calculation of Available Funds for the related Distribution Date; and (B) to pay to the Special Servicer, as additional
compensation, (i) Additional Special Servicing Compensation and (ii) any income earned on the investment of funds deposited in
the Foreclosed Property Account;


 


(viii)       to
pay or reimburse the Trustee, the Certificate Administrator, the Servicer, the Special Servicer and the Depositor, in that order,
for any indemnities, expenses and other amounts then due and payable or reimbursable to each pursuant to the terms of this Agreement,
including any Trust Fund Expenses, in each case, not previously paid or reimbursed pursuant to the preceding clauses;


 


(ix)          to
deposit into the Companion Loan Account any portion of such collections that are required to be distributed to the Companion Loan
Holders in respect of the Companion Loans pursuant to the Co-Lender Agreement;


 


(x)           to
the extent not previously paid or advanced, to pay to the Certificate Administrator (or set aside for eventual payment) any and
all taxes imposed on the Trust or the Trust Fund by federal or state governmental authorities; provided, that if such taxes
are the result of the Depositor’s, Servicer’s, Special Servicer’s, the Certificate Administrator’s or
Trustee’s, as applicable, negligence, bad faith, fraud or willful misconduct, such amounts may not be withdrawn from the
Collection Account, but will be paid by such party that was negligent, acted in bad faith or fraudulently or engaged in willful
misconduct pursuant to Sections 6.3, 6.6, 8.1, 8.3 and 8.12;


 


(xi)          to
pay (or set aside for eventual payment) any and all taxes imposed on the Lower-Tier REMIC or Upper-Tier REMIC by federal or state
governmental authorities to the extent such taxes have not been paid pursuant to Section 12.1(k); and


 


(xii)         to
remit to the Certificate Administrator for deposit in the Distribution Account an amount equal to the Excess Default Interest
for the benefit of the holders of


 



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 the Sequential Pay Certificates collected on the Trust Loan during the related Collection Period.


 


For
the avoidance of doubt, payments or collections allocable to the Trust Loan shall be received from or made to the Collection Account
and payments or collections allocable to the Companion Loans shall be received from or made to the Companion Loan Account.


 


Notwithstanding
the foregoing, with respect to any Remittance Date, in no event shall the Servicer be permitted to make a withdrawal pursuant
to clauses 3.4(c)(iii), (iv), (v), (vi) or (viii) if, as a result of such withdrawal, the amount
on deposit in the Collection Account after giving effect to such withdrawal would be less than the Required Advance Amount; provided
that the Servicer shall be permitted to make withdrawals in the order of priority specified above up to the amount on deposit
in the Collection Account that would result in funds equaling or exceeding the Required Advance Amount remaining in the Collection
Account. Notwithstanding the foregoing, such withdrawal limitations shall not apply upon (1) the final liquidation of the Whole
Loan and/or the Property, (2) the final payment of the Whole Loan and release of the Mortgage or (3) the determination that any
Advance that would increase the currently unreimbursed Advances in the aggregate would be a Nonrecoverable Advance. For the avoidance
of doubt, in no event shall the Servicer be permitted to apply any portion of collections that are required to be distributed
to the Companion Loan Holders in respect of the Companion Loans pursuant to the terms of the Co-Lender Agreement to pay or reimburse
any CREFC® Intellectual Property Royalty License Fee, the Certificate Administrator Fee (including the portion
that is the Trustee Fee) or any Trust Fund Expenses that are not related to the servicing and administration of the Trust Loan
or the Property.


 


On
the Remittance Date, the Servicer shall pay to the Certificate Administrator (on behalf of itself and the Trustee) and advance
or pay to the Special Servicer, if applicable, from the Collection Account as provided above amounts permitted to be paid to the
Special Servicer, the Certificate Administrator and the Trustee, as applicable, therefrom, upon receipt on or prior to the Determination
Date of certificates of a Servicing Officer of the Special Servicer or a Responsible Officer of the Certificate Administrator
and the Trustee, as applicable, describing the item and amount to which the Special Servicer, the Certificate Administrator and
the Trustee, respectively, are entitled. The Servicer may rely conclusively on any such certificate, shall have no duty to recalculate
the amounts stated therein and shall have no liability if the amount paid in reliance thereon is an amount to which the Special
Servicer, the Certificate Administrator or the Trustee, as applicable, is not entitled.


 


(d)          The
Certificate Administrator shall establish and maintain a reserve account (which may be a subaccount of the Distribution Account)
(the “Interest Reserve Account”) on behalf of the Trustee and for the benefit of the holders of the Certificates.
Funds on deposit in the Interest Reserve Account shall be uninvested. On each Distribution Date occurring in any February and
on any Distribution Date occurring in any January which occurs in a year that is not a leap year (unless, in either case, such
Distribution Date is the final Distribution Date), the Certificate Administrator shall deposit into the Interest Reserve Account
an amount equal to one day’s net interest collected on the principal balance of the Trust Loan as of the Loan Payment Date
occurring in the month preceding the month in which such Distribution Date occurs at the related Interest Rate (net of the Servicing
Fee, the CREFC®


 



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Intellectual Property Royalty License Fee and the Certificate Administrator Fee payable therefrom)
to the extent a full Monthly Payment or Monthly Payment Advance is made in respect thereof (all amounts so deposited in any consecutive
January and February, “Withheld Amounts”). On each Remittance Date occurring in March (or February, if the
related Distribution Date is the final Distribution Date), the Certificate Administrator shall withdraw from the Interest Reserve
Account an amount equal to the Withheld Amounts from the preceding January and February, if any, and transfer such amounts into
the Distribution Account.


 


(e)          On
or prior to the Companion Loan Remittance Date, the Servicer shall distribute all funds in the Collection Account (or any sub-account
thereof established for the benefit of the Companion Loan Account) to the Companion Loan Holders in accordance with the amounts
due to such holder under the terms of the Co-Lender Agreement.


 


(f)          The
Certificate Administrator shall establish and maintain on behalf of the Trust and for the benefit of the holders of the Sequential
Pay Certificates, a segregated non-interest bearing reserve account (the “Excess Default Interest Distribution Account”).
The Excess Default Interest Distribution Account must be an Eligible Account or a subaccount of an Eligible Account. The Excess
Default Interest Distribution Account shall be an asset of the Grantor Trust and beneficially owned by the holders of the Sequential
Pay Certificates and shall not be an asset of any Trust REMIC. Funds on deposit in the Excess Default Interest Distribution Account
shall be uninvested. Upon receipt from the Servicer of such amounts held in the Collection Account, the Certificate Administrator
shall deposit in the Excess Default Interest Distribution Account any Excess Default Interest to be distributed to the holders
of the Sequential Pay Certificates and the Class V Certificates, if applicable, as set forth under Section 5.8.


 


3.5.          Distribution
Account. (a) The Certificate Administrator shall establish and maintain on behalf of the Trustee and for the benefit of the
Certificateholders a segregated non-interest bearing trust account (the “Distribution Account”), which shall
be deemed to include the Lower-Tier Distribution Account, the Upper-Tier Distribution Account and the Regular Interest Distribution
Account, which shall be subaccounts of the Distribution Account for the benefit of the Certificateholders and the Trustee, as
Holder of the Uncertificated Lower-Tier Interests and the Regular Interests (the “Regular Interest Distribution Account”,
“Lower-Tier Distribution Account” and “Upper-Tier Distribution Account”, respectively).
The Distribution Account must be an Eligible Account. On each Remittance Date, the Servicer shall transfer from the Collection
Account to the Certificate Administrator for deposit into the Distribution Account all funds remaining on deposit therein pursuant
to clause (xii) of Section 3.4(c). The Certificate Administrator shall credit the funds remitted by the Servicer
from the Collection Account to the Distribution Account. Amounts held in the Distribution Account shall be uninvested.


 


The
Certificate Administrator shall make withdrawals from the Distribution Account (i) to withdraw any amounts deposited therein in
error, (ii) to deposit any required Withheld Amounts into the Interest Reserve Account pursuant to Section 3.4(d) and (iii)
to make distributions to the Holders of the Certificates pursuant to Section 4.1.


 






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(b)          The
Certificate Administrator shall make or be deemed to have made withdrawals from the Lower-Tier Distribution Account in the following
order of priority and only for the following purposes:


 


(i)           to
make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.1(b) and Section 4.3(b) into the Upper-Tier
Distribution Account and to make distributions to the Holder of the Class R Certificates (in respect of the Class LT-R Interest)
pursuant to Section 4.1(b);


 


(ii)          to
withdraw amounts deposited into the Lower-Tier Distribution Account in error and pay such amounts to the Persons entitled thereto;
and


 


(iii)         to
clear and terminate the Lower-Tier Distribution Account pursuant to Section 10.2.


 


(c)          The
Certificate Administrator shall make withdrawals from the Upper-Tier Distribution Account in the following order of priority and
only for the following purposes:


 


(i)           to
withdraw amounts deposited in error;


 


(ii)          to
make deposits in the Regular Interest Distribution Account in respect of amounts distributed to the Holders of the Regular Interests
and to make distributions to Holders of the Class R Certificates (in respect of the Class UT-R Interest) on each Distribution
Date pursuant to Section 4.1(a) or Sections 10.1 and 10.2 as applicable; and


 


(iii)         to
clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 10.2.


 


(d)          The
Certificate Administrator shall make withdrawals from the Regular Interest Distribution Account in the following order of priority
and only for the following purposes:


 


(i)           to
withdraw amounts deposited in error;


 


(ii)          to
make distributions to Holders of the Certificates (other than the Class R Certificates) on each Distribution Date pursuant to
Section 4.1(b) or Sections 10.1 and 10.2 as applicable; and


 


(iii)         to
clear and terminate the Regular Interest Distribution Account at the termination of this Agreement pursuant to Section 10.2.


 


3.6.         Foreclosed
Property Account. The Special Servicer shall establish and maintain one or more deposit accounts (the “Foreclosed
Property Account”) for the benefit of the Certificateholders and the Companion Loan Holders in the name of either (a)
“Wells Fargo Bank, National Association, as Special Servicer for Wilmington Trust, National Association, as Trustee of 20
Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates, Series 2018-20TS” or (b) the limited liability
company wholly owned by the Trust, managed by the Special Servicer, and formed to hold title to the Foreclosed Property pursuant
to Section 3.14,


 



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 related to the Foreclosed
Property, if any, held for the benefit of the Trustee on behalf of the Certificateholders and the Companion Loan Holders. The
Foreclosed Property Account must be an Eligible Account maintained with an Eligible Institution. The Special Servicer shall deposit
into the Foreclosed Property Account within one Business Day of receipt all properly identified funds collected and received in
connection with the operation or ownership of such Foreclosed Property. On or before the Determination Date, the Special Servicer
shall withdraw the funds in the Foreclosed Property Account, net of certain expenses and/or reserves (to the extent not inconsistent
with the express terms hereof, the amount of such reserves to be determined in accordance with the Special Servicer’s reasonable
discretion and in accordance with Accepted Servicing Practices), and deposit them into the Collection Account in accordance with
Section 3.4(a). The Special Servicer shall notify the Certificate Administrator in writing of the location and account
number of the Foreclosed Property Account and shall notify the Certificate Administrator in writing prior to any subsequent change
thereof.


 


3.7.         Appraisal
Reductions. (a) Within 30 days after the occurrence of an Appraisal Reduction Event with respect to the Whole Loan, the Special
Servicer shall (i) notify the Servicer, the Trustee and the Certificate Administrator and, during any Subordinate Control Period
or Subordinate Consultation Period, the Directing Holder, of such occurrence of an Appraisal Reduction Event and (ii) order an
Appraisal of the Property (provided that the Special Servicer will not be required to obtain an Appraisal of the Property
with respect to which there exists an Appraisal which is less than nine months old, unless it has actual knowledge of a material
adverse change in the market or condition or value of the Property) and no later than the later of (a) 60 days after the Appraisal
Reduction Event with respect to the Whole Loan or (b) 10 Business Days after obtaining the final Appraisal of the Property, the
Special Servicer shall determine on the basis of such Appraisal whether there exists any Appraisal Reduction Amount and if so,
give reasonably prompt notice thereof to the Companion Loan Holders. The cost of obtaining any such Appraisal shall be paid by
the Servicer as a Property Protection Advance or an Administrative Advance unless it would constitute a Nonrecoverable Advance.
Updates of any such Appraisal shall be obtained by the Special Servicer, and paid for by the Servicer as a Property Protection
Advance or an Administrative Advance (or paid for by the Trust if the Servicer determines that such Advance would constitute a
Nonrecoverable Advance) every twelve months for so long as an Appraisal Reduction Event exists, and the Appraisal Reduction Amount
shall be adjusted accordingly. If required in accordance with any such adjustment, each Class of Certificates that has been notionally
reduced as a result of Appraisal Reduction Amounts shall have its related Certificate Balance notionally restored by the Certificate
Administrator or the Trustee to the extent required by such adjustment of the Appraisal Reduction Amount, and there will be a
redetermination of whether a Subordinate Control Period or Subordinate Consultation Period is in effect. Any such Appraisal obtained
pursuant to this Section 3.7(a) will be delivered by the Special Servicer to the Servicer, the 17g-5 Information Provider,
the Certificate Administrator, Companion Loan Holders and, during any Subordinate Control Period or Subordinate Consultation Period,
the Directing Holder in electronic format and the Certificate Administrator shall make such Appraisal available to Privileged
Persons pursuant to Section 8.14(b). The 17g-5 Information Provider shall post such Appraisal on the 17g-5 Information
Provider’s Website pursuant to Section 8.14(b). Following notification from the Special Servicer of any Appraisal
Reduction Amount, the Servicer and the Trustee shall notify the Other Servicer and Other Trustee of the existence of an Appraisal
Reduction Event and any related Appraisal Reduction Amount. Following notification from the


 



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 Special Servicer, the Servicer and
the Trustee shall be deemed to have delivered notice of any such Appraisal Reduction Event and any related Appraisal Reduction
Amount if the Servicer includes such event and/or amount in its monthly servicer statements provided to the Other Servicer.


 


The
Whole Loan will be treated as a single mortgage loan for purposes of calculating the Appraisal Reduction Amount. Any Appraisal
Reduction Amount with respect to the Whole Loan shall be allocated first, to the Trust A-B Notes, up to the full outstanding
principal balance thereof, and then, to the Trust A Notes and the Non-Trust A Notes, on a pro rata and pari passu
basis, based on their respective outstanding principal balances.


 


(b)          While
an Appraisal Reduction Amount exists, (i) the amount of any Monthly Payment Advances with respect to the Trust Loan shall be reduced
as provided in Section 3.23(a) and (ii) the existence thereof will be taken into account for purposes of determining the
Voting Rights of certain Classes of Certificates as provided in Section 3.7(c).


 


(c)          The
Certificate Balance of each of the Sequential Pay Certificates shall be notionally reduced (solely for purposes of determining
(i) the Voting Rights of the related Classes and (ii) whether a Subordinate Control Period or Subordinate Consultation Period
is in effect) on any Distribution Date to the extent of the Appraisal Reduction Amount allocated to such Class on such Distribution
Date. The Appraisal Reduction Amount for any Distribution Date shall be applied to notionally reduce the Certificate Balances
of the Certificates in the following order of priority: first, to the Class H Certificates; second, to the Class
G Certificates; third, to the Class F Certificates; fourth, to the Class E Certificates; fifth, to the Class
D Certificates; sixth, to the Class C Certificates; and seventh, to the Class B Certificates (provided in
each case that no Certificate Balance in respect of any such Class may be notionally reduced below zero). Appraisal Reduction
Amounts shall not be applied to notionally reduce the Certificate Balance of any Class A Certificates.


 


Any
such allocations of Appraisal Reduction Amounts to:


 


(i)             the
Class B Regular Interest shall be further allocated to the Class B Certificates and the Class V Certificates, pro rata
in proportion to the Class B Percentage Interest and the Class V Percentage Interest, respectively;


 


(ii)            the
Class C Regular Interest shall be further allocated to the Class C Certificates and the Class V Certificates, pro rata
in proportion to the Class C Percentage Interest and the Class V Percentage Interest, respectively;


 


(iii)           the
Class D Regular Interest shall be further allocated to the Class D Certificates and the Class V Certificates, pro rata
in proportion to the Class D Percentage Interest and the Class V Percentage Interest, respectively;


 


(iv)           the
Class E Regular Interest shall be further allocated to the Class E Certificates and the Class V Certificates, pro rata
in proportion to the Class E Percentage Interest and the Class V Percentage Interest, respectively;


 






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(v)            the
Class F Regular Interest shall be further allocated to the Class F Certificates and the Class V Certificates, pro rata
in proportion to the Class F Percentage Interest and the Class V Percentage Interest, respectively;


 


(vi)           the
Class G Regular Interest shall be further allocated to the Class G Certificates and the Class V Certificates, pro rata
in proportion to the Class G Percentage Interest and the Class V Percentage Interest, respectively; and


 


(vii)          the
Class H Regular Interest shall be further allocated to the Class H Certificates and the Class V Certificates, pro rata
in proportion to the Class H Percentage Interest and the Class V Percentage Interest, respectively.


 


(d)          In
the event that a portion(s) of one or more Monthly Payment Advances with respect to the Trust Loan was reduced as a result of
an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds to be applied to interest shall be reduced by the aggregate
amount of such reductions and the portion of such Net Liquidation Proceeds to be applied to principal shall be increased by such
amount, and if the amounts of the Net Liquidation Proceeds to be applied to principal have been applied to pay the principal of
the Trust Loan in full, any remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued and unpaid interest
on the Trust Loan in accordance with Section 1.3.


 


(e)          If
(i) an Appraisal Reduction Event has occurred, (ii) either (A) no Appraisal or update of the Appraisal has been obtained or conducted
with respect to the Property or Foreclosed Property, as the case may be, during the 12-month period prior to the date of such
Appraisal Reduction Event or (B) a material change in the circumstances surrounding the Property or Foreclosed Property, as the
case may be, has occurred since the date of the most recent Appraisal that would materially and adversely affect the value of
the Property or Foreclosed Property, as the case may be, and (iii) no new final Appraisal has been obtained or conducted for the
Property or Foreclosed Property, as the case may be, within 60 days after the Appraisal Reduction Event has occurred, then (x)
until the new Appraisal is conducted, the Appraisal Reduction Amount for the Whole Loan shall be equal to 25% of the Loan Principal
Balance for the Whole Loan, and (y) upon receipt or performance of the new Appraisal by the Special Servicer, the Appraisal Reduction
Amount for the Property or Foreclosed Property, as the case may be, shall be recalculated in accordance with the definition of
Appraisal Reduction Amount. Notwithstanding the foregoing, solely for purposes of determining whether a Subordinate Control Period
or a Subordinate Consultation Period is then in effect or the allocation of Voting Rights for certain purposes, deemed Appraisal
Reduction Amounts imposed pursuant to clause (x) of the preceding sentence will not be allocated to any Class of Certificates;
provided, however, this sentence shall not affect in any manner the effect of Appraisal Reduction Amounts based
upon anything other than such clause (x), including when the related Appraisals are received.


 


With
respect to any Appraisal Reduction Amount calculated for purposes of determining an Appraisal Reduction Event, the appraised value
(as determined by an updated Appraisal) of the Property securing the Whole Loan will be determined on an “as-is” basis,
based upon the current physical condition, use and zoning of the Property as of the date of the Appraisal.


 






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If
the Certificate Balance of any Class of Control Eligible Certificates (taking into account the application of any Appraisal Reduction
Amounts to notionally reduce the Certificate Balance of such Class) has been reduced to less than 25% of its Original Certificate
Balance, such Class will be referred to as the “Appraised-Out Class”. The Holders of the majority (by Certificate
Balance) of the Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order a second
Appraisal of the Property (such Holders, the “Requesting Holders”). The Special Servicer shall use its commercially
reasonable efforts to ensure that such Appraisal is delivered within 60 days from receipt of the Requesting Holders’ written
request and shall ensure that such Appraisal is prepared by an Independent Appraiser).


 


In
addition, if subsequent to a Class of Control Eligible Certificates becoming an Appraised-Out Class there is a material change
with respect to the Property related to the Appraisal Reduction Amounts that caused such Class to become an Appraised-Out Class,
the Requesting Holders will have the right to request, in writing, that the Special Servicer obtain an additional Appraisal, which
request shall set forth the Requesting Holder’s belief of what constitutes a material change to the Property (including
any related documentation). The costs of obtaining such additional Appraisal will be paid by the Requesting Holders. Subject to
the Special Servicer’s confirmation, determined in accordance with Accepted Servicing Practices, that there has been a change
with respect to the Property and such change was material, the Special Servicer shall order another Appraisal from an Independent
Appraiser, the identity of which shall be determined by the Special Servicer in accordance with Accepted Servicing Practices (provided
that such Independent Appraiser may not be the same Independent Appraiser that provided the Appraisal in respect of which
the Requesting Holders are requesting the Special Servicer to obtain an additional Appraisal and provided further that
the Holders of an Appraised-Out Class may require the Special Servicer to order an additional Appraisal no more than once in any
nine-month period). Appraisals that are permitted to be requested by any Appraised-Out Class shall be in addition to any Appraisals
that the Special Servicer may otherwise be required to obtain in accordance with Accepted Servicing Practices 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.


 


Upon
receipt of any supplemental Appraisal pursuant to the two preceding paragraphs, the Special Servicer shall recalculate such Appraisal
Reduction Amounts based upon such second Appraisal. If required by any such recalculation, the applicable 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 Amounts.


 


Any
Appraised-Out Class for which the Requesting Holders are challenging the Special Servicer’s Appraisal Reduction Amounts
determination may not exercise any rights of the related Controlling Class until such time, if any, as such Class is reinstated
as the Controlling Class.


 


In
addition, the Special Servicer shall comply with the terms of the Co-Lender Agreement with respect to the rights of a Companion
Loan Holder to request or obtain additional Appraisals and to request recalculations of the Appraisal Reduction Amounts.


 






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3.8.          Investment
of Funds in the Collection Account, the Companion Loan Account and the Foreclosed Property Account. (a) The Servicer (and,
with respect to the Foreclosed Property Account, the Special Servicer) may direct any depository institution maintaining the Collection
Account, the Companion Loan Account, the Foreclosed Property Account and any Reserve Account (to the extent interest is not payable
to the Borrower), respectively (each, for purposes of this Section 3.8, an “Investment Account”), to
invest the funds in such Investment Account in one or more Permitted Investments that bear interest or are sold at a discount,
and that mature, unless payable on demand, no later than the Business Day preceding the date on which such funds are required
to be withdrawn from such Investment Account pursuant to this Agreement. Any direction by the Servicer or the Special Servicer,
as applicable, to invest funds on deposit in an Investment Account shall be in writing and shall certify that the requested investment
is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. All such Permitted Investments
shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name
of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee on behalf of the Trust. The Trustee shall
have sole control (except with respect to investment direction, which shall be in the control of the Servicer (or the Special
Servicer, with respect to any Foreclosed Property Account) as an independent contractor to the Trust Fund) over each such investment
and any certificate or other instrument evidencing any such investment shall be delivered directly to the Trustee or its agent
(which shall initially be the Servicer or the Special Servicer, as applicable), together with any document of transfer, if any,
necessary to transfer title to such investment to the Trustee or its nominee. The Trustee and the Certificate Administrator shall
have no responsibility or liability with respect to the investment directions of the Servicer or the Special Servicer, as applicable,
or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit in an Investment
Account are at any time invested in a Permitted Investment payable on demand, the Servicer and the Special Servicer, as applicable,
shall:


 


(i)           consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount
required to be withdrawn on such date; and


 


(ii)          demand
payment of all amounts due thereunder promptly upon determination by the Servicer or Special Servicer, as applicable, that such
Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related Investment
Account.


 


(b)          All
net income and gain realized from investment of funds deposited in the Collection Account, the Companion Loan Account and the
Reserve Accounts (to the extent not payable to the Borrower) shall be for the benefit of the Servicer in accordance with the terms
and priorities of this Agreement. All net income and gain realized from investment of funds deposited in the Foreclosed Property
Account shall be for the benefit of the Special Servicer. Any net losses on funds in the Collection Account, the Companion Loan
Account, the Reserve Accounts (except in the case of any such loss with respect to a Reserve Account, to the extent such losses
are incurred on amounts invested for the benefit of the Borrower pursuant to and in accordance with the terms of the Loan Documents)
or the Foreclosed Property Account shall be


 



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 reimbursed by the Servicer or the Special Servicer, as applicable, from its own funds
promptly, but in any event on or prior to the Remittance Date following the realization of such loss. Notwithstanding the above,
neither the Servicer nor the Special Servicer shall be required to deposit any loss on an investment of funds in an Investment
Account if such loss was incurred solely as a result of the insolvency of the federal or state chartered depositary institution
or trust company that holds such Investment Account so long as (i) such depositary institution or trust company satisfied the
qualifications set forth in the definition of Eligible Institution at the time such investment was made and (ii) such loss was
incurred within 30 days after the date of such insolvency, and (iii) such loss is not the result of fraud, negligence, bad faith
or willful misconduct of the Servicer or Special Servicer, as applicable.


 


(c)          Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, the Servicer shall take such action as
may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
In the event the Servicer takes any such action, the Trust Fund shall pay or reimburse the Servicer, pursuant to Section 3.4(c),
for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Servicer in connection therewith.


 


(d)          Notwithstanding
the foregoing, none of the Servicer, the Special Servicer, the Certificate Administrator or the Trustee (in its capacity as the
Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be) shall cover any losses from
the bankruptcy or insolvency of a depository institution holding an account described in this Section 3.8, if (i) immediately
prior to such bankruptcy or insolvency such institution was an Eligible Institution at the time of such deposit and (ii) such
loss was not the result of fraud, bad faith, negligence or willful misconduct of the Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as applicable.


 


3.9.         Payment
of Taxes, Assessments, etc. The Servicer (other than with respect to any Foreclosed Property) and the Special Servicer (with
respect to any Foreclosed Property) shall maintain accurate records with respect to the Property (or Foreclosed Property, as the
case may be) reflecting the status of taxes, assessments, charges and other similar items that are or may become a lien on the
Property (or Foreclosed Property, as the case may be) and the status of insurance premiums payable in respect of insurance policies
required to be maintained pursuant to Section 3.11 hereof. The Servicer shall obtain, from time to time, all bills for
the payment of such items (including renewal premiums). The Servicer shall pay (or cause to be paid) real estate taxes, insurance
premiums and other similar items from funds in the applicable Reserve Account in accordance with the Loan Agreement at such time
as may be required by the Loan Documents. If the Borrower does not make the necessary payments and/or a Loan Event of Default
has occurred and amounts in the applicable Reserve Account are insufficient to make such payments, the Servicer shall make a Property
Protection Advance, subject to the determination of non-recoverability provided in Section 3.23, from its own funds for
amounts payable with respect to all such items related to the Property when and as the same shall become due and payable. The
Servicer shall ensure that the amount of funds in the applicable Reserve Account is increased when and if applicable taxes, assessments,
charges and other similar items,


 



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 ground rents, leasehold rents or insurance premiums are increased, in accordance with the terms of the Loan Agreement.


 


3.10.          Appointment
of Special Servicer. (a) Wells Fargo Bank, National Association is hereby appointed as the initial Special Servicer to service
the Whole Loan while a Special Servicing Loan Event has occurred and is continuing and perform the other obligations of the Special
Servicer hereunder.


 


(b)          If
there is a Special Servicer Termination Event with respect to the Special Servicer, the Special Servicer may be removed and replaced
pursuant to Sections 7.1 and 7.2. The Trustee or the Certificate Administrator, as applicable, shall, promptly after
receiving notice of any such Special Servicer Termination Event, notify the Servicer, the Trustee (in the case of the Certificate
Administrator) and the Certificate Administrator (which shall post such notice on the Certificate Administrator’s Website
in accordance with Section 8.14(b)), the Companion Loan Holders and the 17g-5 Information Provider (which shall post such
notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b). The appointment of any such
successor Special Servicer shall not relieve the Servicer or the Trustee of their respective obligations to make Advances as set
forth herein; provided, however, the initial Special Servicer specified above shall not be liable for any actions
or any inaction of such successor Special Servicer. No termination fee shall be payable to the terminated Special Servicer. No
termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until the successor Special
Servicer has assumed all of its responsibilities, duties and liabilities hereunder in writing and a Rating Agency Confirmation
with respect to such appointment has been delivered to the Trustee. Any successor Special Servicer shall be deemed to make the
representations and warranties provided for in Section 2.6(a) mutatis mutandis as of the date of its succession.
The terminated Special Servicer shall retain all rights accruing to it under this Agreement, including the right to receive fees
accrued prior to its termination and other amounts payable to it (including indemnification payments).


 


(c)          Upon
determining that a Special Servicing Loan Event has occurred and is continuing with respect to the Whole Loan, the Servicer shall
immediately give notice thereof to the Special Servicer, the Trustee, and the Certificate Administrator and the Companion Loan
Holders and the Servicer shall use its reasonable efforts to provide the Special Servicer with all information, documents (but
excluding the original documents constituting the Mortgage File) and records (including records stored electronically on computer
tapes, magnetic discs and the like) relating to the Whole Loan and reasonably requested by the Special Servicer to enable it to
assume its duties hereunder with respect thereto. The Servicer shall use its reasonable efforts to comply with the preceding sentence
within five (5) Business Days of the date that a Special Servicing Loan Event has occurred. The Servicer, in any event, shall
continue to act as Servicer and administrator of the Whole Loan until the Special Servicer has commenced the servicing of the
Whole Loan, upon the occurrence and during the continuation of a Special Servicing Loan Event, which commencement shall occur,
in the case of a Special Servicing Loan Event, upon the receipt by the Special Servicer of the information, documents and records
referred to in the preceding sentence. The Special Servicer shall instruct the Borrower to continue to remit all payments in respect
of the Whole Loan to the Servicer. The Servicer shall forward any notices it would otherwise send to the Borrower under the Whole
Loan to the Special Servicer who shall


 



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 send such notice to the Borrower while a Special Servicing Loan Event has occurred and
is continuing.


 


(d)          Upon
determining that a Special Servicing Loan Event is no longer continuing with respect to the Whole Loan, the Special Servicer shall
promptly give notice thereof to the Servicer, the Trustee, the Certificate Administrator and the Companion Loan Holders, and upon
giving such notice such Special Servicing Loan Event shall cease, the Special Servicer’s obligation to service the Whole
Loan shall terminate and the obligations of the Servicer to service and administer the Whole Loan shall resume and the Special
Servicer shall return all of the information and materials furnished to the Special Servicer pursuant to Section 3.10(c)
to the Servicer.


 


(e)          In
making a Major Decision or in servicing the Whole Loan during the continuance of a Special Servicing Loan Event, the Special Servicer
shall provide to the Certificate Administrator originals of documents entered into in connection therewith that are required to
be included within the definition of “Mortgage File” for inclusion in the Mortgage File (to the extent such
documents are in the possession of the Special Servicer) and copies of any additional Whole Loan information, including correspondence
with the Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Servicer as well as copies
of any related analysis or internal review prepared by or for the benefit of the Special Servicer.


 


(f)           During
any period in which a Special Servicing Loan Event is continuing with respect to the Whole Loan, on the Determination Date, the
Special Servicer shall deliver to the Servicer to the extent not included in the CREFC® Special Servicer Loan File
a written statement describing (i) the amount of all payments on account of interest received on the Whole Loan, the amount of
all payments on account of principal received on the Whole Loan, the amount of Insurance Proceeds, Condemnation Proceeds and Net
Liquidation Proceeds received, the amount of any Foreclosure Proceeds received with respect to the Property, and the amount of
net income or net loss, as determined from management of a trade or business on, the furnishing or rendering of a non-customary
service to the tenants of, or the receipt of any rental income that does not constitute rents from real property with respect
to, the Foreclosed Property, in each case in accordance with Section 3.15 and (ii) such additional information relating
to the Whole Loan as the Servicer or the Certificate Administrator reasonably requests to enable it to perform its duties under
this Agreement.


 


(g)          Notwithstanding
the provisions of the preceding subsection (c), the Servicer shall maintain ongoing payment records with respect to the Whole
Loan and shall provide the Special Servicer with any information reasonably required by the Special Servicer to perform its duties
under this Agreement.


 


(h)          Within
60 days after a Special Servicing Loan Event occurs with respect to the Whole Loan, the Special Servicer shall prepare a report
(the “Asset Status Report”) for the Whole Loan and the Property and deliver such report in electronic format
to the Servicer, the Directing Holder (but only during any Subordinate Control Period or Subordinate Consultation Period), the
Risk Retention Consultation Party (for so long as it is not a Borrower Related Party), the Companion Loan Holders (for so long
as it is not a Borrower Related Party) and to the 17g-5


 



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Information Provider in accordance with Section 8.14(b), (who shall
promptly post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)). Such Asset Status Report
shall set forth the following information to the extent reasonably determinable:


 


(i)           summary
of the status of the Whole Loan and any negotiations with the Borrower;


 


(ii)          a
discussion of the legal and environmental considerations reasonably known at such time to the Special Servicer, consistent with
Accepted Servicing Practices, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related
guaranties or other collateral for the Whole Loan and whether outside legal counsel has been retained;


 


(iii)         the
most current rent roll and income or operating statement available for the Property;


 


(iv)         the
Special Servicer’s recommendations on how the Whole Loan might be returned to performing status or otherwise realized upon;


 


(v)          the
appraised value of the Property together with the assumptions used in the calculation thereof;


 


(vi)          the
status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect thereto
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional Loan Events
of Default;


 


(vii)        a
description of any amendment, modification or waiver of a material term of any Ground Lease;


 


(viii)       a
description of any proposed or taken actions;


 


(ix)          the
alternative courses of action considered by the Special Servicer in connection with the proposed or taken actions;


 


(x)          the
decision that the Special Servicer made or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives; and an analysis of whether
or not taking such action is reasonably likely to produce a greater recovery on a present value basis than not taking such action,
setting forth (x) the basis on which the Special Servicer made such determination and (y) the net present value calculation (including
the applicable discount rate used) and all related assumptions; and


 


(xi)          such
other information as the Special Servicer deems relevant in light of the proposed action and Accepted Servicing Practices.


 


The
Special Servicer shall (x) deliver to the Certificate Administrator and 17g-5 Information Provider the Final Asset Status Report
and to the Certificate Administrator a


 



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proposed notice to Certificateholders that will include a summary of the Final Asset Status
Report in an electronic format (which shall be a brief summary of the current status of the Property, but will not include any
information related to its workout strategy with respect to the Whole Loan), and the Certificate Administrator shall post such
summary on the Certificate Administrator’s Website pursuant to Section 8.14(b) and (y) implement the Asset Status
Report in the form delivered to the Certificate Administrator. The 17g-5 Information Provider shall post the Asset Status Report
on the 17g-5 Information Provider’s Website. The Special Servicer may, from time to time, modify any Asset Status Report
it has previously delivered and, following the prompt delivery of such modified Asset Status Report to the 17g-5 Information Provider
and a summary of the same to the Certificate Administrator, and each shall post the modified Asset Status Report and summary of
the Final Asset Status Report thereof to its respective website pursuant to Section 8.14(b), shall implement such report.


 


Subject
to the last paragraph of Section 9.3(a), during any Subordinate Control Period, if within 10 Business Days of receiving
an Asset Status Report, the Directing Holder does not disapprove such Asset Status Report in writing, the Special Servicer shall
implement the recommended action as outlined in such Asset Status Report. If, during any Subordinate Control Period, the Directing
Holder disapproves such Asset Status Report within 10 Business Days of receipt and the Special Servicer has not made the determination
described below, 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 30 days after such disapproval, to the Directing Holder, the Servicer, the Trustee, the Certificate
Administrator and the 17g 5 Information Provider (which shall promptly post such revised Asset Status Report on the 17g 5 Information
Provider’s Website in accordance with Section 8.14(b)). During any Subordinate Control Period, the Special Servicer
shall revise such Asset Status Report as described above in this Section 3.10(h) until the Directing Holder shall fail
to disapprove such revised Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status Report,
until the Directing Holder’s approval is no longer required or until the Special Servicer makes the determination described
below. Notwithstanding the foregoing, the Special Servicer (A) may, following the occurrence of an extraordinary event with respect
to the Property or the Whole Loan or, if a failure to take any such action at such time would be inconsistent with Accepted Servicing
Practices, take any action set forth in such Asset Status Report before the expiration of a ten (10) Business Day period and (B)
shall implement the action recommended in the Asset Status Report if it makes a determination in accordance with Accepted Servicing
Practices that such affirmative disapproval is not in the best interest of all the Certificateholders and the Companion Loan Holders;
provided, however, that such Asset Status Report is not intended to replace or satisfy any other specific consent
or approval right which the Directing Holder may have pursuant to Section 9.3.


 


The
Special Servicer shall deliver to the Servicer, the Directing Holder (during any Subordinate Consultation Period) and the 17g-5
Information Provider (which shall promptly post the same to the 17g-5 Information Provider’s Website) and the Companion
Loan Holders a copy of each Final Asset Status Report, in each case with reasonable promptness following the adoption thereof.
The Special Servicer shall provide a summary of such report to the Certificate Administrator, and the Certificate Administrator
shall post such summary to its Internet website.


 






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After
the termination of any Subordinate Control Period, the Directing Holder shall have no right to consent to any Asset Status Report
under this Section 3.10(h) or otherwise direct the Servicer or Special Servicer. After the termination of any Subordinate
Consultation Period, the Directing Holder (other than in its capacity as a Certificateholder) shall have no right to receive any
Asset Status Report or otherwise consult with the Special Servicer with respect to any matter set forth therein.


 


Notwithstanding
anything herein to the contrary: (i) the Servicer and the Special Servicer shall have no right or obligation to consult with or
to seek and/or obtain consent, approval or direction from any Directing Holder prior to or after acting or making any determination
(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 Directing Holder and before a replacement is selected and/or identified; and (ii) no advice, direction
or objection from or by the Directing Holder, as contemplated by Section 9.3 or pursuant to any other provision of this
Agreement, as contemplated by this Agreement, may (and the applicable Servicer or Special Servicer may ignore and act without
regard to any such advice, direction or objection that such Servicer or Special Servicer, as applicable, has determined, in its
reasonable, good faith judgment, would): (A) require or cause such Servicer or Special Servicer, as applicable, to violate applicable
law, the terms of the Loan Documents or this Agreement, including, as applicable, the Servicer’s or Special Servicer’s
obligation to act in accordance with the Accepted Servicing Practices, (B) result in an Adverse REMIC Event, or cause the Grantor
Trust to fail to qualify as a “grantor trust” under the Code, (C) expose the Trust, the Depositor, the Servicer, the
Special Servicer, the Certificate Administrator, the Trustee or any of their respective Affiliates, members, managers, officers,
directors, employees or agents, to any claim, suit or liability or (D) materially expand the scope of the Servicer’s, the
Special Servicer’s, the Trustee’s or the Certificate Administrator’s responsibilities under this Agreement.


 


(i)          During
the continuance of a Special Servicing Loan Event, the Special Servicer shall have the authority to meet with the Borrower and,
subject to the rights of the Directing Holder (during any Subordinate Control Period or Subordinate Consultation Period) take
any actions consistent with Section 3.24, Accepted Servicing Practices and the most recent Asset Status Report.


 


(j)          In
addition, during the continuance of a Special Servicing Loan Event, on the Determination Date the Special Servicer shall prepare
and deliver to the Servicer the CREFC® Special Servicer Loan File with respect to the Whole Loan.


 


3.11.          Maintenance
of Insurance and Errors and Omissions and Fidelity Coverage. (a) The Servicer, consistent with Accepted Servicing Practices
and the Loan Documents, shall cause to be maintained by the Borrower (or if the Borrower fails to maintain such insurance in accordance
with the Loan Agreement, the Servicer shall cause to be maintained to the extent such insurance is available at commercially reasonable
rates, and to the extent the Trustee on behalf of the Trust Fund and the Companion Loan Holders, as mortgagee, has an insurable
interest) insurance with respect to the Property of the types and in the amounts required to be maintained by the Borrower under
the Loan Documents. The cost of any such insurance maintained by the Servicer shall be advanced by the Servicer, as a Property
Protection Advance unless it would be a Nonrecoverable Advance. Neither the Servicer nor the Special


 



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Servicer shall be required
to maintain, and shall not cause the Borrower to be in default with respect to the failure of the Borrower to obtain, all-risk
casualty insurance which does not contain any carve-out for terrorist or similar acts, if and only if the Special Servicer and,
during any Subordinate Control Period, the Directing Holder, have determined, on an annual basis, that such insurance is not required
pursuant to the terms of the Loan Documents as in effect on the date thereof. Neither the Servicer nor the Special Servicer shall
be required to obtain terrorism insurance pursuant to this Agreement to the extent the Borrower would not be obligated to maintain
terrorism insurance under the Loan Documents as in effect on the date thereof.


 


(b)          The
Special Servicer, consistent with Accepted Servicing Practices and the Loan Documents, shall cause to be maintained such insurance
with respect to any Foreclosed Property as the Borrower is required to maintain with respect to the Property referred to in subsection
(a) of this Section 3.11 or, at the Special Servicer’s election, coverage satisfying insurance requirements consistent
with Accepted Servicing Practices. The cost of any such insurance with respect to any Foreclosed Property shall be payable out
of amounts on deposit in the Foreclosed Property Account or shall be advanced by the Servicer as a Property Protection Advance
unless such advance would be a Nonrecoverable Advance. Any such insurance (other than terrorism insurance, which shall be maintained
to the extent required under subsection (a)) that is required to be maintained with respect to a Foreclosed Property shall
only be so required to the extent such insurance is available at commercially reasonable rates. If the Special Servicer requests
the Servicer to make a Property Protection Advance in respect of the premiums due in respect of such insurance, the Servicer shall,
as soon as practicable after receipt of such request, make such Property Protection Advance unless such Advance would be a Nonrecoverable
Advance, and if the Servicer does not make such Advance, the Trustee (within five (5) Business Days of its receipt of notice of
the Servicer’s failure to make such Advance) shall make an Advance of the premiums to maintain such insurance, provided
that, in each such case, such obligations shall be subject to the provisions of this Agreement concerning Nonrecoverable Advances,
the Trustee as mortgagee having an insurable interest and the availability of such insurance at commercially reasonable rates.


 


(c)          The
Servicer or the Special Servicer, as applicable, may satisfy its obligations to cause insurance policies to be maintained by maintaining
a master force placed or blanket insurance policy insuring against losses on the Property or the Foreclosed Property, as the case
may be for which coverage is otherwise required to be maintained as set forth in the preceding subsections of this Section
3.11. The incremental cost of such insurance allocable to the Property or Foreclosed Property, if not borne by the Borrower,
shall be paid by the Servicer as a Property Protection Advance unless it would be a Nonrecoverable Advance. If such master force
placed or blanket insurance policy contains a deductible clause, the Servicer or Special Servicer, as applicable, shall deposit
in the Collection Account out of its own funds all sums that would have been deposited in the Collection Account but for such
clause to the extent any such deductible exceeds the deductible limitation that pertains to the Whole Loan, or in the absence
of any such deductible limitation, the deductible limitation that is consistent with Accepted Servicing Practices.


 


(d)          Each
of the Servicer and the Special Servicer shall obtain and maintain at its own expense, and keep in full force and effect throughout
the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy (rated by an insurance


 



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company
that has a claims paying ability rating at least equal to “A3” by Moody’s and its equivalent by Morningstar
(if then rated by Morningstar) (or such other rating as to which a Rating Agency Confirmation has been obtained) covering its
directors, officers, employees, as applicable, in connection with its activities under this Agreement. Each such insurance policy
shall protect the Servicer or the Special Servicer, as applicable, against losses resulting directly from forgery, theft, embezzlement,
fraud, errors and omissions of such covered persons. Coverage of the Servicer or the Special Servicer under a policy or bond obtained
by an Affiliate thereof and providing the coverage required by this Section 3.11(d) shall satisfy the requirements of this
Section 3.11(d). The amount of coverage shall be at least equal to the coverage that is required by applicable governmental
authorities having regulatory power over the Servicer and the Special Servicer. If no such coverage amounts are imposed by such
regulatory authorities, the amount of coverage shall be at least equal to the coverage that would be required by FNMA or FHLMC
with respect to the Servicer and the Special Servicer if each were servicing and administering the Whole Loan for FNMA or FHLMC
or as otherwise approved by FNMA or FHLMC. In the event that any such bond or policy ceases to be in effect, the Servicer or the
Special Servicer, as applicable, shall obtain a comparable replacement bond or policy. Each shall use efforts consistent with
Accepted Servicing Practices to cause each and every sub-servicer, if any, to maintain a blanket fidelity bond and an errors and
omissions insurance policy meeting the requirements as described above. In lieu of the foregoing, but subject to this Section
3.11, the Servicer and Special Servicer shall be entitled to self-insure with respect to such risks so long as the long term
debt obligations or deposits of the Servicer or Special Servicer, as applicable (or its immediate or remote parent) is rated at
least “A3” by Moody’s or at least its equivalent rating by Morningstar (if then rated by Morningstar).


 


(e)          No
provision of this Section 3.11 requiring such fidelity bond and errors and omissions insurance shall diminish or relieve
the Servicer or the Special Servicer from its duties and obligations as set forth in this Agreement. The Certificate Administrator
shall be entitled to request, upon receipt of a written request from any Certificateholder, and the Servicer and the Special Servicer
shall each deliver or cause to be delivered to the Certificate Administrator, a certificate of insurance from the surety and insurer
certifying that such insurance is in full force and effect. The Certificate Administrator will make any such certificate of insurance
available to the requesting Certificateholder.


 


3.12.       Procedures
with Respect to Defaulted Loan; Realization upon the Property. (a) Upon a Loan Event of Default, the Special Servicer on behalf
of the Trust and the Companion Loan Holders (subject to the rights of the Risk Retention Consultation Party and Directing Holder
during any Subordinate Control Period (and upon non-binding consultation with the Directing Holder and Risk Retention Consultation
Party (unless it is a Borrower Related Party) during any Subordinate Consultation Period)), subject to the terms of the Loan Documents
and the Co-Lender Agreement and consistent with Accepted Servicing Practices, shall promptly pursue the remedies set forth therein
or otherwise available in accordance with Accepted Servicing Practices, including foreclosure or otherwise realization on the
Property and the other collateral for the Whole Loan. In connection with any foreclosure, enforcement of the Loan Documents or
other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs
and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted
Servicing


 



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Practices, that such Advance would constitute a Nonrecoverable Advance, in which case it will be an expense of the Trust.


 


(b)          Such
proposed acceleration of the Whole Loan and/or foreclosure on the Property shall be taken unless the Special Servicer waives such
Loan Event of Default (or modifies or amends the Whole Loan to cure the Loan Event of Default), which the Special Servicer may
do if such modification, waiver or amendment is consistent with Accepted Servicing Practices and does not cause either the Lower-Tier
REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions or constitute a “significant modification”
of the Whole Loan under Treasury Regulations Section 1.860G-2(b).


 


(c)          In
connection with such foreclosure as described in Section 3.12(a) or other realization on the Property, the Special Servicer
shall follow Accepted Servicing Practices; provided, however, that the Special Servicer shall not be permitted to
direct the Servicer, and neither the Special Servicer nor the Servicer shall be required, to expend its own funds to restore damage
done to the Property by an Uninsured Cause unless the Servicer or the Special Servicer, as applicable, permitted the related insurance
policy to lapse in violation of its respective obligations hereunder. If the Servicer does expend its own funds to restore the
Property damaged by an Uninsured Cause (which insurance policy did not lapse in violation of the Servicer’s obligations),
such expense shall be a Property Protection Advance. In connection with any foreclosure, enforcement of the Loan Documents or
other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs
and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted
Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.


 


(d)          Notwithstanding
the foregoing, the Special Servicer may not foreclose on the Property on behalf of the Trust Fund and the Companion Loan Holders
and thereby be the beneficial owner of the Property, or take any other action with respect to such item that would cause the Trustee,
on behalf of the Certificateholders or Companion Loan Holders, to be considered to hold title to, to be a “mortgagee-in-possession”
of, or to be an “owner” or “operator” of the Property within the meaning of CERCLA or any comparable law,
unless the Special Servicer has previously determined, based on a report prepared at the expense of the Trust Fund by an independent
person who regularly conducts site assessments for purchasers of comparable properties (a copy of such report to be provided to
the Trustee and the Companion Loan Holders by the Special Servicer), that (i) the Property is in compliance with applicable environmental
laws or that taking the remedial actions necessary to comply with such laws is reasonably likely to produce a greater recovery
on a present value basis than not taking such actions and (ii) there are no circumstances known to the Special Servicer relating
to the use of hazardous substances or petroleum-based materials which require investigation or remediation, or that if such circumstances
exist taking such remedial actions is reasonably likely to produce a greater recovery on a net present value basis than not taking
such actions. The Special Servicer shall deliver a copy of any such report to the 17g-5 Information Provider in electronic format
(and the 17g-5 Information Provider shall make such report available on its website to the Rating Agencies and NRSROs pursuant
to Section 8.14(b)).


 






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If
the Special Servicer has so determined based on satisfaction of the criteria in this Section 3.12(d) that it would be in
the best economic interest of the Trust Fund and the Companion Loan Holders (as a collective whole as if the Trust Fund and the
Companion Loan Holders constituted a single lender) (as determined in accordance with Accepted Servicing Practices) to institute
a foreclosure or take any other actions described in the immediately preceding paragraph, subject to the rights of the Directing
Holder to consent to and/or consult and the right of the Risk Retention Consultation Party to consult in respect of such action,
as applicable, pursuant to the terms hereof and subject to the rights of the Mezzanine Lender, the Special Servicer shall take
such proposed action. The Special Servicer shall not foreclose upon or otherwise cause the Trust to acquire ownership of any Collateral
other than the Property unless it receives an Opinion of Counsel (the cost of which shall be paid by the Servicer as a Property
Protection Advance unless the Servicer determines that such Property Protection Advance would constitute a Nonrecoverable Advance,
in which case it shall be an expense of the Trust) to the effect that such acquisition will not cause the imposition of a tax
on the Upper-Tier REMIC or the Lower-Tier REMIC (other than a tax on “net income from foreclosure property” under
Code Section 860G(c)) under the REMIC Provisions or cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC
at any time that the Certificates are outstanding.


 


If
the Special Servicer commences foreclosure of the Whole Loan, it shall promptly provide written notification of such action to
the holders of the Mezzanine Loan (or, if such Mezzanine Loan is part of a securitization trust, to the special servicer, the
trustee, the certificate administrator and the directing certificateholder of such securitization).


 


The
Special Servicer shall direct the Servicer to, and the Servicer shall, advance the cost of any such compliance, containment, clean
up or remediation as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices,
that such Advance would constitute a Nonrecoverable Advance.


 


(e)          The
environmental site assessments contemplated by Section 3.12(d) shall be prepared by any Independent Person who regularly
conducts environmental site assessments for purchasers of comparable properties, as determined by the Servicer in a manner consistent
with Accepted Servicing Practices. The cost of each such environmental site assessment shall qualify as a Property Protection
Advance and shall be advanced by the Servicer unless the Servicer determines that such Advance would constitute a Nonrecoverable
Advance.


 


(f)           Notwithstanding
any provision herein to the contrary, the Special Servicer shall not hold for the benefit of the Certificateholders and the Companion
Loan Holders any personal property pursuant to this Section 3.12 unless:


 


(i)           such
personal property is incidental to real property (within the meaning of Section 856(e)(1) of the Code) so acquired by the Special
Servicer; or


 


(ii)          the
Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Servicer as a Property Protection
Advance unless the Servicer determines that such Property Protection Advance would constitute a Nonrecoverable Advance in which
case the cost of such Opinion of Counsel shall be


 



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treated as a reimbursable expense of the Servicer related to foreclosure) to
the effect that the holding of such personal property by the Trust Fund will not cause the imposition of a tax on the Upper-Tier
REMIC or the Lower-Tier REMIC under the REMIC Provisions or cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify
as a REMIC at any time that any Uncertificated Lower-Tier Interest or Certificate is outstanding.


 


(g)          Notwithstanding
any acquisition of title to the Property following a Loan Event of Default and cancellation of the Whole Loan, the Whole Loan
shall be deemed to remain outstanding and held by the Trust Fund (in the case of the Trust Loan) and by the Companion Loan Holders
(in the case of the Companion Loans) for purposes of the application of collections and shall be reduced only by collections net
of expenses. For purposes of all calculations hereunder, so long as the Whole Loan shall be deemed to remain outstanding in accordance
with the preceding sentence, (i) it shall be assumed that the unpaid principal balance of the Trust Loan and Companion Loans immediately
after any discharge is equal to the unpaid principal balance of the Trust Loan and Companion Loans, as applicable, immediately
prior to such discharge and (ii) Foreclosure Proceeds shall be applied as provided in Section 1.3(a).


 


3.13.       Custodian
to Cooperate; Release of Items in the Mortgage File. From time to time and as appropriate for the servicing of the Whole Loan
or foreclosure of or realization on the Property, the Custodian shall, upon request of the Servicer or the Special Servicer and
delivery to the Custodian of a request for release in the form of Exhibit B hereto, release or cause to be released any
items from the Mortgage File to the Servicer or the Special Servicer, as the case may be, within the lesser of (i) seven (7) calendar
days and (ii) five (5) Business Days of its receipt of the related request for release and shall execute such documents furnished
to it as shall be necessary to the prosecution of any such proceedings. Such request for release shall obligate the Servicer or
the Special Servicer to return such items to the Custodian when the need therefor by the Servicer or the Special Servicer no longer
exists.


 


3.14.          Title
and Management of Foreclosed Property. (a) In the event that title to the Property is acquired for the benefit of the Certificateholders
and the Companion Loan Holders in foreclosure or by deed in lieu of foreclosure or otherwise, the deed, certificate of sale or
other comparable document shall be taken in the name of the Trustee, as trustee for the Holders of the 20 Times Square Trust 2018-20TS,
Commercial Mortgage Pass-Through Certificates, Series 2018-20TS or its nominee (which shall not include the Special Servicer),
on behalf of the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. Title
may be taken in the name of a limited liability company wholly owned by the Trust and which is managed by the Special Servicer
(the costs of which shall be advanced by the Servicer; provided that such Advance would not be a Nonrecoverable Advance).
Promptly after such acquisition of title, the Special Servicer shall consult with counsel to determine when an Acquisition Date
shall be deemed to occur under the REMIC Provisions with respect to the Property, the expense of such consultation being treated
as a Property Protection Advance, unless the Servicer determines that such Property Protection Advance would constitute a Nonrecoverable
Advance in which case it shall be treated as a reimbursable expense of the Servicer related to the foreclosure. The Special Servicer,
on behalf of the Trust Fund and the Companion Loan Holders, shall dispose of any Foreclosed Property held by the Trust Fund as
expeditiously as appropriate in accordance with Accepted Servicing Practices, but in any event within the time period, and subject
to the conditions, set forth in Sections 3.15 and 12.2. Subject


 



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to Sections 12.2 and 3.14(d), the
Special Servicer may hire on behalf of the Trust Fund and the Companion Loan Holders a Successor Manager to manage, conserve,
protect and operate such Foreclosed Property for the Certificateholders and Companion Loan Holders solely for the purpose of its
prompt disposition and sale. In connection with such management and subject to Section 3.4(c)(viii), the Successor Manager
shall be entitled to the REO Management Fee solely from the Foreclosed Property Account or the Collection Account pursuant to
Section 3.4(c)(viii).


 


(b)          The
Special Servicer shall segregate and hold all funds collected and received in connection with the operation of any Foreclosed
Property separate and apart from its own funds and general assets and shall establish and maintain with respect to a Foreclosed
Property a Foreclosed Property Account in the name of the Special Servicer on behalf of the Trustee and the Companion Loan Holders
pursuant to Section 3.6.


 


(c)          The
Special Servicer shall have full power and authority, subject to Accepted Servicing Practices and the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with a Foreclosed Property for the benefit of the Trust
Fund and the Companion Loan Holders (as a collective whole as if the Trust Fund and the Companion Loan Holders constituted a single
lender) on such terms as are appropriate and necessary for the efficient liquidation of such Foreclosed Property, so long as the
Special Servicer deems such actions to be consistent with Accepted Servicing Practices. Without limiting the generality of the
foregoing, the Special Servicer may retain an independent contractor to operate and manage the Foreclosed Property; provided,
however, the retention of an independent contractor will not relieve the Special Servicer of its obligations hereunder
with respect to the Foreclosed Property.


 


The
Special Servicer shall deposit or cause to be deposited on a daily basis in the Foreclosed Property Account all revenues received
with respect to the Foreclosed Property, and the Special Servicer shall cause to be withdrawn therefrom funds necessary for the
proper operation, management and maintenance of such Foreclosed Property and for other expenses related to the preservation and
protection of such Foreclosed Property, including, but not limited to:


 


(i)           all
insurance premiums due and payable in respect of such Foreclosed Property;


 


(ii)          all
taxes, assessments, charges or other similar items in respect of such Foreclosed Property that could result or have resulted in
the imposition of a lien thereon; and


 


(iii)          all
costs and expenses necessary to preserve such Foreclosed Property, including the payment of ground rent, if any.


 


To
the extent that amounts on deposit in the Foreclosed Property Account are insufficient for the purposes set forth in clauses
(i) through (iii) above (and all similar amounts or expenses), the Special Servicer shall direct the Servicer to, and
the Servicer shall, make a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices,
that such Advance would constitute a Nonrecoverable Advance.


 






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(d)          The
Special Servicer, in the name of the Trust Fund and the Companion Loan Holders, may (subject to Section 3.14(a)) contract
with any Successor Manager for the operation and management of any Foreclosed Property; provided that no such contract
shall impose individual liability on the Trustee or the Trust; provided, further, that:


 


(i)          the
terms and conditions of any such contract shall not be inconsistent herewith;


 


(ii)          any
such contract shall require, or shall be administered to require, that the Successor Manager (A) request that the Special Servicer
pay from the Foreclosed Property Account all costs and expenses incurred in connection with the operation and management of any
Foreclosed Property, and (B) remit all related revenues (net of such costs and expenses) to the Special Servicer, for deposit
into the Foreclosed Property Account, as soon as practicable but in no event later than the Business Day immediately following
receipt; and


 


(iii)          none
of the provisions of this Section 3.14 relating to any such contract or to actions taken through any such Successor Manager
shall be deemed to relieve the Special Servicer of any of its ordinary and regularly recurring duties and obligations to the Trust
Fund on behalf of the Certificateholders and the Companion Loan Holders with respect to the operation and management of any Foreclosed
Property.


 


The
Special Servicer shall be entitled, and to the extent required by the REMIC Provisions, shall be required, to enter into an agreement
with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification
of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such
indemnification. All Foreclosed Property Management Fees shall be an expense of the Trust Fund and allocated in accordance with
the allocation provisions of the Co-Lender Agreement payable from the Foreclosed Property Account or subject to reimbursement
pursuant to Section 3.4(c)(viii). The Special Servicer agrees to monitor the performance of the Successor Manager and to
enforce the obligations of the Successor Manager on behalf of the Trust Fund and the Companion Loan Holders. Expenses incurred
by the Special Servicer in connection herewith shall qualify as Property Protection Advances.


 


(e)          On
or before the Determination Date, the Special Servicer shall withdraw from the Foreclosed Property Account and deposit into the
Collection Account the proceeds and collections received or collected since the preceding Remittance Date through the Business
Day prior to the Remittance Date on or with respect to any Foreclosed Property (including any funds no longer needed in any reserves
established as provided below), net of expenses paid therefrom and amounts reasonably expected to be needed to fund any reserves
deemed necessary for the operation, preservation and protection of such Foreclosed Property, including without limitation, the
creation of reasonable reserves for working capital, repairs, replacements and necessary capital improvements and other related
expenses.


 


3.15.          Sale
of Foreclosed Property. (a) In the event that title to the Property is acquired by the Special Servicer for the benefit of
the Certificateholders and the Companion Loan Holders in foreclosure or by deed in lieu of foreclosure or otherwise, the deed,
certificate of


 



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sale or other comparable
document shall be taken in the name of the Trustee, or its nominee (which shall not include the Special Servicer), on behalf of
the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. The Special Servicer,
on behalf of the Trust Fund and the Companion Loan Holders, shall sell any Foreclosed Property as expeditiously as appropriate
in accordance with Accepted Servicing Practices and the REMIC Provisions in a manner designed to preserve the capital of the Certificateholders
and not with a view to the maximization of profit, but in no event later than the Rated Final Distribution Date in a manner provided
under this Section 3.15.


 


(b)          If
the Special Servicer acquires any Foreclosed Property in the name of and on behalf of the Trust Fund and the Companion Loan Holders,
the Special Servicer shall be empowered, subject to the Code and to the specific requirements and prohibitions of this Agreement,
to do any and all things in connection with the management and operation thereof in accordance with Accepted Servicing Practices,
all on terms and for such period as the Special Servicer deems to be in the best interest of the Certificateholders and the Companion
Loan Holders, as a collective whole (as if such Certificateholders and the Companion Loan Holders constituted one lender) and
consistent with the REMIC Provisions.


 


(c)          Subject
to the consent and non-binding consultation rights of the Directing Holder and the non-binding consultation rights of the Risk
Retention Consultation Party to the extent set forth in this Agreement, the Special Servicer shall accept the highest cash bid
for any Foreclosed Property received from any person. However, in no event may such bid be less than an amount at least equal
to the Repurchase Price related to such Foreclosed Property through the date of sale and all reasonably estimated liquidation
expenses. In the absence of any such bid, the Special Servicer shall accept the highest cash bid which it determines is a fair
price based on Appraisals obtained within the last 9 months. If the highest bidder is the Borrower, an affiliate of the Borrower,
a Restricted Holder, the Ground Lessee, the Servicer, the Special Servicer or any Certificateholder (or any of their respective
Affiliates), the Trustee shall determine the fairness of the highest bid based upon an independent Appraisal; provided
that if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee
may designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’
experience in valuation of or investment in loans similar to the Whole Loan, which such expert shall be selected with reasonable
care by the Trustee for the sole purpose of determining whether any such cash offer constitutes a fair price for the Whole Loan;
provided, further, that if the Trustee so designates any such third party to make such determination, the Trustee
shall be entitled to rely conclusively upon such third party’s determination and the reasonable costs of all Appraisals,
inspection reports and broker opinions of value incurred by the Trustee in making such determination shall be reimbursable to
it first, by the Servicer as an Advance, subject to the Servicer’s determination that such amounts are not Nonrecoverable
Advances, and then as an expense of the Trust Fund. Notwithstanding the foregoing, but, during any Subordinate Control Period,
subject to the consent rights of the Directing Holder and the non-binding consultation rights of the Risk Retention Consultation
Party set forth in Section 9.3 herein, the Special Servicer shall not be obligated to accept the higher cash offer if the
Special Servicer determines, in accordance with Accepted Servicing Practices, that rejection of such offer would be in the best
interests of the Certificateholders and the Companion Loan Holders (as a collective whole, as if such Certificateholders and the
Companion Loan Holders constituted a single lender), and the Special Servicer may accept a


 



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lower cash offer (from any person other
than itself or an affiliate) if it determines, in accordance with Accepted Servicing Practices, that acceptance of such offer
would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective whole, as if such Certificateholders
and the Companion Loan Holders constituted a single lender). For avoidance of doubt, the Directing Holder and the Risk Retention
Consultation Party may submit bids on any Foreclosed Property in the same manner and at the same time and place as any other bidder.
Neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Foreclosed Property.


 


(d)          Subject
to the provisions of Sections 3.14 and 12.2, the Special Servicer shall act on behalf of the Trust Fund and the
Companion Loan Holders in negotiating and taking any other action necessary or appropriate in connection with the sale of any
Foreclosed Property, including the collection of all amounts payable in connection therewith. Any sale of any Foreclosed Property
shall be without recourse to the Trustee, the Depositor, the Certificate Administrator, the Servicer, the Special Servicer, the
Trust Fund, the Companion Loan Holders or the Certificateholders (except that any contract of sale and assignment and conveyance
documents may contain customary warranties, so long as the only recourse for breach thereof is to the Trust Fund) and if consummated
in accordance with the terms of this Agreement, none of the Trustee, the Depositor, the Certificate Administrator, the Companion
Loan Holders, the Servicer or the Special Servicer shall have any liability to any Certificateholder with respect to the purchase
price thereof accepted by the Special Servicer or the Trustee.


 


(e)          The
proceeds of any sale effected pursuant to this Section 3.15, after deduction of the expenses incurred in connection therewith,
shall be deposited in the Collection Account in accordance with Section 3.4(a).


 


(f)          Within
30 days of the sale of any Foreclosed Property, if not previously included in a CREFC® Report provided by the Servicer
or the Special Servicer, the Special Servicer shall provide to the Servicer, the Trustee, the Certificate Administrator and the
Companion Loan Holders a statement of accounting for such Foreclosed Property, including, without limitation, (i) the date such
Foreclosed Property was acquired in foreclosure or by deed in lieu of foreclosure or otherwise, (ii) the date of disposition of
such Foreclosed Property, (iii) the gross sale price and related selling and other expenses, (iv) accrued interest with respect
to the Loan Principal Balance of such Foreclosed Property, calculated from the date of acquisition to the disposition date, and
(v) such other information as the Trustee, the Certificate Administrator or the Companion Loan Holders may reasonably request.


 


(g)          The
Special Servicer shall prepare and file on a timely basis the reports of foreclosures and abandonments of the Property required
by Section 6050J of the Code and the reports of discharges of indebtedness income in respect of the Whole Loan required by Section
6050P of the Code.


 


3.16.       Sale
of Defaulted Loan.


 


(a)          (i)
Within 60 days after the occurrence of a Special Servicing Loan Event with respect to the Trust Loan, the Special Servicer shall
order (but shall not be required to have received) an Appraisal for the Property. The Special Servicer shall promptly notify in
writing


 



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 the Servicer, the Trustee, the Certificate Administrator, the Companion Loan Holders, the Risk Retention Consultation
Party and the Directing Holder (during any Subordinate Control Period or Subordinate Consultation Period) of the occurrence of
such Special Servicing Loan Event. Upon delivery by the Special Servicer of the notice described in the preceding sentence, and
subject to the rights of the Mezzanine Lender to purchase the Whole Loan pursuant to the Intercreditor Agreement, the Special
Servicer may offer to sell to any Person the Whole Loan or may offer to purchase the Whole Loan, if and when the Special Servicer
determines, consistent with Accepted Servicing Practices, that no satisfactory arrangements can be made for collection of delinquent
payments thereon and such a sale would be in the best economic interests of the Trust and the Companion Loan Holders (as a collective
whole as if such Certificateholders and Companion Loan Holders constituted a single lender) on a net present value basis. The
Special Servicer shall provide the Trustee, the Certificate Administrator, the Companion Loan Holders, the Risk Retention Consultation
Party (unless it is a Borrower Related Party) and the Directing Holder (during any Subordinate Control Period or Subordinate Consultation
Period) not less than five (5) Business Days’ (and with regard to the Companion Loan Holders, 15 Business Days) prior written
notice of its intention to sell the Whole Loan, in which case the Special Servicer is required to accept the highest cash offer
received from any Person (other than any Interested Person) for the Whole Loan in an amount at least equal to the related Repurchase
Price or, at its option, if it has received no offer at least equal to the related Repurchase Price therefor, purchase the Whole
Loan at the related Repurchase Price. Any Appraisal obtained pursuant to this Section 3.16 will be delivered by the Special
Servicer to the Certificate Administrator in electronic format and the Certificate Administrator shall make such Appraisal available
to Privileged Persons pursuant to Section 8.14(b). The Companion Loans shall be sold together with the Whole Loan, subject
to this Section 3.16 and any additional requirements set forth in the Co-Lender Agreement.


 


(ii)          In
the absence of any offer at least equal to the related Repurchase Price (or purchase by the Special Servicer for such price),
the Special Servicer shall accept the highest cash offer received from any Person that is determined by the Special Servicer to
be a fair price for the Defaulted Loan. However, if the highest cash offeror is the Depositor, the Servicer, the Special Servicer,
the Certificate Administrator, the Directing Holder (or any of its Affiliates), the Risk Retention Consultation Party, any property
manager, any Borrower, any Borrower Related Party, any independent contractor engaged by the Special Servicer, a holder of any
interest in a Mezzanine Loan, a Restricted Holder or any known affiliate of any of the foregoing (any such person, an “Interested
Person”), then the Trustee (based upon, among other things, the Appraisal ordered pursuant to the preceding paragraph
(the cost of which shall be paid by the Servicer as a Property Protection Advance) and copied or otherwise delivered to the Trustee)
shall determine if the highest cash offer is a fair price and such determination shall be binding upon all parties; provided
that if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee
may designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’
experience in valuation of or investment in loans similar to the Defaulted Loan, which such expert shall be selected with reasonable
care by the Trustee for the sole purpose of determining whether any such cash offer constitutes a fair price for the Defaulted
Loan; provided, further, that if the Trustee so designates any such third party to make such determination, the
Trustee shall be entitled


 



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 to rely conclusively upon such third party’s determination and the reasonable costs of all appraisals,
inspection reports and broker opinions of value incurred by the Trustee in making such determination shall be reimbursable to
it first, by the Servicer as an Advance, subject to the Servicer’s determination that such amounts are not Nonrecoverable
Advances, and then as an expense of the Trust. Neither the Trustee, in its individual capacity, nor any of its Affiliates may
make an offer for or purchase the Defaulted Loan. For avoidance of doubt, the Directing Holder and the Risk Retention Consultation
Party may submit bids on the defaulted Loan in the same manner and at the same time and place as any other bidder.


 


(iii)         The
Special Servicer shall not be obligated to accept the highest cash offer if the Special Servicer determines, in accordance with
Accepted Servicing Practices, that the rejection of such offer would be in the best interests of the Certificateholders and the
Companion Loan Holders (as a collective whole, giving due regard to the relative subordination of the Trust A-B Notes). In addition,
the Special Servicer may accept a lower cash offer if it determines, in accordance with Accepted Servicing Practices, that the
acceptance of such offer would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective
whole as if such Certificateholders and the Companion Loan Holders constituted as single lender); provided that the offeror
is not the Special Servicer or a Person that is an Affiliate of the Special Servicer. The Special Servicer shall use efforts consistent
with Accepted Servicing Practices to sell the Defaulted Loan prior to the Rated Final Distribution Date.


 


(iv)         Unless
and until the Defaulted Loan is sold pursuant to this Section 3.16(a), the Special Servicer shall pursue such other resolution
strategies with respect to the Defaulted Loan, including, without limitation, workout and foreclosure, as the Special Servicer
may deem appropriate, consistent with the Asset Status Report, Accepted Servicing Practices and the REMIC Provisions.


 


(b)          Any
sale of the Defaulted Loan by the Special Servicer shall be subject to the Directing Holder’s consent and non-binding consultation
rights and the Risk Retention Consultation Party’s non-binding consultation rights as described in Section 9.3 herein.


 


(c)          The
right of the Special Servicer to purchase or sell the Defaulted Loan after the occurrence of a Special Servicing Loan Event shall
terminate, and shall not be exercisable as set forth in clause (a) above (or if exercised but the purchase of the Defaulted
Loan has not yet occurred, the Special Servicer’s right shall terminate and such exercise shall be of no further force or
effect) if the Defaulted Loan is no longer delinquent as a result of any of the following: (i) the Special Servicing Loan Event
has ceased pursuant to the terms of this Agreement, (ii) the Defaulted Loan has become subject to a fully executed agreement reflecting
the terms of a workout arrangement, (iii) the Defaulted Loan has otherwise been resolved (including by a full or discounted pay-off)
or (iv) the Mezzanine Lender has purchased the Trust Loan pursuant to its purchase option for the Trust Loan under the Intercreditor
Agreement.


 


(d)          Any
sale of the Defaulted Loan pursuant to Section 3.16(a) shall be for cash only.


 






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(e)          The
Special Servicer shall have the obligation to sell the Defaulted Loan (including the Companion Loans) pursuant to the terms of
the Co-Lender Agreement as if the Trust Loan and the Companion Loans were one whole loan on behalf of the Certificateholders and
the Companion Loan Holders. The Special Servicer shall provide notice to the Companion Loan Holders or, if applicable, the applicable
Other Special Servicer (if any) as soon as practicable following its decision to attempt to sell, and prior to the commencement
of marketing of, the Companion Loans.


 


3.17.          Servicing
Compensation. (a) The Servicer shall be entitled to receive the Servicing Fee with respect to the Whole Loan and Foreclosed
Property payable monthly out of the Collection Account from payments of interest on the Whole Loan or Foreclosure Proceeds allocable
as interest on such Foreclosed Property, as the case may be in accordance with and subject to Section 3.4(c)(ii). The Servicer
shall be entitled to retain as compensation any late payment charges and certain other customary charges and fees to the extent
described below, as well as reimbursement for all other costs or expenses incurred by it in performing its duties hereunder other
than: (i) fees of any sub-servicer and the expenses of any sub-servicer that would not be reimbursable to Servicer if such expenses
were incurred by the Servicer; (ii) the cost of any fidelity bond or errors and omissions policy required by Section 3.11(d);
(iii) overhead expenses of the Servicer including but not limited to those which may properly be allocable under the Servicer’s
accounting system or otherwise to the Servicer’s activities under this Agreement or the income derived by it hereunder including
the costs to the Servicer associated with employees of the Servicer performing services in connection with the obligations of
the Servicer hereunder; and (iv) costs and expenses arising from the negligence, bad faith or willful misconduct of the Servicer
in connection with its servicing obligations hereunder (the “Servicer Customary Expenses”). So long as no Special
Servicing Loan Event has occurred and is continuing, the Servicer shall also be entitled to retain certain other customary charges
and fees including any late payment charges (including any late payment fees collected after the occurrence of a Special Servicing
Loan Event but accrued prior to such Special Servicing Loan Event) (to the extent not applied pursuant to Section 3.4(c)),
assumption fees (except as otherwise provided in the Co-Lender Agreement)), assumption application fees, substitution fees, defeasance
fees, Modification Fees, consent fees (subject to the fourth paragraph of this Section 3.17), loan service transaction
fees, insufficient funds fees and similar fees and expenses (except for the portion of the assumption fees (but not assumption
application fees), Modification Fees, consent fees and similar fees, if any, that the Special Servicer is entitled to, as provided
below) to the extent, with respect to any such amounts, collected and allocated to such amounts as permitted by (or not otherwise
prohibited by) the terms of the Loan Documents and the Co-Lender Agreement and this Agreement (in each case, to the extent actually
received from the Borrower), release fees and any income earned (net of losses to the extent provided in this Agreement) on the
investment of funds deposited in the Collection Account, the Companion Loan Account and any Reserve Accounts (to the extent not
payable to the Borrower) to the extent provided for in this Agreement (“Additional Servicing Compensation”);
provided, however, that the Servicer shall not be entitled to apply or retain any any late payment charges, with
respect to the Whole Loan, with respect to which a default thereunder or Loan Event of Default is continuing unless and until
such default or Loan Event of Default has been cured and all delinquent amounts due with respect to the Whole Loan have been paid.


 






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If
a Special Servicing Loan Event occurs and is continuing with respect to the Whole Loan, the Special Servicer shall be entitled
to receive a Special Servicing Fee with respect to the Whole Loan for so long as such Special Servicing Loan Event continues as
well as reimbursement for all other costs or expenses incurred by it in performing its duties hereunder other than: (i) the cost
of any fidelity bond or errors and omissions policy required by Section 3.11(d); (ii) overhead expenses of the Special
Servicer including but not limited to those which may properly be allocable under the Special Servicer’s accounting system
or otherwise to the Special Servicer’s activities under this Agreement or the income derived by it hereunder including the
costs to the Special Servicer associated with employees of the Special Servicer performing services in connection with the obligations
of the Special Servicer hereunder; and (iii) costs and expenses arising from the negligence, bad faith or willful misconduct of
the Special Servicer in connection with its servicing obligations hereunder (the “Special Servicer Customary Expenses”).
If a Special Servicing Loan Event is terminated following resolution of such Special Servicing Loan Event by a written agreement
with the Borrower negotiated by the Special Servicer, the Special Servicer shall be entitled to receive the Work-out Fee on all
payments of principal and interest made on the Whole Loan following such written agreement for so long as another Special Servicing
Loan Event does not occur with respect to the Whole Loan. If the Special Servicer is terminated (other than for cause) or resigns
after such written agreement is entered into and before or after the Special Servicing Loan Event is terminated, it shall retain
the right to receive any and all Work-out Fees on all payments of principal and interest (other than at the Default Rate) made
on the Whole Loan following such written agreement (negotiated by such Special Servicer prior to its termination or resignation)
for so long as another Special Servicing Loan Event does not occur with respect to the Whole Loan and the successor Special Servicer
shall have no rights with respect to such Work-out Fee. In addition, the Special Servicer shall be entitled to receive a Liquidation
Fee with respect to each Liquidated Property or the liquidation of the Whole Loan (whether through sale, discounted payoff or
other liquidation) as to which the Special Servicer receives Net Liquidation Proceeds, except that no Liquidation Fee shall be
payable in connection with (a) a repurchase of the Trust Loan (or any Loan Seller Percentage Interest in the Trust Loan) by a
Loan Seller pursuant to the Loan Purchase Agreement (so long as such repurchase occurs prior to the expiration of the Initial
Resolution Period or Extended Resolution Period (if applicable)), (b) the sale of the Whole Loan to the Servicer, the Special
Servicer, the Directing Holder or any of their affiliates pursuant to Section 3.16 hereof if such sale occurred within
90 days after the transfer of the Whole Loan to the Special Servicer or (c) the purchase of the Whole Loan by a holder of the
Mezzanine Loan within 90 days following the date that such holder’s option was first given to such Mezzanine Lender. The
Liquidation Fee shall be payable from, and shall be calculated using, the related Net Liquidation Proceeds. Each of the foregoing
fees shall be payable from funds on deposit in the Collection Account as provided in Section 3.4(c). With respect to the
Whole Loan for which a Special Servicing Loan Event is continuing, the Special Servicer shall also be entitled to retain as additional
servicing compensation any late payment fees (to the extent not applied pursuant to Section 3.4(c)), (except as otherwise
provided in the Co-Lender Agreement), assumption fees, assumption application fees, Modification Fees, loan service transaction
fees, consent fees (subject to the second paragraph below) and similar fees and expenses to the extent, with respect to any such
amounts, collected (to the extent permitted by (or not otherwise prohibited by) and allocated to such amounts in accordance with
the terms of the Loan Documents or the Co-Lender Agreement or this Agreement, and any income earned (net of losses to the extent
provided in this


 



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Agreement) on the investment of funds deposited in the Foreclosed Property Account to the extent provided in
this Agreement (“Additional Special Servicing Compensation”). Notwithstanding the foregoing, in the event that
the Whole Loan has become a Specially Serviced Loan solely due to the failure to make the Balloon Payment and the Whole Loan is
refinanced on or before the date that is four (4) months after the Maturity Date, the Special Servicer shall be entitled to collect
a Liquidation Fee or Work-out Fee only from the Borrower and shall not otherwise be entitled to deduct a Liquidation Fee from
amounts due to the Certificateholders or the Companion Loan Holders.


 


Notwithstanding
anything herein to the contrary, with respect to the Whole Loan and any Collection Period, the Special Servicer shall only be
entitled to receive a Work-out Fee or a Liquidation Fee with respect to the Whole Loan, but not both.


 


The
Special Servicer shall also be entitled, if the Whole Loan is a Specially Serviced Loan, to 100% of the consent fees or similar
fees, assumption fees or Modification Fees, and if the Whole Loan is not a Specially Serviced Loan, 50% of the consent fees or
similar fees, assumption fees or Modification Fees that are paid in connection with a consent, assumption or modification that
the Servicer is not permitted to take in the absence of the consent or approval (or deemed consent or approval) of the Special
Servicer under this Agreement, in each case, to the extent that such consent fee or similar fee, assumption fee or Modification
Fee is actually collected on the Whole Loan.


 


The
Servicer and the Special Servicer shall each have the right in its sole discretion, but not any obligation, to reduce or elect
not to charge its respective percentage interest in any fee or payment payable to such party; provided, however
without the consent of the affected party, (x) neither the Servicer nor the Special Servicer shall have the right to reduce or
elect not to charge the percentage interest of any fee due to the other and (y) to the extent either of the Servicer or the Special
Servicer exercises its right to reduce or elect not to charge its respective percentage interest in any fee, the party that reduced
or elected not to charge such fee shall not have any right to share in any portion of the other party’s fee. For the avoidance
of doubt, if the Servicer decides not to charge any fee, the Special Servicer shall still be entitled to charge the portion of
the related fee the Special Servicer would have been entitled to if the Servicer had charged a fee and the Servicer shall not
be entitled to any of such fee charged by the Special Servicer.


 


Notwithstanding
any other provision in this Agreement, neither the Servicer nor the Special Servicer, as applicable, shall be entitled to reimbursement
for an expense incurred under this Agreement or in connection with the performance of its duties hereunder unless (i) the amount
of such payment to the Servicer or the Special Servicer, as the case may be, is reimbursed to the Trust Fund by the Borrower (to
the extent the Borrower is required to do so under the Loan Agreement); (ii) failure of the Borrower to reimburse for such payment
constitutes a Loan Event of Default; (iii) such expense would qualify as an “unanticipated expense incurred by the REMIC”
within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) or is otherwise an unanticipated expense (it being understood
that the Servicer Customary Expenses and the Special Servicer Customary Expenses are not unanticipated); or (iv) such reimbursement
is expressly provided for herein or such expense is expressly described herein as an expense of the Trust Fund or as an Advance.


 






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Except
as otherwise expressly provided herein, no transfer, sale, pledge or other disposition of the Servicer’s right to receive
all or any portion of the Servicing Fee (or the Special Servicer’s right to receive all or any portion of the Special Servicing
Fee) or other servicing compensation provided for herein shall be made, and any such attempted transfer, sale, pledge or other
disposition shall be void, unless such transfer is made to a successor Servicer or successor Special Servicer, as applicable,
in connection with the assumption by such successor of the duties hereunder pursuant to Section 7.2.


 


Wells
Fargo Bank, National Association and any successor holder of the Excess Servicing Fee Rights shall be entitled, at any time, at
its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), to
any QIB or Institutional Accredited Investor (other than a Benefit Plan); provided that no such transfer, sale, pledge
or other assignment shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state securities laws and is otherwise made in accordance
with the Securities Act and such state securities laws, (ii) the prospective transferor shall have delivered to the Depositor
a certificate substantially in the form attached as Exhibit M-6 hereto, and (iii) the prospective transferee shall have
delivered to Wells Fargo Bank, National Association and the Depositor a certificate substantially in the form attached as Exhibit
M-7 hereto. None of the Depositor, the Trustee or the Certificate Administrator is obligated to register or qualify an Excess
Servicing Fee Right under the Securities Act or any other securities law or to take any action not otherwise required under this
Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification.
Wells Fargo Bank, National Association and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge
or other assignment of such Excess Servicing Fee Right shall, and Wells Fargo Bank, National Association hereby agrees, and each
such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed,
in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders,
the Trust, the Depositor, the Initial Purchasers, the Trustee, the Servicer 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. Following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right or the termination
of Wells Fargo Bank, National Association as the Servicer, the Person then acting as the Servicer, shall pay, out of each amount
paid to such Servicer as Servicing Fees, the related Excess Servicing Fees to the holder of such Excess Servicing Fee Right within
one (1) Business Day following the payment of such Servicing Fees to such Servicer, in each case in accordance with payment instructions
provided by such holder in writing to such 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 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.


 






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As
compensation for its activities hereunder, on each Distribution Date the Certificate Administrator shall be entitled to the Certificate
Administrator Fee and the Trustee shall be entitled to the Trustee Fee. Except as otherwise provided herein (i) the Certificate
Administrator’s fee includes all overhead expenses of the Certificate Administrator and the Authenticating Agent and (ii)
the Trustee Fee includes all overhead expenses of the Trustee. Each of the Trustee’s and Certificate Administrator’s
rights to the Certificate Administrator Fee and the Trustee Fee, as applicable, may not be transferred in whole or in part except
in connection with the transfer of all of the Trustee’s or Certificate Administrator’s, as applicable, responsibilities
and obligations under this Agreement.


 


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, the Borrower, the Borrower Sponsor, any property manager or indemnitor
in respect of the Whole Loan and any purchaser of the Whole Loan or Foreclosed Property) in connection with the disposition or
workout of the Whole Loan, the management or disposition of the Foreclosed Property, or the performance of any other special servicing
duties under this Agreement, other than as expressly provided in this Section 3.17 provided, however, that such
prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.


 


3.18.          Reports
to the Certificate Administrator; Account Statements. (a) The Servicer shall prepare, or cause to be prepared, and deliver
to the Certificate Administrator, the 17g-5 Information Provider and the Companion Loan Holders, in an electronic format reasonably
acceptable to the Certificate Administrator, consistent with Accepted Servicing Practices, not later than (i) 2:00 p.m. (New York
time) two (2) Business Days prior to each Distribution Date, the CREFC® Loan Periodic Update File and CREFC®
Appraisal Reduction Template, (ii) 9:00 a.m. (New York time) one (1) Business Day prior to each Distribution Date, any updated
CREFC® Loan Periodic Update File, if applicable, and (iii) 3:00 p.m. (New York time) one (1) Business Day prior
to each Distribution Date, the remaining CREFC® Reports (other than the CREFC® Special Servicer
Loan File, which shall not be provided to the Certificate Administrator).


 


The
CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet shall be delivered
to the Certificate Administrator by the Servicer (or by the Special Servicer, with respect to Specially Serviced Loans or REO
Property) on a quarterly and annual basis (commencing with the quarter ending September 30, 2018 and year ending December 31,
2018, each within 30 days after receipt by the Servicer or the Special Servicer, as applicable), within 30 days after receipt
by the Servicer or the Special Servicer, as applicable, of the financial statements, operating statements, rent rolls, or other
information required to prepare (or, if previously prepared, update) the CREFC® Operating Statement Analysis Report
and the CREFC® NOI Adjustment Worksheet, but will not be deemed to have been received by the Certificate Administrator
until such time as it is actually received; provided, however, that any analysis or report with respect to the first
calendar quarter of each year shall not be required to the extent provided in the then-current applicable CREFC®
guidelines.


 






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The
Special Servicer, if the Trust Loan is a Specially Serviced Loan, and the Servicer, if the Trust Loan is not a Specially Serviced
Loan, shall use efforts consistent with Accepted Servicing Practices to collect promptly and review from the Borrower quarterly
and annual operating statements, financial statements, budgets and rent rolls of the Property, and the quarterly and annual financial
statements of the Borrower, and any other reports or documents required to be delivered under the terms of the Trust Loan. The
Servicer and the Special Servicer shall not be required to request such operating statements or rent rolls more than once if the
Borrower is not required to deliver such statements pursuant to the terms of the Loan Documents. Upon request by the Rating Agencies,
the Servicer or Special Servicer, as applicable, shall deliver copies of any of the foregoing items so collected thereby to the
17g 5 Information Provider who shall post such items to the 17g-5 Information Provider’s Website.


 


Additionally,
the Servicer shall deliver the CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment
Worksheet on a monthly basis to the Certificate Administrator; provided, however, the Servicer shall have no obligation
to update such reports except as set forth in the immediately preceding paragraphs, and no analysis or update shall be required
to the extent such analysis or update is not required to be provided under the then-current applicable CREFC® guidelines.
With respect to the Companion Loans, the Servicer shall (no later than the time(s) that it or any portion thereof is made available
to the Certificate Administrator) make available to the Companion Loan Holders (if such Companion Loan Holder is not the Borrower
or an Affiliate thereof) or, if the Companion Loans are securitized, the respective Other Servicer, the CREFC®
Investor Reporting Package (excluding any templates) pursuant to the terms of this Agreement on a monthly basis. The Special Servicer
shall provide any templates relating to the Companion Loans included in the CREFC® Investor Reporting Package and
prepared by the Special Servicer pursuant to the terms hereof to the Servicer promptly upon reasonable request. The Servicer shall
provide any templates relating to the Companion Loans included in the CREFC® Investor Reporting Package (with respect
to templates required to be prepared by the Special Servicer pursuant to the terms hereof, to the extent received) to the Other
Servicer upon reasonable request.


 


(b)          The
Servicer shall furnish to the Certificate Administrator and the 17g-5 Information Provider, which shall post them to its website
pursuant to Section 8.14(b), in electronic format the CREFC® Reports produced by it pursuant to this Agreement
not later than the time period specified in Section 3.18(a).


 


(c)          The
Servicer shall produce the reports described in this Section 3.18 solely from information provided to the Servicer by the
Borrower pursuant to the Loan Agreement (without modification, interpretation or analysis) or by the Special Servicer, Loan Sellers
or Depositor pursuant to this Agreement. None of the Trustee, the Certificate Administrator, any Companion Loan Holder, the Servicer
or the Special Servicer shall be responsible for the completeness or accuracy of such information (except that the Servicer shall
use efforts consistent with Accepted Servicing Practices to correct patent errors).


 


(d)          With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Certificate Administrator,
without charge and within two (2) Business Days following the related Determination Date, an electronic report that discloses
and


 



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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.


 


(e)          The
Servicer shall provide written notice to the Certificate Administrator of the occurrence of the Condominium Conversion, within
five (5) business days following the Servicer’s receipt of the officer’s certificate that the Borrower is required
to deliver in support of the Condominium Conversion pursuant to Section 10.28(d)(ii) of the Loan Agreement. The Certificate Administrator
shall then post such notice on the Certificate Administrator’s website as a “special notice”.


 


3.19.          [Reserved].


 


3.20.          [Reserved].


 


3.21.          Access
to Certain Documentation Regarding the Trust Loan and Other Information. (a) Upon reasonable advance notice, the Certificate
Administrator shall provide reasonable access during its normal business hours at its Corporate Trust Office to certain reports
and to information and documentation in its possession regarding the Trust Loan to any Privileged Person (other than the Rating
Agencies). With respect to the Borrower and any Affiliate thereof, such information is limited to the Distribution Date Statement,
and shall require the delivery of an Investor Certification in the form of Exhibit J-2 hereto.


 


(b)          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 (including without limitation pursuant to
clause (a) above) to the extent such information is delivered to the 17g-5 Information Provider electronically in accordance
with Section 8.14(b). 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.


 


(c)          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 Trust Loan (“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.


 


3.22.          Inspections.
The Servicer shall inspect or cause to be inspected the Property not less frequently than once each year commencing in 2019, so
long as a Special Servicing Loan Event is not then continuing; provided, however that the Servicer will not be required
to inspect the Property if it has been inspected in the previous 12 months. The Special Servicer shall inspect or cause to be
inspected the Property as soon as practicable following the occurrence of a related Special Servicing Loan Event and annually
for so long as a Specially Serviced Loan Event is continuing. The Servicer or the Special Servicer, as applicable, shall further
inspect, or cause to be inspected, the Property whenever it receives information that the


 



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 Property has been materially damaged,
left vacant, or abandoned, or if waste is being committed thereto. All such inspections shall be performed in such manner as shall
be consistent with Accepted Servicing Practices. The cost of the annual inspections referred to in the first sentence of this
paragraph shall be an expense of the Servicer; the cost of all additional inspections referred to in this paragraph shall be a
Trust Fund Expense and if paid by the Servicer shall constitute a Property Protection Advance or an Administrative Advance. The
Servicer or Special Servicer, as the case may be, shall prepare a written report of inspection and deliver it to the Certificate
Administrator, the 17g-5 Information Provider and the Companion Loan Holders in electronic format. The Certificate Administrator
shall post such report on the Certificate Administrator’s Website, pursuant to Section 8.14(b).


 


3.23.          Advances.
(a) In the event that a Monthly Payment (other than any Balloon Payment, any Default Interest but including any Assumed Monthly
Payment) or any portion of a Monthly Payment (or Assumed Monthly Payment, as applicable) representing interest and/or principal,
if any, on the Trust Loan has not been received by the Business Day immediately prior to the Remittance Date, the Servicer, subject
to its determination that such amounts are not Nonrecoverable Advances, shall make an advance on such Remittance Date to the Distribution
Account, in an amount equal to the Monthly Payment (or Assumed Monthly Payment, as applicable) or any such portion of such Monthly
Payment (or Assumed Monthly Payment, as applicable) on the Trust Loan that was delinquent as of the close of the Business Day
immediately prior to such Remittance Date (net of the Servicing Fee with respect to the Trust Loan, which shall not be paid to
the Servicer until funds in the Collection Account are available for payment of such fee); provided that neither the Servicer
nor any other party shall be entitled to interest accrued on the amount of any Monthly Payment Advance with respect to the Trust
Loan if the related Monthly Payment (or, if applicable, the Assumed Monthly Payment) in respect of the Trust Loan is received
by the Servicer or the Certificate Administrator, as applicable, by 2:00 p.m., New York time, on such Remittance Date. (For the
avoidance of doubt, neither the Trustee nor the Servicer will have any obligation to make any principal and/or interest debt service
advances with respect to the Companion Loans). The Servicer shall also advance in respect of each Loan Payment Date following
a delinquency in the payment of any Balloon Payment of the Trust Loan or a foreclosure (or acceptance of a deed in lieu of foreclosure
or comparable conversion) of the Whole Loan, not later than the related Remittance Date, to the Distribution Account, the amount
of any Assumed Monthly Payment deemed due with respect to the Trust Loan on such Loan Payment Date. For the avoidance of doubt,
in the event that the amount of interest and principal, if any, due on the Trust Loan is reduced as a result of any modification
to the Trust Loan, any future Monthly Payment Advance made with respect to the modified Trust Loan shall be in such amounts as
may be required as a result of such reduction. Notwithstanding anything to the contrary herein and subject to the determination
of non-recoverability provided in this Section 3.23, in the event that the Property becomes a Foreclosed Property, the
Servicer shall continue to make advances as required pursuant to this Section 3.23(a) with respect to each Loan Payment
Date following such event in an amount equal to the Monthly Payment or the Assumed Monthly Payment, as applicable, due or deemed
due with respect to the Trust Loan on such Loan Payment Date, as if the Property had not become a Foreclosed Property and the
Trust Loan continued to be outstanding. If and to the extent such information is not already included in the Distribution Date
Statement for the month in which such Monthly Payment Advance is made, the Servicer shall notify the Other Servicer and Other
Trustee with respect to each Companion Loan Securitization Trust of the amount of


 



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any Monthly Payment Advance made pursuant to
this Section 3.23(a) within two (2) Business Days of making such advance. The Servicer shall maintain a record of each
Monthly Payment Advance it has made pursuant to this Section 3.23(a) on the Trust Loan and shall notify the Certificate
Administrator thereof in the appropriate CREFC® Reports in order to permit allocation thereof pursuant to Sections
3.4 and 3.5. In the event that the Servicer does not remit any amounts required to be remitted to the Certificate Administrator
on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly
Payment Advance) to the Certificate Administrator for deposit in the Distribution Account on the Remittance Date, the Servicer
shall pay to the Certificate Administrator interest on such amounts at the federal funds rate for the period from and including
the Remittance Date to but excluding the Distribution Date or, if earlier, the actual remittance date.


 


At
any time that an Appraisal Reduction Amount exists with respect to the Trust Loan, the amount that would otherwise be required
to be advanced by the Servicer in respect of delinquent payments of interest on the Trust Loan shall be reduced by multiplying
such amount by a fraction, the numerator of which is the then outstanding principal balance of the Trust Loan minus the Appraisal
Reduction Amount allocated to the Trust Loan and the denominator of which is the then outstanding principal balance of the Trust
Loan.


 


Notwithstanding
the foregoing, at no time shall the Servicer or the Trustee be required to make a Monthly Payment Advance as described in this
Section 3.23(a) with respect to the Trust Loan if it has been repurchased from the Trust Fund by a Loan Seller as contemplated
in Section 2.8(b).


 


(b)          Subject
to Section 3.23(e), the Servicer shall advance, to the extent it determines that such amount is not non-recoverable, all
customary and reasonable out-of-pocket costs and expenses incurred by the Servicer or the Special Servicer in the performance
of its servicing obligations, including, but not limited, to the costs and expenses incurred in connection with (i) the preservation,
restoration, operation and protection of the Property which, in the Servicer’s sole discretion, exercised in accordance
with Accepted Servicing Practices, are necessary to prevent an immediate or material loss to the Trust Fund’s interest in
the Property, (ii) the payment of (A) real estate taxes, assessments and governmental charges that may be levied or assessed against
the Borrower or any of its Affiliates or the Property or revenues therefrom or which become liens on the Property, (B) insurance
premiums and (C) the out-of-pocket costs and expenses of the Servicer or the Special Servicer, as applicable (including, without
limitation, reasonable attorneys’ fees and expenses) to the extent not paid by the Borrower that are incurred in connection
with a sale of the Whole Loan, the negotiation of a workout of the Whole Loan, an assumption of the Whole Loan or a release of
the Property from the lien of the Mortgage, (iii) any enforcement or judicial proceedings, including foreclosures and including,
but not limited to, court costs, attorneys’ fees and expenses and costs for third party experts, including Independent Appraisers,
environmental and engineering consultants, and (iv) the management, operation and liquidation of the Property if the Property
is acquired by the Special Servicer or its Affiliate in the name of the Trustee for the benefit of the Certificateholders and
the Companion Loan Holders (collectively, “Property Protection Advances”). In addition, subject to Section
3.23(e), the Servicer shall advance certain Trust Fund Expenses that are reimbursable and payable by the Borrower under the
Loan Agreement to the extent not already covered by a Property Protection Advance (collectively, “Administrative


 



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 Advances”).
(For the avoidance of doubt, neither the Servicer nor the Trustee shall have any obligation to make any Administrative Advance
or Monthly Payment Advances with respect to the Companion Loans). During the continuation of a Special Servicing Loan Event, the
Special Servicer shall give the Servicer and the Trustee not less than five (5) Business Days’ written notice before the
date on which the Servicer is requested to make any Property Protection Advance with respect to the Whole Loan or Foreclosed Property;
provided, however, that only three (3) Business Days’ written notice shall be required in respect of Property
Protection Advances required to be made on an urgent or emergency basis (which may include, without limitation, Property Protection
Advances required to make tax or insurance payments). In addition, the Special Servicer shall provide the Servicer with such information
in its possession as the Servicer may reasonably request to enable the Servicer to determine whether a requested Property Protection
Advance would constitute a Nonrecoverable Advance. Notwithstanding anything herein to the contrary, if the Special Servicer requests
that the Servicer make an Advance, the Servicer may conclusively rely on such request as evidence that such advance is not a Nonrecoverable
Advance.


 


With
respect to the payment of insurance premiums and delinquent tax assessments, in the event that the Servicer determines that a
Property Advance of such amounts would constitute a Nonrecoverable Advance, the Servicer shall deliver notice of such determination
to the Trustee, the Certificate Administrator and the Special Servicer. The Servicer (with respect to the Whole Loan while it
is not a Specially Serviced Loan) and the Special Servicer (with respect to the Specially Serviced Loan or Foreclosed Property)
shall determine (in the case of the Special Servicer, with the reasonable assistance of the Servicer, if applicable) whether the
payment of such amount (i) is necessary to preserve the Property and (ii) would be in the best interests of the Certificateholders
and the Companion Loan Holders, as a collective whole (taking into account the relative subordination of the Trust A-B Notes)
as if such Certificateholders and the Companion Loan Holders constituted a single lender. If the Servicer or the Special Servicer,
as applicable, determines that the payment of such amount (i) is necessary to preserve the Property and (ii) would be in the best
interests of the Certificateholders and the Companion Loan Holders, the Special Servicer (in the case of a determination by the
Special Servicer with respect to the Specially Serviced Loan) shall direct the Servicer in writing to make such payment and the
Servicer shall make such payment, to the extent of available funds, from amounts in the Collection Account.


 


(c)          To
the extent the Servicer fails to make an Advance that it is required to make under this Agreement, the Trustee shall be required
to make such Advance pursuant to Section 7.6. It is understood that the obligation of the Servicer and the Trustee (pursuant
to Section 7.6) to make such Advances is mandatory, subject to the limitations set forth in this Agreement, and shall continue
to apply with respect to the Trust Loan or the Whole Loan, as applicable, after any modification or amendment of the Trust Loan
or the Whole Loan, as applicable, pursuant to Section 3.24 hereof, beyond the Maturity Date of the Trust Loan or the Whole
Loan, as applicable, if a payment default shall have occurred on such date and through any court appointed stay period or similar
payment delay resulting from any insolvency of the Borrower or related bankruptcy, notwithstanding any other provision of this
Agreement, other than the requirement of recoverability, and shall continue, subject to the requirement of recoverability, until
the earlier of (i) the payment in full of the Trust Loan or the Whole Loan, as applicable, and (ii) the date on which the Property
becomes liquidated.


 






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(d)          Interest
on each Advance made by the Servicer or the Trustee shall accrue for each day that such Advance is outstanding at a rate of interest
equal to the Prime Rate (the “Advance Rate”) for each such day (or the most recent day on which the Prime Rate
was reported, if not reported on such day) (and with respect to Companion Loan Advances, the rate set forth in the Companion Loan
Pooling and Servicing Agreement) on the basis of a year of 360 days and the actual number of days elapsed in a month. If the context
requires, each reference to the reimbursement or payment of an Advance also includes, whether or not specifically referred to,
payment or reimbursement of interest thereon at the Advance Rate through but excluding the date of payment or reimbursement. Interest
on Advances, if unreimbursed, shall compound annually.


 


(e)          Notwithstanding
any other provision in this Agreement, the Servicer or the Trustee shall be obligated to make an Advance only to the extent that
the Servicer or the Trustee, as applicable, has determined that such Advance, together with interest thereon at the Advance Rate,
would not constitute a Nonrecoverable Advance if made. The Trustee and the Servicer, in that order, shall be entitled to reimbursement
for any such Advances from the Collection Account and shall obtain such reimbursement in accordance with Section 3.4(c).
If the context requires, each reference to the reimbursement or payment of an Advance shall be deemed to include, whether or not
specifically referred to, payment or reimbursement of interest thereon at the Advance Rate through but excluding the date of payment
or reimbursement.


 


(f)          The
determination by the Servicer or the Trustee that it has made a Nonrecoverable Advance or that any proposed Advance, if made,
would constitute a Nonrecoverable Advance, shall be evidenced by the delivery of an Officer’s Certificate to (i) the Certificate
Administrator, (ii) the Trustee in electronic format (if such determination is made by the Servicer), (iii) the Servicer (if such
determination is made by the Trustee), (iv) the Special Servicer, (v) the Companion Loan Holders, (vi) the Directing Holder (during
any Subordinate Control Period or Subordinate Consultation Period), and (vii) any Other Servicer, Other Special Servicer and Other
Trustee under each related Other Pooling and Servicing Agreement (for purposes of this clause (vii) only, promptly and
in any event within two (2) Business Days after such determination or such longer time period permitted by the Co-Lender Agreement)
detailing the reasons for such determination with supporting documents attached. Such Officer’s Certificate shall be made
available to any Privileged Person by the Certificate Administrator by posting such officer’s certificate to the Certificate
Administrator’s Website in accordance with Section 8.14(b). The costs of any appraisals, reports or surveys and other
information requested by the Servicer or the Trustee establishing an Advance as a Nonrecoverable Advance shall be treated as Trust
Fund Expenses (and such expense shall be allocated in accordance with the allocation provisions of the Co-Lender Agreement), payable
from the Collection Account pursuant to Section 3.4(c), and shall constitute a Property Protection Advance or Administrative
Advance, as applicable, if paid by the Servicer or the Trustee from its funds. Subject to Section 6.3, the Servicer’s
determination of nonrecoverability in accordance with Accepted Servicing Practices and the above provisions shall be conclusive
and binding on the Trustee and the Trustee shall be entitled to rely conclusively thereupon. The Trustee, in determining whether
or not a proposed Advance would be a Nonrecoverable Advance, shall make such determination in its reasonable business judgment.


 






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(g)          With
respect to the Whole Loan, the Servicer and the Trustee are not obligated to advance or pay (i) the principal portion of any Balloon
Payment with respect to the Trust Loan or Companion Loans (but are obligated to advance the related Assumed Monthly Payment in
respect of the Trust Loan only in accordance with the terms of this Agreement), (ii) any Default Interest, (iii) amounts required
to cure any damages resulting from Uninsured Causes (except as required pursuant to Section 3.12(c)), any failure of the
Property to comply with any applicable law, including any environmental law, or (except in connection with the foreclosure or
other acquisition of the Property in accordance with Section 3.12 upon the occurrence of a Loan Event of Default) to investigate,
test, monitor, contain, clean up, or remedy an environmental condition present at the Property, (iv) any losses arising with respect
to defects in the title to the Property, (v) any costs of capital improvements to the Property other than those necessary to prevent
an immediate or material loss to the Trust’s interest in the Property, (vi) any administrative advances or Companion Loan
Advances with respect to the Companion Loans or (vii) subordinated obligations, including the Mezzanine Loan.


 


3.24.          Modifications
of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred and is continuing) or the Special
Servicer (if a Special Servicing Loan Event has occurred and is continuing) may, subject to the rights of the Directing Holder,
during any Subordinate Control Period or Subordinate Consultation Period, and of the Risk Retention Consultation Party, modify,
waive or amend any term of the Whole Loan if such modification, waiver or amendment (a) is consistent with Accepted Servicing
Practices and (b) does not either (i) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
or the Grantor Trust to fail to qualify as a “grantor trust” under the Code or (ii) constitute a “significant
modification” of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) (and the Servicer or the Special Servicer,
as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding
anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Maturity Date
beyond the date that is seven (7) years prior to the Rated Final Distribution Date. In connection with (i) the release of the
Property or portion thereof from the lien of the Mortgage or (ii) the taking of the Property or portion thereof by exercise of
the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable,
to calculate the loan-to-value ratio of the remaining Property, or the fair market value of the real property constituting the
remaining Property, for purposes of REMIC qualification of the Whole Loan, then, unless then permitted by the REMIC Provisions,
such calculation shall exclude the value of personal property and going concern value, if any, to the extent required by the REMIC
Provisions.


 


(b)          All
modifications, waivers or amendments of the Whole Loan shall be in writing and shall be effected in a manner consistent with Accepted
Servicing Practices and the REMIC Provisions. The Servicer or the Special Servicer, as applicable, shall notify the Servicer (if
notice is from the Special Servicer) Trustee, Certificate Administrator, the Companion Loan Holders, the Depositor, during any
Subordinate Control Period or Subordinate Consultation Period, the Directing Holder, and the Risk Retention Consultation Party
(unless the Risk Retention Consultation Party is a Borrower Related Party) in writing, of any modification, waiver or amendment
of any term of the Whole Loan and the date thereof, and shall deliver to the Certificate Administrator (with a copy to the Companion
Loan Holders) an original recorded counterpart of the agreement relating to such modification, waiver or amendment within 10


 



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Business
Days following the execution and recordation thereof with a copy to the Servicer. In the event the Servicer or Special Servicer,
or a court of competent jurisdiction in connection with a workout or proposed workout of the Whole Loan, modifies the interest
rate applicable to the Trust Loan, the aggregate adverse economic effect of the modification (if any) shall be applied to the
Certificates, in reverse order of seniority. If the Whole Loan is modified, the Net Mortgage Rate shall not change for purposes
of distributions on the Certificates.


 


(c)          Subject
to Section 3.27 of this Agreement, any modification of any Loan Documents that requires a Rating Agency Confirmation pursuant
to the Loan Documents, or any modification that would eliminate, modify or alter the requirement of obtaining such Rating Agency
Confirmation in the Loan Documents, shall not be made without the Servicer’s or the Special Servicer’s, as applicable,
first receipt of such Rating Agency Confirmation. Such Rating Agency Confirmation shall be obtained at the Borrower’s expense
in accordance with the Loan Agreement or, if not so provided in the Loan Agreement or if the Borrower does not pay, at the expense
of the Trust Fund.


 


(d)          Subject
to Section 3.27 of this Agreement, prior to implementing any of the actions under the definition of RAC Decision, the Servicer
or the Special Servicer shall obtain a Rating Agency Confirmation from each Rating Agency.


 


(e)          Notwithstanding
the foregoing, the Servicer and (if a Special Servicing Loan Event is continuing) the Special Servicer may, in accordance with
Accepted Servicing Practices (without any Rating Agency Confirmation or consent of the Directing Holder), grant the Borrower’s
request for consent to subject the Property to a non-material easement, right of way or similar agreement for utilities, access,
parking, public improvements or another similar purpose and may consent to subordination of the Whole Loan to such easement, right
of way or similar agreement.


 


(f)          Notwithstanding
the foregoing, the Servicer shall not permit the substitution of the Property pursuant to the defeasance provisions of the Whole
Loan unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and the 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 Loan Documents, in an amount sufficient to make all scheduled payments under the Notes 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 the Notes in compliance with the
requirements of the terms of the Loan Documents, (iii) one or more Opinions of Counsel (at the expense of the Borrower) to the
effect that the Trustee, on behalf of the Trust Fund and the Companion Loan Holders, will have a first priority perfected security
interest in such substituted Property; provided, however, that, to the extent consistent with the Loan Documents,
the Borrower shall pay the cost of any such opinion as a condition to granting such defeasance, (iv) to the extent consistent
with the Loan Documents, a single purpose entity shall act as a successor mortgagor, if so required by the Rating Agencies, (v)
to the extent permissible under the Loan Documents, the Servicer shall use its reasonable efforts to require the Borrower 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 Loan Documents, the Servicer shall obtain, at the expense of the Borrower, Rating


 



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Agency Confirmation from
each Rating Agency and each rating agency relating to the Companion Loan Securities (subject to Section 3.27).


 


(g)          To
the extent not required or permitted to be placed in a separate account, the Servicer shall deposit all payments received by it
from defeasance collateral substituted for the Property into the Collection Account and treat any such payments as payments made
on the Whole Loan in advance of its Loan Payment Date, and not as a prepayment of the Whole Loan. Notwithstanding anything herein
to the contrary, in no event shall the Servicer permit such amounts to be maintained in any Collection Account for a period in
excess of 365 days (or 366 days in the case of a leap year).


 


3.25.          Servicer
and Special Servicer May Own Certificates. The Servicer, the Special Servicer and any agent thereof in its individual or any
other capacity may become the owner or pledgee of Certificates with the same rights it would have if it were not the Servicer
or the Special Servicer or such agent except as otherwise provided herein subject to the restrictions on voting set forth in the
definition of Certificateholder.


 


3.26.          Intercreditor
Agreement; Notice of Trust Loan Event of Default to Mezzanine Lender. The Servicer or Special Servicer, as applicable, shall
exercise, comply with, perform and/or enforce the rights and obligations of the Trust as successor-in-interest to the mortgagee
under the terms of the Intercreditor Agreement. The rights of the Trust and the Certificateholders in and under the Trust Loan
and the Loan Documents shall be subject to the terms of the Intercreditor Agreement.


 


3.27.          Rating
Agency Confirmation. (a) Notwithstanding the terms of any Loan Documents or other provisions of this Agreement, if any action
under any Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from a Rating Agency
that any action will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition
precedent to such action, if the party (the “Requesting Party”) seeking to obtain such Rating Agency Confirmation
or written confirmation has made a request to any Rating Agency for such Rating Agency Confirmation or written confirmation and,
within 10 Business Days of such request being sent to the applicable Rating Agency, such Rating Agency has not replied to such
request or has responded in a manner that indicates that such Rating Agency is either declining to review such request or waiving
the requirement for Rating Agency Confirmation or written confirmation, then such Requesting Party shall be required to (i) 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 or written confirmation request, and, if it has not, promptly
request the related Rating Agency Confirmation or written confirmation again, (ii) if there is no response to either such Rating
Agency Confirmation or written confirmation request within five (5) Business Days of such second request, then (a) with respect
to any condition in any Loan Document requiring such Rating Agency Confirmation or such written confirmation, or any other matter
under this Agreement relating to the servicing of the Whole Loan (other than as set forth in clause (b) below), such condition
shall be deemed to be satisfied with respect to such Rating Agency (provided that granting such request is in accordance
with Accepted Servicing Practices) and (b) with respect to a replacement of the Servicer or Special Servicer, such condition shall
be deemed to be satisfied with respect to (1) Moody’s, if the applicable


 



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replacement has been appointed and currently serves
as master or special servicer on a deal-level or transaction-level basis for a CMBS transaction that has securities outstanding
that are then-currently rated by Moody’s and for which Moody’s has not cited servicing concerns of the applicable
replacement as the sole or material factor in such rating action or any qualification, downgrade, withdrawal of the ratings (or
placement on “watch status” in contemplation of a rating agency downgrade or withdrawal) of securities rated by Moody’s
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, and (2) Morningstar, if (i) such replacement
servicer or special servicer has a ranking by Morningstar higher than or equal to “MOR CS3” as a master servicer or
special servicer, as applicable or (ii)(A) such replacement servicer or special servicer is acting as master servicer or special
servicer, as applicable, in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period
prior to the date of determination and (B) Morningstar has not cited servicing concerns of the applicable replacement servicer
or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the then-current rating or
ratings of one or more classes of such commercial mortgage backed securities.


 


Any
Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as
applicable, pursuant to this Agreement, shall be made in writing (and email will be sufficient as a writing), which writing shall
contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material the
Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, deems necessary for the Rating Agency
to process such request. 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 8.14(b).


 


Promptly
following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.27(a)
following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the 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 post such notice on the 17g-5 Information Provider’s Website
in accordance with Section 8.14(b).


 


(b)          For
all other matters or actions requiring Rating Agency Confirmation and not specifically discussed in Section 3.27(a) above,
the applicable Requesting Party shall obtain and deliver Rating Agency Confirmation from each Rating Agency.


 


3.28.          Certain
Co-Lender Matters Relating to the Whole Loan.


 


(a)          If,
pursuant to Section 2.8, or Section 3.16 of this Agreement, the Trust Loan is, in its entirety, purchased or repurchased
from the Trust Fund, the subsequent holder thereof shall be bound by the terms of the Co-Lender Agreement and shall assume the
rights and obligations of the holder of the Trust Notes under the Co-Lender Agreement. All portions of the Mortgage File and (to
the extent provided under the Loan Purchase Agreement) other documents pertaining to the Trust Loan shall be endorsed or assigned
to the extent necessary or appropriate to the purchaser of the Trust Loan in its capacity as the holder of the Trust Notes (as
a result of


 



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such purchase, repurchase or substitution) and (except for the actual Trust Notes) on behalf of the holders of the
Non-Trust A Notes that evidence the Companion Loans. Thereafter, such Mortgage File shall be held by the holder of the Trust Notes
or a custodian appointed thereby for the benefit thereof, on behalf of itself and the Companion Loan Holders as their interests
appear under the Co-Lender Agreement. If the related servicing file is not already in the possession of such party, it shall be
delivered to the master servicer or special servicer, as the case may be, under any separate servicing agreement for the Whole
Loan.


 


(b)          With
respect to a Companion Loan that becomes the subject of an “asset review” (or such analogous term defined in the related
Companion Loan Pooling and Servicing Agreement) pursuant to the related Companion Loan Pooling and Servicing Agreement, the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator and the Custodian shall reasonably cooperate with the asset representations
reviewer or any other party to the Companion Loan Pooling and Servicing Agreement in connection with such asset review by providing
the asset representations reviewer or such other requesting party with any documents reasonably requested by the asset representations
reviewer or such other requesting party, but only to the extent (i) the requesting party or asset representations reviewer has
not been able to obtain such documents from the Loan Sellers or a party to the Companion Loan Pooling and Servicing Agreement
and (ii) such documents are in the possession of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or the Custodian, as the case may be. For the avoidance of doubt, none of the Servicer, the Special Servicer, the Trustee, the
Certificate Administrator or the Custodian shall (i) have further obligations for such asset review or be bound by the related
Companion Loan Pooling and Servicing Agreement or shall (ii) be obligated to provide such documents if providing such documents
would, in its reasonable determination, be a violation of this Agreement or the Co-Lender Agreement.


 


(c)          Notwithstanding
anything in this Agreement to the contrary, but only to the extent required under the Co-Lender Agreement, the Servicer or Special
Servicer, as applicable, shall consult with the Companion Loan Holders with respect to any matters with respect to the servicing
of the Companion Loans to the extent required under the Co-Lender Agreement. The Servicer or Special Servicer, as applicable,
shall deliver reports and notices to the Companion Loan Holders to the extent required under the Co-Lender Agreement.


 


(d)          The
Servicer shall prepare, or cause to be prepared, on an ongoing basis, a statement setting forth:


 


(i)           the
amount of the distribution from the Collection Account allocable to principal, separately identifying the amount of balloon payments,
principal prepayments made at the option of the Borrower or other principal prepayments (specifying the reason therefor), net
liquidation proceeds and foreclosure proceeds included therein and information on distributions made with respect to the Whole
Loan;


 


(ii)          the
amount of the distribution from the Collection Account allocable to interest and the amount of Default Interest actually received
with respect to the Whole Loan;


 






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(iii)         the
amount of the distribution to the Companion Loan Holders, separately identifying the non-default interest, principal and other
amounts included therein, and if the distribution to the Companion Loan Holders is less than the full amount that would be distributable
to such Companion Loan Holders if there were sufficient amounts available therefor, the amount of the shortfall and the allocation
thereof between interest and principal and the amount of the shortfall, if any, under the Whole Loan;


 


(iv)         the
principal balance of each Note after giving effect to the distribution of principal as of the end of the related Collection Period;
and


 


(v)          the
amount of the servicing compensation paid to the Servicer and the Special Servicer with respect to the most recent Distribution
Date, showing separately the Servicing Fee, the Special Servicing Fee, the Work-out Fee and the Liquidation Fee.


 


Not
later than each Remittance Date, the Servicer shall make the foregoing statement available to the Companion Loan Holders by electronic
means.


 


(e)          
At any time that a Companion Loan is included as an asset of a Companion Loan Securitization Trust and provided that the applicable
parties hereto have received written notice (which may be by email) thereof including contact information for the Other Servicer
and Other Special Servicer with respect to such Companion Loan Securitization Trust, all notices, reports, information or other
deliverables required to be delivered to the related Companion Loan Holder pursuant to this Agreement or the Co-Lender Agreement
shall be delivered to the Other Servicer and Other Special Servicer of such Companion Loan Securitization Trust (who then may
forward such items to the party entitled to receive such items as and to the extent provided in the related Companion Loan Pooling
and Servicing Agreement) and, when so delivered to such Other Servicer and Other Special Servicer, the party hereto that is obligated
under this Agreement or the Co-Lender Agreement to deliver such notices, reports, information or other deliverables shall be deemed
to have satisfied its delivery obligations with respect to such items hereunder or under the Co-Lender Agreement.


 


3.29.          Additional
Matters with Respect to the Whole Loan.


 


(a)          If
(A) the Servicer pays any amount to any Loan Seller pursuant hereto in the belief or expectation that a related payment has been
made or will be received or collected in connection with any or all of the Notes and (B) such payment is not received or collected
by the Servicer, then such Loan Seller will promptly on demand by the Servicer return such amount to the Servicer. If the Servicer
determines at any time that any amount received or collected by the Servicer in respect of the Whole Loan must be returned to
the Borrower or paid to any other Person or entity pursuant to any insolvency law or otherwise, notwithstanding any other provision
of this Agreement, the Servicer shall not be required to distribute any portion thereof to such Loan Seller, and such Loan Seller
will promptly on demand by the Servicer repay, which obligation shall survive the termination of this Agreement, any portion thereof
that the Servicer may have distributed to such Loan Seller, together with interest thereon at such rate, if any, as the Servicer
may pay to the Borrower or such other Person or entity with respect thereto.


 






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(b)          In
taking or refraining from taking any action permitted hereunder, the Servicer and the Special Servicer shall each be subject to
the same degree of care with respect to the administration and servicing of the Whole Loan as is consistent with this Agreement;
and shall only be liable to the Loan Sellers to the same extent as set forth herein as it is liable to the Trust.


 


(c)          In
the event that the Trustee or the Servicer has made a Property Protection Advance or an Administrative Advance with respect to
the Whole Loan that would otherwise be reimbursable to such advancing party under this Agreement, and such Advance is determined
to be a Nonrecoverable Advance, the Loan Sellers shall reimburse the Trustee, the Certificate Administrator, the Servicer or the
Special Servicer, as applicable, in an amount equal to its pro rata share (based upon its respective principal balance)
of such Nonrecoverable Advance and accrued interest thereon at the Advance Rate. To the extent that the Loan Sellers reimburses
any such Nonrecoverable Advances and such amounts are subsequently recovered by the Trust, the Loan Sellers shall receive a reimbursement
from such recovery to the same extent. If less than 100% of the Nonrecoverable Advances are reimbursed by or on behalf of the
Borrower, the Servicer shall reimburse the Trust and the Loan Sellers on a pro rata basis from such amounts received from
the Borrower. Notwithstanding anything herein to the contrary, including, but not limited to the Loan Sellers’ reimbursement
obligation described herein, the Trustee or Servicer shall have a right to reimbursement of any amounts advanced under Section
3.4(d) for the full Nonrecoverable Advance and interest thereon at the Advance Rate. Notwithstanding anything to the contrary
contained herein, the total liability of the Loan Sellers shall not exceed an amount equal to its pro rata share (based
upon its respective principal balance) of the aggregate Whole Loan obligations.


 


The
rights granted to the Loan Sellers under this Section 3.29 shall in all respects be subject to the general rights, indemnification
in favor of the Certificate Administrator, Trustee, Servicer and Special Servicer, protections, limitations on liability and immunities
granted to the parties in this Agreement (including, but not limited to, Section 6.3) and this Section 3.29 shall
not be construed to limit such indemnification in favor of the Certificate Administrator, Trustee, Servicer and Special Servicer
rights, protections, limitations on liability and immunities which shall apply to all the Notes, including the Repurchased Note.


 


(d)          The
Servicer shall promptly (and in any event within 60 days) after the Closing Date deliver notice to the related ground lessor of
the transfer of the Trust Loan to the Trust pursuant to this Agreement and inform such ground lessor that any notices of default
under the related Ground Lease should thereafter be forwarded to the Servicer; provided that the Loan Sellers shall cooperate
with the Servicer with respect to such notices, including, without limitation, providing the form of notice to be delivered to
such ground lessors.


 


3.30.          Additional
Matters with Respect to Repurchases.


 


(a)          In
the event that any Loan Seller repurchases its respective portion of the Trust Loan (such Loan Seller, a “Repurchasing
Seller”) in accordance with Section 2.8 hereof and Section 8 of the Loan Purchase Agreement, the provisions
of this Section 3.30 shall apply, and each Loan Seller has agreed in the Loan Purchase Agreement as follows with respect
to the servicing and administration of the Whole Loan in the event of such a repurchase unless and


 



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until such time as all of the
Notes are repurchased or otherwise no longer part of the Trust, and the related successor holders thereof have entered into a
servicing agreement with respect to such Notes.


 


(b)          To
the extent that not all of the Loan Sellers repurchase their Loan Seller Percentage Interests pursuant to the terms of the Loan
Purchase Agreement, (i) the Trust Loan shall continue to be serviced by the Servicer and, if applicable, the Special Servicer,
in accordance with the terms of this Agreement on behalf of any Repurchasing Seller and the Certificateholders as a collective
whole (but in all events, subject to the immediately succeeding paragraph), and the Servicer or the Special Servicer, as applicable,
shall be the sole representative of such Repurchasing Seller in connection with any enforcement, bankruptcy or other proceeding,
(ii) the Trustee, on behalf of the Trust, shall remain the mortgagee of record with respect to the Mortgage on behalf of the Trustee
and each Repurchasing Seller, (iii) the Certificate Administrator Fee (which includes the Trustee Fee), Servicing Fee and/or Special
Servicing Fee, and the CREFC® Intellectual Property Royalty License Fee with respect to the Trust Loan shall continue
to be calculated based on the entire outstanding principal balance of the Trust Loan or the Whole Loan, as applicable, in accordance
with the terms of this Agreement and the Repurchasing Seller shall bear such fees on a pari passu and pro rata basis
(based upon the principal balance of the Repurchasing Seller’s Note and the other Note(s) remaining in the Trust) with the
portion of the Trust Loan remaining in the Trust from collections on the Whole Loan, (iv) the Custodian shall retain all portions
of the Mortgage File other than the related Note corresponding to a Repurchasing Seller’s Loan Seller Percentage Interest;
provided that the Repurchasing Seller may request and the Custodian shall provide (at the cost and expense of such Repurchasing
Seller) copies of all of the documents in the Mortgage File (other than the Note related to the Repurchasing Seller’s portion
of the Trust Loan), (v) all Realized Losses, Trust Fund Expenses, Servicing Fees, Special Servicing Fees, Liquidation Fees, Work-out
Fees and all other amounts reimbursable to any Person under the terms of this Agreement shall, in each case, be allocated to the
Loan Seller Percentage Interest on a pari passu and pro rata basis with the portion of the Trust Loan remaining
in the Trust, (vi) the Repurchasing Seller, provided that it is not a Borrower Related Party or an agent or Affiliate of any of
the foregoing, shall be entitled to receive any and all reports and have access to any and all information that a Certificateholder
and/or Privileged Person would otherwise have under the terms of this Agreement, (vii) to the extent this Agreement refers to
the “Mortgage File”, such “Mortgage File” shall be construed to mean the Mortgage File for the entire
Trust Loan, (viii) the Servicer shall remit to the Repurchasing Seller on each Remittance Date from amounts on deposit in the
Collection Account equal to such Repurchasing Seller’s pro rata share, based upon its Loan Seller Percentage Interest,
of all amounts available from the Collection Account on such Remittance Date with respect to the Trust Loan and such amounts shall
be wired in accordance with the directions provided to the Trustee, the Certificate Administrator and the Servicer by such Repurchasing
Seller at least 10 Business Days prior to the related Remittance Date and (ix) all provisions contained in this Agreement that
pertain to the indemnification by the Trust of any other Person relating to the servicing and administration of the Trust Loan
shall be deemed to be a several (but not joint) indemnity from the Trust and such Repurchasing Seller on a pro rata basis,
and such Repurchasing Seller’s liability under such indemnity provisions shall be in proportion to its Loan Seller Percentage
Interest; provided that (i) under no circumstances shall any Repurchasing Seller be liable under any such indemnification
provisions to the extent such liability arises out of matters relating to the administration of the Trust as a grantor trust for
tax


 



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purposes, (ii) in any event, no Repurchasing Seller shall be required to pay more than the amount that is in relative proportion
to the amount actually paid by the Trust in respect of such indemnity and (iii) any such amounts with respect to the Repurchasing
Seller and its related Loan Seller Percentage Interest of such amounts shall be payable solely from collections in respect of
the Trust Loan that would be payable to such Repurchasing Seller pursuant to the terms of this Agreement. Neither the Servicer
nor the Trustee shall make any Monthly Payment Advance or Administrative Advance with respect to any Repurchasing Seller’s
Loan Seller Percentage Interest of the Trust Loan which has been repurchased as described herein. In no event shall the Repurchasing
Seller transfer, sell, assign, hypothecate, participate or encumber its Loan Seller Percentage Interest to any Borrower Related
Party or any Affiliate of any of the foregoing, and any purported transfer that violates this sentence will be void ab initio
unless the portion of the Trust Loan remaining in the Trust is also being transferred, sold, assigned, hypothecated, participated
or encumbered to any such Person. Solely in respect of any amendment to this Agreement that relates to the rights or interests
of a Loan Seller or any affiliate thereof (other than as set forth in this Section 3.30) any Certificate held by such Repurchasing
Seller shall be deemed not to be outstanding for the purposes of providing or withholding consent or approval over any action
or matter under this Agreement (other than with respect to any amendment of this Section 3.30 or any other provision for
the benefit of such Repurchasing Seller, with respect to which such Repurchasing Seller shall be an intended third party beneficiary
and whose consent shall be required for any such amendment) and shall be deemed to have no Voting Rights related thereto.


 


(c)          Notwithstanding
anything to the contrary contained in the foregoing: (i) none of the Certificateholders shall bear any additional expenses, costs
or fees resulting from the servicing of any portion of the Trust Loan owned by a Repurchasing Seller (and in no event shall such
expenses be Trust Fund Expenses) and (ii) each Repurchasing Seller agrees in the Loan Purchase Agreement to bear its Loan Seller
Percentage Interest of such amounts. In addition, other than as set forth in this Section 3.30, to the fullest extent possible
under law, each Repurchasing Seller shall be deemed to have waived all rights of consent, consultation, direction or any other
action in respect of the Trust Loan, all of which shall be exercised by the Servicer and the Special Servicer (and in no event
shall the Servicer, the Special Servicer, the Certificate Administrator or the Trustee take any direction of such Repurchasing
Seller (or any Affiliate of such Repurchasing Seller) in connection therewith).


 


(d)          Notwithstanding
any other provision of this Agreement to the contrary, no Repurchasing Seller or any of its respective Affiliates shall be under
any liability to the Trust, any party to this Agreement, the Certificateholders or any other Person for any amount or be required
to pay any amount other than from its Loan Seller Percentage Interest of ongoing collections on the Trust Loan that would otherwise
be payable to such Repurchasing Seller (for the avoidance of doubt, such amounts shall not include amounts previously distributed
to such Repurchasing Seller and such prior amounts shall not be subject to any claw back unless such amounts were distributed
to such Repurchasing Seller in error), and the liability of the Loan Sellers is hereby expressly limited to such amounts.


 






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4.          PAYMENTS
AND STATEMENTS TO CERTIFICATEHOLDERS


 


4.1.          Distributions.
(a) On each Distribution Date, to the extent of Available Funds, amounts held in the Upper-Tier Distribution Account shall be
withdrawn and distributed in the following amounts (in the case of the Regular Interests, deposited in the Regular Interest Distribution
Account):


 


first,
in respect of the Class A Regular Interest in respect of interest, up to the Interest Distribution Amount for such Regular Interest
and such Distribution Date;


 


second,
in respect of the Class A Regular Interest, in reduction of the Certificate Balance thereof, in an amount equal to the Principal
Distribution Amount for such Regular Interest and such Distribution Date until the Certificate Balance thereof is reduced to zero;


 


third,
in respect of the Class A Regular Interest, up to an amount equal to all Applied Realized Loss Amounts previously allocated to
such Regular Interest and not reimbursed on prior Distribution Dates;


 


fourth,
in respect of the Class B Regular Interest, in respect of interest, up to the Interest Distribution Amount for such Regular Interest
and such Distribution Date;


 


fifth,
in respect of the Class B Regular Interest, in reduction of the Certificate Balance thereof, in an amount equal to the Principal
Distribution Amount for such Regular Interest and such Distribution Date until the Certificate Balance thereof is reduced to zero;


 


sixth,
in respect of the Class B Regular Interest, up to the amount of all Applied Realized Loss Amounts previously allocated to such
Regular Interest and not reimbursed on prior Distribution Dates;


 


seventh,
in respect of the Class C Regular Interest, in respect of interest, up to the Interest Distribution Amount for such Regular Interest
and such Distribution Date;


 


eighth,
in respect of the Class C Regular Interest, in reduction of the Certificate Balance thereof, in an amount equal to the Principal
Distribution Amount for such Regular Interest and such Distribution Date until the Certificate Balance thereof is reduced to zero;


 


ninth,
in respect of the Class C Regular Interest, up to the amount of all Applied Realized Loss Amounts previously allocated to such
Regular Interest and not reimbursed on prior Distribution Dates;


 


tenth,
in respect of the Class D Regular Interest, in respect of interest, up to the Interest Distribution Amount for such Regular Interest
and such Distribution Date;


 


eleventh,
in respect of the Class D Regular Interest, in reduction of the Certificate Balance thereof, in an amount equal to the Principal
Distribution Amount for such Regular Interest and such Distribution Date until the Certificate Balance thereof is reduced to zero;


 






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twelfth,
in respect of the Class D Regular Interest, up to the amount of all Applied Realized Loss Amounts previously allocated to such
Regular Interest and not reimbursed on prior Distribution Dates;


 


thirteenth,
in respect of the Class E Regular Interest, in respect of interest, up to the Interest Distribution Amount for such Regular Interest
and such Distribution Date;


 


fourteenth,
in respect of the Class E Regular Interest, in reduction of the Certificate Balance thereof, in an amount equal to the Principal
Distribution Amount for such Regular Interest and such Distribution Date until the Certificate Balance thereof is reduced to zero;


 


fifteenth,
in respect of the Class E Regular Interest, up to the amount of all Applied Realized Loss Amounts previously allocated to such
Regular Interest and not reimbursed on prior Distribution Dates;


 


sixteenth,
in respect of the Class F Regular Interest, in respect of interest, up to the Interest Distribution Amount for such Regular Interest
and such Distribution Date;


 


seventeenth,
in respect of the Class F Regular Interest, in reduction of the Certificate Balance thereof, in an amount equal to the Principal
Distribution Amount for such Regular Interest and such Distribution Date until the Certificate Balance thereof is reduced to zero;


 


eighteenth,
in respect of the Class F Regular Interest, up to the amount of all Applied Realized Loss Amounts previously allocated to such
Regular Interest and not reimbursed on prior Distribution Dates;


 


nineteenth,
in respect of the Class G Regular Interest, in respect of interest, up to the Interest Distribution Amount for such Regular Interest
and such Distribution Date;


 


twentieth,
in respect of the Class G Regular Interest, in reduction of the Certificate Balance thereof, in an amount equal to the Principal
Distribution Amount for such Regular Interest and such Distribution Date until the Certificate Balance thereof is reduced to zero;


 


twenty-first,
in respect of the Class G Regular Interest, up to the amount of all Applied Realized Loss Amounts previously allocated to such
Regular Interest and not reimbursed on prior Distribution Dates;


 


twenty-second,
in respect of the Class H Regular Interest, in respect of interest, up to the Interest Distribution Amount for such Regular Interest
and such Distribution Date;


 


twenty-third,
in respect of the Class H Regular Interest, in reduction of the Certificate Balance thereof, in an amount equal to the Principal
Distribution Amount for such Regular Interest and such Distribution Date until the Certificate Balance thereof is reduced to zero;


 






    -136- 


     


    

 


twenty-fourth,
in respect of the Class H Regular Interest, up to the amount of all Applied Realized Loss Amounts previously allocated to such
Regular Interest and not reimbursed on prior Distribution Dates; and


 


twenty-fifth,
to the Holders of the Class R Certificates (in respect of the Class UT-R Interest), any remaining amounts.


 


In
no event will any Regular Interest receive distributions in reduction of its Certificate Balance (i) that in the aggregate exceed
the original Certificate Balance of such Class or (ii) prior to the reduction of the Certificate Balance of each Regular Interest
with an earlier alphabetical designation to such Class to zero.


 


(b)          Amounts
distributed on the Regular Interests pursuant to Section 4.1(a) shall be further distributed from the Regular Interest
Distribution Account to the Holders of the Certificates (other than the Class R Certificates) as set forth below:


 


(i)            On
each Distribution Date, simultaneously with the distributions made on the Class A Regular Interest under Section 4.1(a),
the aggregate amount so distributed on the Class A Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class A Certificates and the Class V Certificates in the following amounts
and in the following order of priority:


 


(A)          first,
concurrently, to (1) the Class A Certificates in respect of interest, up to an amount equal to the Class A Percentage Interest
of the amount distributed in respect of interest on the Class A Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of interest, up to an amount equal to the Class V Percentage Interest of the amount distributed in respect
of interest on the Class A Regular Interest under Section 4.1(a);


 


(B)          second,
concurrently, to (1) the Class A Certificates in respect of principal, up to an amount equal to the Class A Percentage Interest
of the amount distributed in respect of principal on the Class A Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of principal, up to an amount equal to the Class V Percentage Interest of the amount distributed in
respect of principal on the Class A Regular Interest under Section 4.1(a); and


 


(C)          third,
concurrently, to (1) the Class A Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class A
Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class A Regular Interest under
Section 4.1(a) and (2) the Class V Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the
Class V Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class A Regular Interest
under Section 4.1(a).


 


(ii)           [Reserved].


 


(iii)          On
each Distribution Date, simultaneously with the distributions made on the Class B Regular Interest under Section 4.1(a),
the aggregate amount so distributed on 


 



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the Class B Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class B Certificates and the Class V Certificates in the following amounts
and in the following order of priority:


 


(A)          first,
concurrently, to (1) the Class B Certificates in respect of interest, up to an amount equal to the Class B Percentage Interest
of the amount distributed in respect of interest on the Class B Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of interest, up to an amount equal to the Class V Percentage Interest of the amount distributed in respect
of interest on the Class B Regular Interest under Section 4.1(a);


 


(B)          second,
concurrently, to (1) the Class B Certificates in respect of principal, up to an amount equal to the Class B Percentage Interest
of the amount distributed in respect of principal on the Class B Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of principal, up to an amount equal to the Class V Percentage Interest of the amount distributed in
respect of principal on the Class B Regular Interest under Section 4.1(a); and


 


(C)          third,
concurrently, to (1) the Class B Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class B
Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class B Regular Interest under
Section 4.1(a) and (2) the Class V Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the
Class V Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class B Regular Interest
under Section 4.1(a).


 


(iv)          On
each Distribution Date, simultaneously with the distributions made on the Class C Regular Interest under Section 4.1(a),
the aggregate amount so distributed on the Class C Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class C Certificates and the Class V Certificates in the following amounts
and in the following order of priority:


 


(A)          first,
concurrently, to (1) the Class C Certificates in respect of interest, up to an amount equal to the Class C Percentage Interest
of the amount distributed in respect of interest on the Class C Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of interest, up to an amount equal to the Class V Percentage Interest of the amount distributed in respect
of interest on the Class C Regular Interest under Section 4.1(a);


 


(B)          second,
concurrently, to (1) the Class C Certificates in respect of principal, up to an amount equal to the Class C Percentage Interest
of the amount distributed in respect of principal on the Class C Regular Interest under Section 4.1(a) and (3) the Class
V Certificates in respect of principal, up to an amount equal to the Class V Percentage Interest of the amount distributed in
respect of principal on the Class C Regular Interest under Section 4.1(a); and


 






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(C)          third,
concurrently, to (1) the Class C Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class C
Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class C Regular Interest under
Section 4.1(a) and (2) the Class V Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the
Class V Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class C Regular Interest
under Section 4.1(a).


 


(v)          On
each Distribution Date, simultaneously with the distributions made on the Class D Regular Interest under Section 4.1(a),
the aggregate amount so distributed on the Class D Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class D Certificates and the Class V Certificates in the following amounts
and in the following order of priority:


 


(A)          first,
concurrently, to (1) the Class D Certificates in respect of interest, up to an amount equal to the Class D Percentage Interest
of the amount distributed in respect of interest on the Class D Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of interest, up to an amount equal to the Class V Percentage Interest of the amount distributed in respect
of interest on the Class D Regular Interest under Section 4.1(a);


 


(B)          second,
concurrently, to (1) the Class D Certificates in respect of principal, up to an amount equal to the Class D Percentage Interest
of the amount distributed in respect of principal on the Class D Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of principal, up to an amount equal to the Class V Percentage Interest of the amount distributed in
respect of principal on the Class D Regular Interest under Section 4.1(a); and


 


(C)          third,
concurrently, to (1) the Class D Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class D
Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class D Regular Interest under
Section 4.1(a) and (2) the Class V Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the
Class V Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class D Regular Interest
under Section 4.1(a).


 


(vi)          On
each Distribution Date, simultaneously with the distributions made on the Class E Regular Interest under Section 4.1(a),
the aggregate amount so distributed on the Class E Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class E Certificates and the Class V Certificates in the following amounts
and in the following order of priority:


 


(A)          first,
concurrently, to (1) the Class E Certificates in respect of interest, up to an amount equal to the Class E Percentage Interest
of the amount distributed in respect of interest on the Class E Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of interest, up to an


 



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amount
equal to the Class V Percentage Interest of the amount distributed in respect of interest on the
Class E Regular Interest under Section 4.1(a);


 


(B)          second,
concurrently, to (1) the Class E Certificates in respect of principal, up to an amount equal to the Class E Percentage Interest
of the amount distributed in respect of principal on the Class E Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of principal, up to an amount equal to the Class V Percentage Interest of the amount distributed in
respect of principal on the Class E Regular Interest under Section 4.1(a); and


 


(C)          third,
concurrently, to (1) the Class E Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class E
Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class E Regular Interest under
Section 4.1(a) and (2) the Class V Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the
Class V Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class E Regular Interest
under Section 4.1(a).


 


(vii)          On
each Distribution Date, simultaneously with the distributions made on the Class F Regular Interest under Section 4.1(a),
the aggregate amount so distributed on the Class F Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class F Certificates and the Class V Certificates in the following amounts
and in the following order of priority:


 


(A)          first,
concurrently, to (1) the Class F Certificates in respect of interest, up to an amount equal to the Class F Percentage Interest
of the amount distributed in respect of interest on the Class F Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of interest, up to an amount equal to the Class V Percentage Interest of the amount distributed in respect
of interest on the Class F Regular Interest under Section 4.1(a);


 


(B)          second,
concurrently, to (1) the Class F Certificates in respect of principal, up to an amount equal to the Class F Percentage Interest
of the amount distributed in respect of principal on the Class F Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of principal, up to an amount equal to the Class V Percentage Interest of the amount distributed in
respect of principal on the Class F Regular Interest under Section 4.1(a); and


 


(C)          third,
concurrently, to (1) the Class F Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class F
Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class F Regular Interest under
Section 4.1(a) and (2) the Class V Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the
Class V Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class F Regular Interest
under Section 4.1(a).


 






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(viii)          On
each Distribution Date, simultaneously with the distributions made on the Class G Regular Interest under Section 4.1(a),
the aggregate amount so distributed on the Class G Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class G Certificates and the Class V Certificates in the following amounts
and in the following order of priority:


 


(A)          first,
concurrently, to (1) the Class G Certificates in respect of interest, up to an amount equal to the Class G Percentage Interest
of the amount distributed in respect of interest on the Class G Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of interest, up to an amount equal to the Class V Percentage Interest of the amount distributed in respect
of interest on the Class G Regular Interest under Section 4.1(a);


 


(B)          second,
concurrently, to (1) the Class G Certificates in respect of principal, up to an amount equal to the Class G Percentage Interest
of the amount distributed in respect of principal on the Class G Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of principal, up to an amount equal to the Class V Percentage Interest of the amount distributed in
respect of principal on the Class G Regular Interest under Section 4.1(a); and


 


(C)          third,
concurrently, to (1) the Class G Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class G
Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class G Regular Interest under
Section 4.1(a) and (2) the Class V Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the
Class V Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class G Regular Interest
under Section 4.1(a).


 


(ix)          On
each Distribution Date, simultaneously with the distributions made on the Class H Regular Interest under Section 4.1(a),
the aggregate amount so distributed on the Class H Regular Interest on such Distribution Date shall be further distributed by
the Certificate Administrator to the Holders of the Class H Certificates and the Class V Certificates in the following amounts
and in the following order of priority:


 


(A)          first,
concurrently, to (1) the Class H Certificates in respect of interest, up to an amount equal to the Class H Percentage Interest
of the amount distributed in respect of interest on the Class H Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of interest, up to an amount equal to the Class V Percentage Interest of the amount distributed in respect
of interest on the Class H Regular Interest under Section 4.1(a);


 


(B)          second,
concurrently, to (1) the Class H Certificates in respect of principal, up to an amount equal to the Class H Percentage Interest
of the amount distributed in respect of principal on the Class H Regular Interest under Section 4.1(a) and (2) the Class
V Certificates in respect of principal, up to an amount equal to the Class V Percentage Interest of the amount distributed in
respect of principal on the Class H Regular Interest under Section 4.1(a); and


 






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(C)          third,
concurrently, to (1) the Class H Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the Class H
Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class H Regular Interest under
Section 4.1(a) and (2) the Class V Certificates in respect of unreimbursed Realized Losses, up to an amount equal to the
Class V Percentage Interest of the amount distributed in respect of unreimbursed Realized Losses on the Class H Regular Interest
under Section 4.1(a).


 


On
each Distribution Date, each Uncertificated Lower-Tier Interest shall be deemed to receive distributions in respect of principal
or reimbursement of Realized Losses in an amount equal to the amount of principal or reimbursement of Realized Losses actually
distributable to its respective Related Certificates as provided in Sections 4.1(a) and 4.1(g). On each Distribution
Date, each Uncertificated Lower-Tier Interest shall be deemed to receive distributions in respect of interest in an amount equal
to the sum of the Interest Distribution Amount and Interest Shortfall in respect of its Related Certificates, to the extent actually
distributable thereon as provided in Section 4.1(a). Amounts distributable pursuant to this paragraph and any Yield Maintenance
Premiums distributed pursuant to Section 4.3(b) are referred to herein collectively as the “Lower-Tier Distribution
Amount”, and shall be deemed to be made by the Certificate Administrator by being deemed to deposit such Lower-Tier
Distribution Amount into the Upper-Tier Distribution Account on each Distribution Date.


 


As
of any date, the principal balance of each Uncertificated Lower-Tier Interest shall equal its Lower-Tier Principal Amount. The
Pass-Through Rate with respect to each Uncertificated Lower-Tier Interest shall be the rate per annum set forth in the
Introductory Statement.


 


Any
amount that remains in the Lower-Tier Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution
Amount shall be distributed to the Holders of the Class R Certificates (in respect of the Class LT-R Interest, but only to the
extent of the amount remaining in the Lower-Tier Distribution Account, if any).


 


Distributions
to Holders of Class R Certificates from the Lower-Tier Distribution Account (in respect of the Class LT-R Interest) and from the
Upper-Tier Distribution Account (in respect of the Class UT-R Interest) and to each other Certificateholder from the Regular Interest
Distribution Account on each Distribution Date shall be made by the Certificate Administrator to each Certificateholder of record
on the related Record Date (other than as provided in Section 10.1 in respect of the final distribution), by wire transfer
in immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities therefor; provided that the Certificate Administrator has received appropriate wire transfer
instructions therefrom, or by check by first class mail to the address set forth therefor in the Certificate Register if wiring
instructions have not been received at least five (5) Business Days prior to the Distribution Date.


 


(c)          All
amounts distributable to a Class of Certificates pursuant to Section 4.1(b) on each Distribution Date shall be allocated
pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions
shall be made on each Distribution Date to each Certificateholder of record at the close of


 



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 business on the related Record Date
by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity located in
the United States and having appropriate facilities therefor provided that the Certificate Administrator has received appropriate
wire transfer instructions therefrom, or by check by first class mail to the address set forth therefor in the Certificate Register
if wiring instructions have not been received at least five (5) Business Days prior to the Distribution Date. The final distribution
on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location
specified by the Certificate Administrator in the notice to Certificateholders of such final distribution.


 


(d)          The
Certificate Administrator shall, as soon as reasonably possible after notice thereof by the Servicer to the Certificate Administrator
that the final distribution with respect to any Class of Certificates is expected to be made, post a notice on the Certificate
Administrator’s Website pursuant to Section 8.14(b), deliver such notice to the 17g-5 Information Provider (who shall
post such notice on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)) and mail to each Holder
of such Class of Certificates on such date a notice to the effect that:


 


(i)            the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates shall be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified; and


 


(ii)          if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificate from and after the Certificate
Interest Accrual Period related to such Distribution Date.


 


(e)          Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust for the benefit of
the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation
to receive the final distribution with respect thereto. If within one year after the second notice not all of such Certificates
shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate
steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. All such amounts shall
be held by the Certificate Administrator in trust in accordance herewith until the expiration of a two-year period following such
second notice, notwithstanding any termination of the Trust Fund. Subject to applicable state escheatment laws, if within two
years after the second notice any such Certificates shall not have been surrendered for cancellation, the Certificate Administrator
shall hold all amounts distributable to the Holders thereof for the benefit of such Holders until the earlier of (i) its termination
as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the


 



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termination of the Trust Fund, at which time such amounts shall, subject to applicable law, be distributed to the Depositor. No
interest shall accrue or be payable to any Certificateholder on any amount held in trust hereunder or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with this Section 4.1(e). Any such amounts transferred to the Certificate Administrator shall not be invested.


 


(f)          The
Certificate Administrator shall be responsible for the calculations with respect to distributions from the Trust so long as the
Trust Fund has not been terminated in accordance with this Agreement. The Certificate Administrator shall have no duty to recompile,
recalculate or verify the accuracy of information provided to it by the Servicer pursuant to Section 3.18(a) and, in the
absence of manifest error in such information, may conclusively rely upon it.


 


(g)          On
each Distribution Date, Realized Losses with respect to the Trust Loan shall be allocated to reduce the Certificate Balance of
each Class of Regular Interests in the following order:


 


first,
to the Class H Regular Interest;


 


second,
to the Class G Regular Interest;


 


third,
to the Class F Regular Interest;


 


fourth,
to the Class E Regular Interest;


 


fifth,
to the Class D Regular Interest;


 


sixth,
to the Class C Regular Interest;


 


seventh,
to the Class B Regular Interest; and


 


eighth,
to the Class A Regular Interest; in each case until the Certificate Balance of the related Class has been reduced to zero.


 


On
any Distribution Date, allocations of Realized Losses to any Class of Regular Interests shall result in a corresponding reduction
of the Lower-Tier Principal Amount of the Related Uncertificated Lower-Tier Interest.


 


Any
such Realized Losses in respect of:


 


(A)          the
Class A Regular Interest shall be further allocated to the Class A Certificates and the Class V Certificates, pro rata
in proportion to the Class A Percentage Interest and the Class V Percentage Interest, respectively;


 


(B)          the
Class B Regular Interest shall be further allocated to the Class B Certificates and the Class V Certificates, pro rata
in proportion to the Class B Percentage Interest and the Class V Percentage Interest, respectively;


 






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(C)          the
Class C Regular Interest shall be further allocated to the Class C Certificates and the Class V Certificates, pro rata
in proportion to the Class C Percentage Interest and the Class V Percentage Interest, respectively;


 


(D)          the
Class D Regular Interest shall be further allocated to the Class D Certificates and the Class V Certificates, pro rata
in proportion to the Class D Percentage Interest and the Class V Percentage Interest, respectively;


 


(E)          the
Class E Regular Interest shall be further allocated to the Class E Certificates and the Class V Certificates, pro rata
in proportion to the Class E Percentage Interest and the Class V Percentage Interest, respectively;


 


(F)          the
Class F Regular Interest shall be further allocated to the Class F Certificates and the Class V Certificates, pro rata
in proportion to the Class F Percentage Interest and the Class V Percentage Interest, respectively;


 


(G)          the
Class G Regular Interest shall be further allocated to the Class G Certificates and the Class V Certificates, pro rata
in proportion to the Class G Percentage Interest and the Class V Percentage Interest, respectively; and


 


(H)          the
Class H Regular Interest shall be further allocated to the Class H Certificates and the Class V Certificates, pro rata
in proportion to the Class H Percentage Interest and the Class V Percentage Interest, respectively.


 


To
the extent any Realized Losses are subsequently recovered, the amount of such recovery shall be reimbursed to the Certificateholders
in the following order: first, to the Class A Regular Interest, second, to the Class B Regular Interest, third,
to the Class C Regular Interest, fourth, to the Class D Regular Interest, fifth, to the Class E Regular Interest,
sixth, to the Class F Regular Interest, seventh, to the Class G Regular Interest and eighth, to the Class
H Regular Interest (and the Related Uncertificated Lower-Tier Interests), in each case up to the amount of any Realized Losses,
if any, that have been allocated to such Class.


  


4.2.          Withholding
Tax. (a) Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal
withholding requirements with respect to payments to Certificateholders or any payee that the Certificate Administrator reasonably
believes are applicable under the Code. The consent of Certificateholders shall not be required for any such withholding. In the
event the Certificate Administrator withholds any amount from interest payments or advances thereof to any Certificateholder or
payee pursuant to federal withholding requirements, amounts so withheld shall be treated as having been entirely distributed to
such Certificateholder or payee, and the Certificate Administrator shall indicate the amount withheld to such Certificateholder
or payee through a report.


 


(b)          Each
Beneficial Owner and Certificateholder, by the purchase of a Certificate or its acceptance of a beneficial interest therein, acknowledges
that interest on the Certificates will be treated as United States source interest, and, as such, United States withholding tax
may apply. Each such Beneficial Owner and Certificateholder further agrees, upon request, to provide any certifications that may
be required under applicable law, regulations or procedures to evidence its status for United States withholding tax purposes
and understands


 



    -145- 


     


    

 


that if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under
the Certificates may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing,
if a payment made under this Agreement would be subject to United States federal withholding tax imposed by FATCA if the recipient
of such payment were to fail to comply with FATCA (including the requirements of Sections 1471(b) or 1472(b) of the Code, as applicable),
such recipient shall deliver to the Certificate Administrator, with a copy to the Trustee, at the time or times prescribed by
the Code and at such time or times reasonably requested by the Certificate Administrator or the Trustee, such documentation prescribed
by the Code (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by the Trustee or the Certificate Administrator to comply with their respective obligations under FATCA, to determine that such
recipient has complied with such recipient’s obligations under FATCA, or to determine the amount to deduct and withhold
from such payment.


 


4.3.          Allocation
and Distribution of Yield Maintenance Premiums and Excess Default Interest.  (a) On any Distribution Date, any Yield Maintenance Premiums collected in respect of the Trust Loan during the related Collection
Period shall be distributed to the holders of each Class of Certificates (other than the Class R Certificates) in the following
manner: the Certificateholders of each Class of Sequential Pay Certificates shall be entitled to receive on each Distribution
Date, an amount of Yield Maintenance Premiums for the Trust Loan prepayments, in an amount equal to the product of (a) a fraction
whose numerator is the amount of principal distributed to such Class on such Distribution Date and whose denominator is the total
amount of principal distributed to all of the Certificates representing principal payments collected in respect of the Trust Loan
on such Distribution Date and (b) the Yield Maintenance Premiums collected during the related Collection Period. If there is more
than one such Class of Certificates entitled to distributions of principal on any particular Distribution Date on which Yield
Maintenance Premiums are distributable, the aggregate amount of such Yield Maintenance Premiums shall be allocated among all such
Classes of Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance
with the first sentence of this paragraph.


 


(b)          All
Yield Maintenance Premiums distributable pursuant to Section 4.3(a) shall first be deemed to have been distributed from
the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LA Uncertificated Interest (whether or not the Lower-Tier
Principal Amount of such Uncertificated Lower-Tier Interest has been reduced to zero) and from the Upper-Tier REMIC to the Grantor
Trust in respect of the related Classes of Regular Interests.


 


(c)          On
each Distribution Date, any Yield Maintenance Premiums distributed in respect of:


 


(i)           the
Class A Regular Interest shall be further allocated between and distributed on the Class A Certificates and the Class V Certificates,
pro rata in proportion to the Class A Percentage Interest and the Class V Percentage Interest, respectively;


 


(ii)          the
Class B Regular Interest shall be further allocated between and distributed on the Class B Certificates and the Class V Certificates,
pro rata in proportion to the Class B Percentage Interest and the Class V Percentage Interest, respectively;


 






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(iii)         the
Class C Regular Interest shall be further allocated between and distributed on the Class C Certificates and the Class V Certificates,
pro rata in proportion to the Class C Percentage Interest and the Class V Percentage Interest, respectively;


 


(iv)         the
Class D Regular Interest shall be further allocated between and distributed on the Class D Certificates and the Class V Certificates,
pro rata in proportion to the Class D Percentage Interest and the Class V Percentage Interest, respectively;


 


(v)          the
Class E Regular Interest shall be further allocated between and distributed on the Class E Certificates and the Class V Certificates,
pro rata in proportion to the Class E Percentage Interest and the Class V Percentage Interest, respectively;


 


(vi)         the
Class F Regular Interest shall be further allocated between and distributed on the Class F Certificates and the Class V Certificates,
pro rata in proportion to the Class F Percentage Interest and the Class V Percentage Interest, respectively;


 


(vii)        the
Class G Regular Interest shall be further allocated between and distributed on the Class G Certificates and the Class V Certificates,
pro rata in proportion to the Class G Percentage Interest and the Class V Percentage Interest, respectively; and


 


(viii)       the
Class H Regular Interest shall be further allocated between and distributed on the Class H Certificates and the Class V Certificates,
pro rata in proportion to the Class H Percentage Interest and the Class V Percentage Interest, respectively.


 


(d)          On
each Distribution Date, the Certificate Administrator shall withdraw from the Excess Default Interest Distribution Account any
amounts on deposit therein that represent any remaining Default Interest that is allocated to the Trust Notes under the Co-Lender
Agreement (the “Excess Default Interest”) collected on the Trust Loan during the related Collection Period
and shall distribute (i) the Class V Percentage Interest of any such amounts to the holders of the Class V Certificates and (ii)
the Sequential Pay Percentage Interest of any such amounts to the holders of each Class of Sequential Pay Certificates as follows:


 


	Class	%
    of Excess Default Interest
	Class
    A	4.00%
	Class
    B	3.75%
	Class
    C	4.25%
	Class
    D	9.00%
	Class
    E	11.00%
	Class
    F	17.00%



 






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	Class
    G	26.50%
	Class
    H	24.50%


 


4.4.          Statements
to Certificateholders. (a) On each Distribution Date, based on information provided by the Servicer and the Special Servicer,
as applicable, the Certificate Administrator shall prepare in accordance with CREFC® guidelines as of the Closing
Date and forward or make available through its internet website, which is located at www.ctslink.com to any Privileged Person,
a statement, prepared by the Certificate Administrator, based upon information supplied to it by the Servicer and the Special
Servicer, as applicable (with respect to items not prepared by the Certificate Administrator, to the extent such items were delivered
to the Certificate Administrator in a readable, uploadable, un-corrupted and un-locked electronic format), in respect of the distributions
on such Distribution Date (a “Distribution Date Statement”) setting forth:


 


(i)           for
each Class of Certificates (other than the Class R Certificates) (A) the amount of the distributions made on such Distribution
Date allocable to interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the amount of
any principal payments (and specifying the source of such payments)), (B) the amount of any Yield Maintenance Premiums collected
on the Trust Loan allocable to each Class of Certificates and (C) and the amount of interest paid on Advances from Default Interest
and allocable to such Class;


 


(ii)          if
the distribution to the Holders of any Class of Certificates is less than the full amount that would be distributable to such
Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately amounts
allocable to principal and interest;


 


(iii)         the
amount of any Monthly Payment Advance for such Distribution Date;


 


(iv)         the
Certificate Balance of each Class of Certificates (other than the Class R Certificates) after giving effect to any distribution
in reduction of the Certificate Balance on such Distribution Date;


 


(v)    
      the principal balance of the Trust Loan as of the end of the Collection Period for such
Distribution Date;


 


(vi)         the
aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period and the aggregate
amount of such payments allocable to the Trust Loan;


 


(vii)         identification
of any Loan Event of Default or any Special Servicing Loan Event, any Servicer Termination Event or Special Servicer Termination
Event under this Agreement that in either case has been declared as of the close of business on the second Business Day prior
to the end of the immediately preceding calendar month;


 






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(viii)        the
amount of compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution
Date, separately listing any Liquidation Fees or Work-Out Fees and any other Borrower charges retained by the Servicer or the
Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, CREFC®, the Certificate
Administrator and the Trustee, separately listing the Certificate Administrator Fee (including the Trustee Fee, if the Certificate
Administrator and the Trustee are not the same entity), the CREFC® Intellectual Property Royalty License Fee and
the Special Servicing Fee;


 


(ix)          the
number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the date upon which
any foreclosure proceedings have been commenced;


 


(x)           notification
if the Property (or any portion thereof) has become a Foreclosed Property as of the close of business on the Loan Payment Date
immediately preceding such Distribution Date;


 


(xi)          information
with respect to any declared bankruptcy of the Borrower or any Mezzanine Party;


 


(xii)         as
to any item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item
and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;


 


(xiii)        the
aggregate amount of all Advances, if any, not yet reimbursed;


 


(xiv)        the
amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;


 


(xv)         a
report identifying any Appraisal Reduction Amount;


 


(xvi)       the
amount of Default Interest, if any, and late payment charges, if any, paid by the Borrower during the related Collection Period
on the Whole Loan in the aggregate;


 


(xvii)      the
aggregate amount of any Trust Fund Expenses reimbursable or payable by the Borrower under the Loan Agreement, and the amounts
collected from the Borrower in respect of such Trust Fund Expenses;


 


(xviii)     an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period to the extent provided to the Certificate Administrator by the Special Servicer per Section 3.18(d)
hereof.


 


The
Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution
Date Statement without Certificateholder approval.


 






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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 upon written request to the Certificate Administrator, a statement
containing the information set forth in clauses (i), (ii), (iv) and (viii) above as to the applicable
Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder,
together with such other information as the Certificate Administrator deems necessary or desirable, or that a Certificateholder
or beneficial owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns for such calendar
year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially
comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time
to time are in force.


 


(b)          The
Certificate Administrator shall make available to Privileged Persons on each Distribution Date, pursuant to Section 8.14(b),
(i) the CREFC® Reports with respect to such Distribution Date received from the Servicer pursuant to Section
3.18(a) and (ii) when received from the Special Servicer, the summary of the Asset Status Report received from the Special
Servicer pursuant to Section 3.10. The Certificate Administrator’s obligation to provide such information to Certificateholders
and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the
Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by
the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished
by the Servicer is based on information required to be provided by the Borrower or the Special Servicer, the Servicer’s
obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information
from the Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special
Servicer is based on information required to be provided by the Borrower, the Special Servicer’s obligation to furnish such
information shall be contingent upon its receipt of such information from the Borrower. The Servicer, the Special Servicer and
the Certificate Administrator shall be entitled to rely on information supplied by the Borrower without independent verification.


 


The
Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged
Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income
reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based
on the quarterly, annual and periodic statements and rent rolls with respect to the Property obtained by the Servicer from the
Borrower.


 


If
so authorized by the Depositor, the Certificate Administrator may make available on its internet website to the Initial Purchasers,
the Servicer, the Special Servicer and each Certificateholder certain other information with respect to the Whole Loan (subject
to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post
it to the 17g-5 Information Website pursuant to Section 8.14(b)).


 


In
addition, the Certificate Administrator shall make available on its website such information as set forth in Section 8.14(b)
herein.


 






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4.5.         Investor
Q&A Forum; Investor Registry and Rating Agency Q&A Forum. (a) The Certificate Administrator shall make available,
only to Privileged Persons (which for this purpose excludes a Privileged Person who provided the Certificate Administrator
with an Investor Certification in the form of Exhibit J-2 hereto), 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 who provide the Certificate Administrator with an Investor Certification in the form
of Exhibit J-1 may submit questions to the Certificate Administrator relating to the Distribution Date Statement, or
submit questions to the Servicer or the Special Servicer, as applicable, relating to the reports being made available
pursuant to Section 8.14(b)(ii)(B), the Trust Loan or the Property (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. The Certificate Administrator may require that Investor
Certifications be resubmitted from time to time in accordance with its policies and procedures. Upon receipt of an Inquiry
for the Servicer or the Special Servicer, the Certificate Administrator shall forward the Inquiry to the Servicer or Special
Servicer, as applicable, in each case via email within a commercially reasonable period of time following receipt thereof.
Following receipt of an Inquiry, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, unless
it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Servicer
or Special Servicer shall be by email to the Certificate Administrator. The Certificate Administrator shall post (within a
commercially reasonable period of time following preparation or receipt of such answer, as the case may be) such Inquiry and
the related answer to the Certificate Administrator’s Website. If the Certificate Administrator, the Servicer or the
Special Servicer 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 Fund and/or the
Certificateholders and the Companion Loan Holders, (iii) answering any Inquiry would be in violation of applicable law, the
Loan Documents or this Agreement, (iv) answering any Inquiry would, or is reasonably expected to, result in a waiver of
attorney client privilege or the disclosure of attorney work product, (v) answering any Inquiry would materially increase the
duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Servicer or the Special
Servicer, as applicable, (vi) answering any Inquiry would result in the disclosure of Privileged Information or
communications between the Directing Holder or the Risk Retention Consultation Party and the Special Servicer, (vii)
answering any Inquiry is otherwise, for any reason, not advisable or (viii) answering any Inquiry would violate the
applicable confidentiality provisions, it shall not be required to answer such Inquiry and, in the case of the Servicer or
the Special Servicer, shall promptly notify the Certificate Administrator of such determination. The Certificate
Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered. Any
notice by the Certificate Administrator to the Person who submitted an Inquiry that will not be answered shall include the
following statement: “Because the Trust and Servicing Agreement provides that the Certificate Administrator, the
Servicer and the Special Servicer 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 Trust and Servicing Agreement, (ii) answering any Inquiry
would not be in the best interests of the Trust, the Companion Loan Holders and/or the Certificateholders, (iii) answering
any Inquiry would be in violation of applicable law or the Loan Documents, (iv) answering any Inquiry would, or is reasonably
expected to, result in a waiver of attorney client privilege or the disclosure of attorney


 






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work product, (v) answering any
Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate
Administrator, the Servicer or the Special Servicer, as applicable, (vi) answering any Inquiry would result in the disclosure
of Privileged Information or communications between the Directing Holder or the Risk Retention Consultation Party and the
Special Servicer, (vii) answering any Inquiry is otherwise, for any reason, not advisable or (viii) answering any Inquiry
would violate the applicable confidentiality provisions, no inference should be drawn from the fact that the Certificate
Administrator, the Servicer or the Special Servicer has declined to answer the Inquiry.” Answers posted on the Investor
Q&A Forum will be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor,
the Initial Purchasers or any of their respective Affiliates. None of the Initial Purchasers, the Depositor, the Trustee, the
Servicer, the Special Servicer 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. The Special Servicer shall not post or otherwise disclose direct
communications with the Directing Holder or Risk Retention Consultation Party as part of its response to any Inquiries; provided,
that the Certificate Administrator shall have no obligation to review any inquiry or answer received by it for posting to the
Investor Q&A Forum to determine if such inquiry or answer contains any such direct communication with the Directing
Holder or the Risk Retention Consultation Party, or otherwise to consult with the party from whom such Inquiry or answer is
received to confirm the same, and the Certificate Administrator shall have no liability in connection with its posting to the
Investor Q&A Forum of any Inquiry or answer containing such direct communication. The Investor Q&A Forum will not
reflect questions, answers and other communications that are not submitted via the Certificate Administrator’s
Website.


 


(b)          The
Certificate Administrator shall make available to any Certificateholder and any Beneficial Owner, the Investor Registry. The “Investor
Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders
and Beneficial Owners can register and thereafter obtain information with respect to any other Certificateholder or Beneficial
Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a
Certificateholder or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its name and
contact information available on the Investor Registry for at least 45 days from the date of such certification to other persons
entitled to access 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 Beneficial Owner notifies the Certificate Administrator that it wishes to be removed from the
Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator shall promptly remove
it from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating any information
submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Certificate
Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.


 






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(c)          Certain
information concerning the Trust Loan and the Certificates, including the Distribution Date Statements, CREFC®
Reports and supplemental notices, shall be provided by the Certificate Administrator to certain market data providers and the
Depositor hereby directs the Certificate Administrator to provide same, and upon receipt by the Certificate Administrator from
such person of a certification in the form of Exhibit J-4 hereto, which certification may be submitted electronically via
the Certificate Administrator’s Website. The Depositor hereby consents to the provision of such information to Bloomberg,
L.P., Trepp, LLC, and Intex Solutions, Inc., and the provision of such information shall not constitute a breach of this Agreement
by the Certificate Administrator.


 


(d)          The
17g-5 Information Provider shall make available, only to the Depositor and the 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 the Depositor and the NRSROs may (i) submit inquiries to the Certificate Administrator
relating to the Distribution Date Statement, (ii) submit inquiries electronically to the 17g-5 Information Provider to forward
to the Servicer or the Special Servicer, as applicable, relating to the reports prepared by such parties, the Whole Loan or the
Property (each such submission identified in sub-clauses (i) and (ii) hereof, a “Rating Agency Inquiry”)
or (iii) view Rating Agency Inquiries that have been previously submitted and answered, together with the responses thereto. Upon
receipt of a Rating Agency Inquiry for the Servicer, the Special Servicer or the Certificate Administrator, the 17g-5 Information
Provider shall forward the Rating Agency Inquiry to the appropriate person, in each case within a commercially reasonable period
of time following receipt thereof. Following receipt of a Rating Agency Inquiry from the 17g-5 Information Provider, the Certificate
Administrator, the Servicer or the Special Servicer, as applicable, unless it determines not to answer such Rating Agency Inquiry
as provided below, shall reply by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a
commercially reasonable period of time following receipt of such response) such Rating Agency Inquiry and the related response
(or such reports, as applicable) to the Rating Agency Q&A Forum and Document Request Tool. If the Certificate Administrator,
the 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 Accepted Servicing Practices, this Agreement or the 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 of, any counsel engaged by the Certificate Administrator, the Servicer or the Special Servicer, as applicable,
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 Servicer or the Special Servicer, as applicable, and (B) the Certificate
Administrator, the Servicer or the Special Servicer, as applicable, determines in accordance with the Accepted Servicing Practices
(or in good faith, in the case of the Certificate Administrator) that the performance of such duties or the payment of such costs
and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Servicer or Special Servicer, as
applicable, under this Agreement, it shall not be required to answer such Rating Agency Inquiry and 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 answer any such Rating Agency Inquiry.


 



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 Questions posted
on the Rating Agency Q&A Forum and Document Request Tool shall not be attributed to the submitting Depositor or NRSRO. Answers
posted on the Rating Agency Q&A Forum and Document Request Tool shall be attributable only to the respondent, and shall not
be deemed to be answers from any other person. None of the Initial Purchasers, the Depositor, or any of their respective Affiliates
shall 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.


 


5.          THE
CERTIFICATES


 


5.1.         The
Certificates. (a) The Certificates shall be issued in substantially the respective forms set forth as Exhibits A-1
through A-12 hereto, with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Agreement or as may, in the reasonable judgment of the Certificate Registrar, be necessary, appropriate
or convenient to comply, or facilitate compliance, with applicable laws, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be required by law, or as may, consistently herewith,
be determined by the officers executing such Certificates, as evidenced by their execution thereof.


 


(b)          The
Certificates of each Class of Sequential Pay Certificates shall be issued in minimum denominations of $100,000 and in integral
multiples of $1 in excess thereof. If the Original Certificate Balance of any Class of Certificates (other than the Class R Certificates)
does not equal an integral multiple of $1, then a single additional Certificate of such Class may be issued in a minimum denomination
of authorized Original Certificate Balance that includes the excess of (i) the Original Certificate Balance of such Class over
(ii) the largest integral multiple of $1 that does not exceed such amount. The Class V Certificates will be issuable in one or
more Definitive Certificates, in minimum denominations of authorized Certificate Balance, and multiples of $1 in excess thereof
(or such lesser amount if the Certificate Balance is not a multiple of $1). The Class R Certificates shall be issued, maintained
and transferred in minimum percentage interests of 10% of such Class R Certificates and in integral multiples of 1% in excess
thereof.


 


(c)          One
authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If an authorized
signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the
Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the
Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The signature
shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.


 


5.2.         Form
and Registration. (a) Each Class of the Certificates (other than the Class R Certificates) sold in offshore transactions
in reliance on Regulation S under the Act


 



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 shall be initially be represented by a temporary global certificate in definitive,
fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each a
“Temporary Regulation S Global Certificate”), which shall be deposited on the Closing Date on behalf of
the purchasers of the Certificates represented thereby with the Certificate Registrar, at its 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 the Euroclear System (“Euroclear”) and/or Clearstream Banking,
société anonyme (“Clearstream”). Prior to the expiration of the 40-day period commencing on
the later of the commencement of the offering and the Closing Date (the “Restricted Period”), beneficial
interests in each Temporary Regulation S Global Certificate may be held only through Euroclear or Clearstream. After the
expiration of the Restricted Period, a beneficial interest in a Temporary Regulation S Global Certificate may be exchanged
for an interest in the related permanent global certificate of the same Class (a “Regulation S Global
Certificate”) in the applicable form set forth as an exhibit hereto in accordance with the procedures set forth in Section
5.3(f). During the Restricted Period, distributions due in respect of a beneficial interest in a Temporary Regulation S
Global Certificate shall only be made upon delivery to the Certificate Registrar by Euroclear or Clearstream, as
applicable, of a Non-U.S. Beneficial Ownership Certification. After the expiration of the Restricted Period, distributions
due in respect of any beneficial interests in a Temporary Regulation S Global Certificate shall not be made to the holders of
such beneficial interests unless exchange for a beneficial interest in the Regulation S Global Certificate of the same Class
is improperly withheld or refused. The aggregate Certificate Balance of a Temporary Regulation S Global Certificate or a
Regulation S Global Certificate may from time to time be increased or decreased by adjustments made on the records of the
Certificate Registrar, as custodian for the Depository, as hereinafter provided.


 


On
the Closing Date, the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate
Administrator shall deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the Certificate
Registrar for purposes of effecting the exchanges contemplated by the preceding paragraph.


 


(b)          Certificates
of each Class (other than the Class R Certificates and the RR Interest) offered and sold to QIBs in reliance on Rule 144A under
the Act (“Rule 144A”) shall be represented by a single, global certificate in definitive, fully registered
form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each, a “Rule 144A
Global Certificate” and, together with the Temporary Regulation S Global Certificates and the Regulation S Global Certificates,
the “Global Certificates”), which shall be deposited with the Certificate Registrar or an agent of the Certificate
Registrar, as custodian for the Depository, and registered in the name of the Depository or a nominee of the Depository. The aggregate
Certificate Balance of a Rule 144A Global Certificate may from time to time be increased or decreased by adjustments made on the
records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.


 


(c)          Certificates
of each Class that are initially offered and sold to investors that are Institutional Accredited Investors that are not QIBs and
the Class R Certificates (the “Non-Book Entry Certificates”) shall be in the form of Definitive Certificates,
substantially in the applicable form set forth as an exhibit hereto, and shall be registered in the name of such


 



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 investors or
their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book Entry Certificates to the respective
beneficial owners or owners.


 


(d)          Owners
of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is no longer willing
or able to discharge properly its responsibilities as depository with respect to the Global Certificates of such Class or ceases
to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified successor within 90
days of such notice or (ii) the Certificate Administrator or 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 Certificate Administrator or the Trustee, as the
case may be, has been advised by counsel that in connection with such proceeding it is necessary or appropriate for the Certificate
Registrar to obtain possession of the Certificates of such Class; provided, however, that under no circumstances
will certificated Certificates be issued to beneficial owners of a Temporary Regulation S Global Certificate. Upon notice of the
occurrence of any of the events described in clause (i) or (ii) above with respect to any Certificates of a Class
that are in the form of Global Certificates and upon surrender by the Depository of any Global Certificate of such Class and receipt
from the Depository of instructions for reregistration, the Certificate Registrar shall issue Certificates of such Class in the
form of Definitive Certificates (bearing, in the case of a Definitive Certificate issued for a Rule 144A Global Certificate, the
same legends regarding transfer restrictions borne by such Global Certificate), and thereafter the Certificate Registrar shall
recognize the holders of such Definitive Certificates as Certificateholders under this Agreement.


 


5.3.         Registration
of Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at the
Corporate Trust Office books (the “Certificate Register”) in which, subject to such reasonable regulations
as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity, being the
“Certificate Registrar”). In such capacity, the Certificate Administrator shall be responsible for, among
other things, (i) maintaining the Certificate Register and a record of the aggregate holdings of Certificates of each Class
represented by a Temporary Regulation S Global Certificate, a Regulation S Global Certificate and a Rule 144A Global
Certificate and accepting Certificates for exchange and registration of transfer and (ii) transmitting to the Depositor, the
Trustee, the Servicer and the Special Servicer any notices from the Certificateholders.


 


(b)          Subject
to the restrictions on transfer set forth in this Article 5, upon surrender for registration of transfer of any Certificate, the
Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Certificates in authorized denominations, in like aggregate interest and of the same Class.


 


(c)          Rule
144A Global Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A
Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its
interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global Certificate of the same Class,
or to transfer its interest in such Rule 144A Global


 



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 Certificate to a Person who is required to take delivery thereof in the form
of an interest in the Temporary Regulation S Global Certificate of the same Class, such holder may, subject to the rules and procedures
of the Depository, exchange or cause the exchange of such interest for an equivalent beneficial interest in such Temporary Regulation
S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7
hereof, of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant directing
the Certificate Registrar to credit, or cause to be credited, a beneficial interest in the Temporary Regulation S Global Certificate
in an amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given in
accordance with the Depository’s procedures containing information regarding the Euroclear or Clearstream account to be
credited with such increase and the name of such account and (3) a certificate in the form of Exhibit C hereto given by
the holder of such beneficial interest stating that the transfer of such interest has been made in compliance with the transfer
restrictions applicable to the Global Certificates and pursuant to and in accordance with Regulation S, then the Certificate Registrar
shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and
to increase, or cause to be increased, the Certificate Balance of the Temporary Regulation S Global Certificate by the aggregate
Certificate Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited
to the account of the Person specified in such instructions (who shall be the agent member of Euroclear or Clearstream, or both)
a beneficial interest in the Temporary Regulation S Global Certificate equal to the reduction in the Certificate Balance of the
Rule 144A Global Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or transfer
the beneficial interest in the Rule 144A Global Certificate that is being exchanged or transferred.


 


(d)          Rule
144A Global Certificate to Regulation S Global Certificate. If a holder of a beneficial interest in the Rule 144A Global Certificate
deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Rule
144A Global Certificate for an interest in the Regulation S Global Certificate of the same Class, or to transfer its interest
in such Rule 144A Global Certificate to a Person who is required to take delivery thereof in the form of an interest in a Regulation
S Global Certificate, such holder may, subject to the rules and procedures of the Depository, exchange, or cause the exchange
of, such interest for an equivalent beneficial interest in such Regulation S Global Certificate. Upon receipt by the Certificate
Registrar, as registrar, at its office designated in Section 5.7 hereof, of (1) instructions given in accordance with the
Depository’s procedures from a Depository Participant directing the Certificate Registrar to credit or cause to be credited
a beneficial interest in the Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global
Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information
regarding the participant account of the Depository to be credited with such increase and (3) a certificate in the form of Exhibit
D hereto given by the holder of such beneficial interest stating (A) that the transfer of such interest has been made in compliance
with the transfer restrictions applicable to the Global Certificates and pursuant to and in accordance with Regulation S, (B)
that the Certificate being transferred is not a “restricted security” as defined in Rule 144 under the Act or (C)
that the transferee is otherwise entitled to hold its interest in the applicable Certificates in the form of an interest in the
Regulation S Global Certificate, without any registration of such Certificates under the Act (in which case such certificate shall
enclose an Opinion of Counsel to such effect and


 



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 such other documents as the Certificate Registrar may reasonably require), then
the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule
144A Global Certificate and to increase, or cause to be increased, the Certificate Balance of the Regulation S Global Certificate
by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit
or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Regulation S
Global Certificate equal to the reduction in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or cause
to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A Global
Certificate that is being exchanged or transferred.


 


(e)          Temporary
Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate. If a holder of a beneficial
interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate deposited with the Certificate Registrar
as custodian for the Depository wishes at any time to exchange its interest in such Temporary Regulation S Global Certificate
or Regulation S Global Certificate for an interest in the Rule 144A Global Certificate of the same Class, or to transfer its interest
in such Temporary Regulation S Global Certificate or Regulation S Global Certificate to a Person who is required to take delivery
thereof in the form of an interest in the Rule 144A Global Certificate, such holder may, subject to the rules and procedures of
Euroclear or Clearstream, as the case may be, and the Depository, exchange or cause the exchange of such interest for an equivalent
beneficial interest in the Rule 144A Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.7 hereof, of (1) instructions from Euroclear or Clearstream, if applicable, and the
Depository, directing the Certificate Registrar, as registrar, to credit or cause to be credited a beneficial interest in the
Rule 144A Global Certificate equal to the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S
Global Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository
to be credited with such increase, (2) with respect to a transfer of an interest in the Regulation S Global Certificate, information
regarding the participant account of the Depository to be debited with such decrease and (3) with respect to a transfer of an
interest in the Temporary Regulation S Global Certificate (but not the Regulation S Global Certificate) for an interest in the
Rule 144A Global Certificate, a certificate in the form of Exhibit E hereto given by the holder of such beneficial interest
and stating that the Person transferring such interest in the Temporary Regulation S Global Certificate reasonably believes that
the Person acquiring such interest in the Rule 144A Global Certificate is a QIB and is obtaining such beneficial interest in a
transaction meeting the requirements of Rule 144A, then the Certificate Registrar shall instruct the Depository to reduce, or
cause to be reduced, the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate
and to increase, or cause to be increased, the Certificate Balance of the Rule 144A Global Certificate by the aggregate Certificate
Balance of the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged,
and the Certificate Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause to be credited,
to the account of the Person specified in such instructions, a beneficial interest in the Rule 144A Global Certificate equal to
the reduction in the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and
to debit, or cause to be debited, from the account of the Person making such transfer the beneficial interest in the Temporary
Regulation S Global Certificate or Regulation S Global Certificate that is being transferred.


 






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(f)          Temporary
Regulation S Global Certificate to Regulation S Global Certificate. Interests in a Temporary Regulation S Global Certificate
as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate (a “Non-U.S.
Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream, as applicable, has received a certificate
substantially in the form of Exhibit F hereto from the holder of a beneficial interest in such Temporary Regulation S Global
Certificate, shall be exchanged after the Restricted Period, for interests in the Regulation S Global Certificate of the same
Class. The Certificate Registrar shall effect such exchange by delivering to the Depository for credit to the respective accounts
of such holders, a duly executed and authenticated Regulation S Global Certificate, representing the aggregate Certificate Balance
of interests in the Temporary Regulation S Global Certificate initially exchanged for interests in the Regulation S Global Certificate.
The delivery to the Certificate Registrar by Euroclear or Clearstream of the certificate or certificates referred to above may
be relied upon by the Depositor and the Certificate Registrar as conclusive evidence that the certificate or certificates referred
to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms of this Agreement and the Temporary Regulation
S Global Certificate. Upon any exchange of interests in the Temporary Regulation S Global Certificate for interests in the Regulation
S Global Certificate, the Certificate Registrar shall endorse the Temporary Regulation S Global Certificate to reflect the reduction
in the Certificate Balance represented thereby by the amount so exchanged and shall endorse the Regulation S Global Certificate
to reflect the corresponding increase in the amount represented thereby. Until so exchanged in full and except as provided therein,
the Temporary Regulation S Global Certificate, and the Certificates evidenced thereby, shall in all respects be entitled to the
same benefits under this Agreement as the Regulation S Global Certificate and Rule 144A Global Certificate authenticated and delivered
hereunder.


 


(g)          Non-Book
Entry Certificate to Global Certificate. If a holder of a Non-Book Entry Certificate (other than a Class R Certificate) wishes
at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Global Certificate of the same Class,
or to transfer all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof in the form
of an interest in a Global Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream, if applicable,
and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial interest
in the appropriate Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office
designated in Section 5.7 hereof, of (1) such Non-Book Entry Certificate, duly endorsed as provided herein, (2) instructions
from such holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a beneficial interest
in the applicable Global Certificate equal to the portion of the Certificate Balance of the Non-Book Entry Certificate to be exchanged,
such instructions to contain information regarding the participant account with the Depository to be credited with such increase
and (3) a certificate in the form of Exhibit G hereto (in the event that the applicable Global Certificate is the Temporary
Regulation S Global Certificate), in the form of Exhibit H hereto (in the event that the applicable Global Certificate
is the Regulation S Global Certificate) or in the form of Exhibit I hereto (in the event that the applicable Global Certificate
is the Rule 144A Global Certificate), then the Certificate Registrar, as registrar, shall cancel, or cause to be canceled, all
or part of such Non-Book Entry Certificate, shall, if applicable, execute, authenticate and deliver to the transferor a new Non-Book
Entry Certificate equal to the aggregate Certificate Balance of the portion retained by such transferor and shall instruct the
Depository to increase, or cause to be increased,


 



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 such Global Certificate by the aggregate Certificate Balance of the portion
of the Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited, to the account of the Person specified
in such instructions a beneficial interest in the applicable Global Certificate equal to the Certificate Balance of the portion
of the Non-Book Entry Certificate so canceled.


 


(h)          Non-Book
Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and when permitted by
Section 5.2(d), and no Non-Book Entry Certificate shall be issued to a transferee of an interest in any Rule 144A Global
Certificate, Temporary Regulation S Global Certificate or Regulation S Global Certificate (or any portion thereof).


 


(i)           Transfers
of RR Interest. At all times (other than in connection with the initial issuance of the RR Interest), if a transfer of all
or a portion of the RR Interest is to be made, then the Certificate Registrar shall refuse to register such transfer unless it
receives (and, upon receipt, may conclusively rely upon) (i) a certification from such Certificateholder’s prospective transferee
substantially in the form attached hereto as Exhibit M-4, which such certification must be countersigned by the Retaining
Sponsor and Depositor with a medallion stamp guarantee of the Retaining Sponsor and (ii) a certification from the Certificateholder
desiring to effect such transfer substantially in the form attached hereto as Exhibit M-5, which such certification must
be countersigned by the Retaining Sponsor and the Depositor with a medallion stamp guarantee of the Retaining Sponsor. Upon receipt
of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.2(e) and Section 5.3(a),
reflect all or any such portion of the RR Interest in the name of the prospective transferee.


 


(j)           Other
Exchanges. In the event that a Global Certificate is exchanged for a Definitive Certificate, such Certificates may be exchanged
only in accordance with such procedures as are substantially consistent with the provisions of clauses (c) through (f)
above (including the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation
S under the Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate Registrar.


 


(k)          Restricted
Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests
in the Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited to transfers made
pursuant to the provisions of clause (e) above.


 


(l)           If
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 Certificates so issued shall bear the restrictive
legend, or such legend shall not be removed, as the case may be, unless there is delivered to the Certificate Registrar such satisfactory
evidence, which may include an Opinion of Counsel that neither such legend nor the restrictions on transfer set forth therein
are required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or Regulation S under the Act
or, with respect to Non-Book Entry Certificates, that such Certificates are not “restricted” within the meaning of
Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate and deliver
Certificates that do not bear such legend.


 






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(m)          All
Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate
Registrar in accordance with the Certificate Registrar’s customary procedures.


 


(n)          None
of the Class R Certificate, the Class G Certificates, the Class H Certificates or the Class V Certificates may be purchased by
or transferred to any prospective purchaser or transferee that is or will be an employee benefit plan or other plan subject to
the fiduciary responsibility provisions of ERISA or to Section 4975 of 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 the Class R Certificate, the Class G Certificates,
the Class H Certificates or the Class V Certificates, other than, in the case of the Class G Certificates, Class H Certificates
and the Class V Certificates, an insurance company using assets of its general account under circumstances whereby such purchase
and the subsequent holding of the Class G Certificates, the Class H Certificates or the Class V Certificates by such insurance
company would be exempt from the prohibited transaction provisions of Sections 406 and 407 of ERISA and Section 4975 of the Code
under Sections I and III of Prohibited Transaction Class Exemption 95-60, or a substantially similar exemption under Similar Law.
Each prospective transferee of the Class R Certificate, the Class G Certificates, the Class H Certificates or the Class V Certificates
shall deliver to the transferor, the Certificate Registrar and the Certificate Administrator a representation letter, substantially
in the form of Exhibit M-3, stating that the prospective transferee is not a person described in the first sentence of
this paragraph. No Class A, Class B, Class C, Class D, Class E or Class F Certificates may be purchased by or transferred to any
prospective purchaser or transferee that is or will be a Plan, or any person acting on behalf of any such plan or using the assets
of a Plan to purchase such Certificate, unless (A) the purchaser is an accredited investor (as defined in Rule 501(a)(1) under
the Act) and (B) the acquisition, holding and disposition of such Certificate by the purchaser will not constitute or otherwise
result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code (or a similar non-exempt violation of Similar
Law). Any attempted or purported transfer in violation of these transfer restrictions shall be null and void ab initio and shall
vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect to the applicable
Certificates.


 


(o)          Each
Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership
Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership
Interest are expressly subject to the following provisions:


 


(i)           Each
Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted
Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or
the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition of a Residual
Ownership Interest by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person who is not
a Permitted Transferee shall be


 



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 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 M-1 (a “Transferee Affidavit”) of the proposed
transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed transferee historically
has paid its debts as they have come due and intends to do so in the future, (2) the proposed transferee understands that, as
the holder of a Residual Ownership Interest, it may incur liabilities in excess of cash flows generated by the residual interest,
(3) the proposed transferee intends to pay taxes associated with holding the Residual Ownership Interest as they become due, (4)
the proposed transferee will not cause income with respect to the Residual Ownership Interest to be attributable to a foreign
permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such proposed transferee or any
other U.S. Person, (5) the proposed transferee will not transfer the Residual Ownership Interest to any Person that does not provide
a Transferee Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee
or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, and
(6) the proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.3(o) and (y)
other than in connection with the initial issuance of a Class R Certificate, require a statement from the proposed transferor
substantially in the form attached as Exhibit M-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, that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether
a proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a transfer to
any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention
of the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of
such Residual Ownership Interest or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to
the IRS and the transferor of such Residual Ownership Interest or such agent such information necessary


 



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 to the application of
Section 860E(e) of the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated
excess inclusions with respect to such Class R Certificate (or portion thereof) for periods after such transfer. At the election
of the Certificate Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing such information
to the transferor or to such agent referred to above; provided, however, that such Persons shall in no event be
excused from furnishing such information.


 


(iv)         The
Class R Certificates may only be issued as Definitive Certificates, and transferred to and owned by QIBs.


 


(p)          Each
beneficial owner of a Certificate or any interest therein that is a Plan subject to Title I of ERISA or Section 4975 of the Code
(an “ERISA Plan”), including any fiduciary purchasing Certificates on behalf of an ERISA Plan (“Plan
Fiduciary”), will be deemed to have represented by its acquisition of such Certificates that:


 


(i)   
       none of the Depositor, the Initial Purchaser, the Trustee, the Certificate
Administrator, the Servicer, the Special Servicer or any of their respective affiliated entities (the “Transaction
Parties”), has provided or will provide advice with respect to the acquisition of Certificates by the ERISA Plan,
other than to the Plan Fiduciary which is independent of the Transaction Parties, and the Plan Fiduciary either: (a) is a
bank as defined in Section 202 of the Investment Advisers Act of 1940 (the “Advisers Act”), or similar
institution that is regulated and supervised and subject to periodic examination by a State or Federal agency; (b) is an
insurance carrier which is qualified under the laws of more than one state to perform the services of managing, acquiring or
disposing of assets of an ERISA Plan; (c) is an investment adviser registered under the Advisers Act, or, if not registered
an as investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act, is registered
as an investment adviser under the laws of the state in which it maintains its principal office and place of business; (d) is
a broker-dealer registered under the Securities Exchange Act of 1934, as amended; or (e) has, and at all times that the ERISA
Plan is invested in the Certificates will have, total assets of at least U.S. $50,000,000 under its management or
control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner or a
relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the ERISA Plan
investing in the Certificates in such capacity);


 


(ii)          the
Plan Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies, including the acquisition by the ERISA Plan of Certificates;


 


(iii)         the
Plan Fiduciary is a “fiduciary” with respect to the ERISA Plan within the meaning of Section 3(21) of ERISA, Section
4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating the ERISA Plan’s acquisition
of the Certificates;


 


(iv)         none
of the Transaction Parties has exercised any authority to cause the ERISA Plan to invest in the Certificates or to negotiate the
terms of the ERISA Plan’s


 



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 investment in the Certificates or receives a fee or other compensation from the ERISA Plan or
the Plan Fiduciary for the provision of investment advice in connection with the acquisition by the ERISA Plan of the Certificates;
and


 


(v)          the
Plan Fiduciary has been informed by the Transaction Parties: (a) that none of the Transaction Parties is undertaking to provide
impartial investment advice or to give advice in a fiduciary capacity, and that no such entity has given investment advice or
otherwise made a recommendation, in connection with the ERISA Plan’s acquisition of the Certificates; and (b) of the existence
and nature of the Transaction Parties’ financial interests in the ERISA Plan’s acquisition of the Certificates.


 


The
above representations are intended to comply with the DOL’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated
on April 8, 2016 (81 Fed. Reg. 20,997). If these regulations are revoked, repealed or no longer effective, these representations
shall be deemed to be no longer in effect.


 


5.4.         Mutilated,
Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate is surrendered to the Certificate Registrar, or
the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b)
there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it harmless,
then, in the absence of actual notice to the Certificate Registrar that such Certificate has been acquired by a bona fide
purchaser, the Certificate Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust Fund. In
connection with the issuance of any new Certificate under this Section 5.4, the Certificate Registrar may require the
payment of a sum sufficient to cover any expenses (including the fees and expenses of the Certificate Registrar) connected
therewith. Any replacement Certificate issued pursuant to this Section 5.4 shall constitute complete and indefeasible
evidence of ownership in the Trust Fund, as if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.


 


5.5.         Persons
Deemed Owners. The Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Certificate
Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in this Agreement and for all other purposes
whatsoever, and neither the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, nor any agent of any of them shall be affected by any notice to the contrary; provided, however,
that to the extent that a party to this Agreement responsible for distributing any report, statement or other information
required to be distributed to Certificateholders has been provided an Investor Certification, such party to this Agreement
shall distribute such report, statement or other information to such beneficial owner (or prospective transferee).


 


5.6.         Access
to List of Certificateholders’ Names and Addresses; Special Notices. The Certificate Registrar shall maintain in as
current form as is reasonably practicable the most recent list available to it of the names and addresses of the
Certificateholders. If any Certificateholder that has provided an Investor Certification (a) requests in writing from the


 



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Certificate Registrar a list of the names and addresses of Certificateholders, (b) states that such Certificateholder desires
to communicate with other Certificateholders with respect to its rights under this Agreement or under the Certificates and
(c) provides a copy of the communication which such Certificateholder proposes to transmit, then the Certificate Registrar
shall, within 10 Business Days after the receipt of such request, afford such Certificateholder access during normal business
hours to a current list of the Certificateholders. Every Certificateholder, by receiving and holding a Certificate, agrees
that the Certificate Registrar and the Certificate Administrator shall not be held accountable by reason of the disclosure of
any such information as to the list of the Certificateholders hereunder, regardless of the source from which such information
was derived. The Servicer, the Special Servicer and the Depositor shall be entitled to a list of the names and addresses of
Certificateholders from time to time upon request therefor.


 


Upon
the written request of any Certificateholder or Beneficial Owner that (a) has provided an Investor Certification, (b) states that
such Certificateholder or Beneficial Owner desires the Certificate Administrator to transmit a notice to all Certificateholders
or Beneficial Owner stating that such Certificateholder wishes to be contacted by other Certificateholders or Beneficial Owners,
setting forth the relevant contact information and briefly stating the reason for the requested contact (a “Special Notice”)
and (c) provides a copy of the Special Notice which such Certificateholder or Beneficial Owner proposes to transmit, the Certificate
Administrator shall post such Special Notice to the Certificate Administrator’s Website pursuant to Section 8.14(b)
and shall mail such Special Notice to all Certificateholders at their respective addresses appearing on the Certificate Register.
The costs and expenses of the Certificate Administrator associated with delivering any such Special Notice shall be borne by the
party requesting such Special Notice. Every Certificateholder and Beneficial Owner, by receiving and holding or beneficially owning
a Certificate, agrees that neither the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason
of the disclosure of any such Special Notice to Certificateholders, regardless of the information set forth in such Special Notice.


 


5.7.         Maintenance
of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or offices or agency
or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or
upon the Certificate Registrar in respect of the Certificates and this Agreement may be served. The Certificate Registrar initially
designates its office at Wells Fargo Bank, National Association, 600 South 4th Street, 7th Floor, MAC N9300-070,
Minneapolis, Minnesota 55479 as its office for such purposes. The Certificate Registrar shall give prompt written notice to the
Certificateholders and the Borrower of any change in the location of the Certificate Register or any such office or agency.


 


5.8.         Exchanges
of Exchangeable Groups of Certificates.


 


(a)          The Grantor Trust
shall be maintained by the Certificate Administrator, on behalf of the Trustee, in part for the benefit of the Holders of the
Certificates (other than the Class R Certificates). The assets of the Grantor Trust held for the benefit of the Holders of
the Certificates (other than the Class R Certificates) shall consist of the Regular Interests and Excess Default Interest.
The Regular Interests shall be held by the Certificate Administrator for the benefit of the Trustee. At all times, each
Regular Certificate shall represent beneficial ownership interests in the related Class Percentage Interest of the related
Regular Interest and Excess


 



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 Default Interest, in each case, with the corresponding alphabetical and numerical designation. At
all times, the Class V Certificates shall represent beneficial ownership interests in the Class V Percentage Interest of the
Regular Interests and Excess Default Interest.


 


(b)          On
the Closing Date, the Grantor Trust shall issue the several Classes of Certificates (other than the Class R Certificates). Each
Class of Certificates (other than the Class R Certificates) shall be initially issued with the respective aggregate initial Certificate
Balance set forth for such Class in the Introductory Statement.


 


(c)          Following
the Closing Date and subject to the conditions set forth in Section 5.8(d), if a Certificateholder holds a uniform Tranche
Percentage Interest in an Exchangeable Group of Certificates, then such Exchangeable Group of Certificates may be exchanged on
the books of the Depository for the same Tranche Percentage Interest in any other Exchangeable Group of Certificates as the Certificates
to be surrendered. The Certificate(s) identified in the table below under “Exchangeable Group 1” and “Exchangeable
Group 2” are each an “Exchangeable Group” of Certificates.


 


	Exchangeable
Groups 

	Exchangeable
Group 1 
	Exchangeable
Group 2 

	Class
    A	Class
    V
	Class
    B
	Class
    C
	Class
    D
	Class
    E
	Class
    F
	Class
    G
	Class
    H


 


For
the avoidance of doubt, by way of example, the holder of a uniform Tranche Percentage Interest of each Class of Regular Certificates
(collectively referred to in the table above as “Exchangeable Group 1”) may exchange such Certificates for
the same Tranche Percentage Interest in the Class V Certificates (referred to in the table above as “Exchangeable Group
2”).


 


(d)          An
exchange of an Exchangeable Group of Certificates may only occur if the Certificates being surrendered or received in such exchange
have denominations no smaller than the minimum Denominations set forth in Section 5.1(b). There shall be no limitation
on the number of exchanges of Exchangeable Groups of Certificates authorized pursuant to this Section 5.8. In addition,
the Depositor shall have the right to make or cause exchanges on the Closing Date and shall deliver instructions substantially
in the form of Exhibit R to the Certificate Administrator along with the original Certificate exchanged (unless such exchanged
Certificate was deemed issued).


 


(e)          For
any exchange other than any exchange effectuated on the Closing Date by the Depositor pursuant to Section 5.8(d), at the
request of the Holder of a uniform 


 



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Tranche Percentage Interest of an Exchangeable Group of Certificates, and upon the surrender
of the Certificates evidencing such Tranche Percentage, the Certificate Administrator, on behalf of the Trustee, shall deliver
(by the means set forth in the penultimate sentence of Section 5.8(g)) the corresponding Exchangeable Group of Certificates
to which such Certificateholder is entitled as set forth in Section 5.8(c).


 


(f)           In
connection with any exchange of an Exchangeable Group of Certificates, (i) the Certificate Registrar shall reduce the outstanding
aggregate Certificate Balance of the Class or Classes comprising the Exchangeable Group of Certificates surrendered by the applicable
Holder on the Certificate Register and shall increase the outstanding aggregate Certificate Balance of the related Class or Classes
of the Exchangeable Group of Certificates received by such Holder in such exchange on the Certificate Register, (ii) the Certificate
Registrar shall reduce the initial Certificate Balance specified in the Introductory Statement to this Agreement, as applicable,
of the Class or Classes comprising the Exchangeable Group of Certificates surrendered by the applicable Holder on the Certificate
Register and shall increase the initial Certificate Balance specified in the Introductory Statement to this Agreement, as applicable,
of the related Class or Classes of the Exchangeable Group of Certificates received by such Holder, and (iii) in the case of any
related Global Certificate, the Certificate Registrar or the Certificate Administrator, as applicable, shall approve the instructions
at the Depository and make appropriate notations on the Global Certificate for each related Class of Certificates to reflect such
reductions and increases. Any transfer of a Certificate evidencing the RR Interest to (i) a Plan subject to ERISA or Section 4975
of the Code relying on Prohibited Transaction Exemption 89-90 or (ii) an insurance company general account relying on Sections
I and III of PTCE 95-60 shall be effected through Natixis Securities Americas LLC or Credit Suisse Securities (USA) LLC.


 


(g)          For
all exchanges other than any exchange effectuated by the Depositor pursuant to Section 5.8(d), in order to effect an exchange
of an Exchangeable Group of Certificates, the Certificateholder shall notify the Certificate Administrator in writing or by e-mail
at cts.cmbs.bond.admin@wellsfargo.com (with a subject line referencing “20 Times Square Trust 2018-20TS” and
setting forth the proposed Exchange Date) no later than three (3) Business Days before the proposed exchange date (the “Exchange
Date”). The Exchange Date may be any Business Day other than the first or last Business Day of the month. An exchange
notice must (i) be set forth on the applicable Certificateholder’s letterhead, (ii) carry a medallion stamp guarantee and
(iii) set forth the following information: the CUSIP Number of each Certificate to be exchanged and each Certificate to be received;
the original and outstanding Certificate Balance of the Certificates to be exchanged and the original and outstanding Certificate
Balance of the Certificates to be received; the Certificateholder’s Depository participant number, if applicable; and the
proposed Exchange Date. The Certificateholder and the Certificate Registrar shall utilize the “deposit and withdrawal system”
at the Depository to effect the exchange of the applicable Certificates that are Global Certificates. A notice shall become irrevocable
on the second (2nd) Business Day before the proposed Exchange Date. Global Certificates shall be exchangeable on the books of
the Depository for the corresponding Global Certificates on and after the Closing Date, by notice to the Certificate Administrator
substantially in the form of Exhibit R.


 






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(h)          The
Certificate Administrator shall make the first distribution on a Certificate received by a Certificateholder in any exchange on
the Distribution Date in the month following the month of exchange to the Certificateholder of record as of the applicable Record
Date for such Certificate and Distribution Date. If an Exchange Date occurs in any month before the Distribution Date in such
month, then any distributions to be made on such Distribution Date on any Certificates surrendered in the exchange shall be so
made to the Certificateholder of record as of the applicable Record Date for such Certificates and such Distribution Date. Neither
the Certificate Administrator nor the Depositor shall have any obligation to ensure the availability of the applicable Certificates
in the market to accomplish any exchange.


 


6.          THE
DEPOSITOR, THE SERVICER AND THE SPECIAL SERVICER


 


6.1.         Respective
Liabilities of the Depositor, the Servicer and the Special Servicer. The Depositor, the Servicer and the Special Servicer
each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this
Agreement.


 


6.2.         Merger
or Consolidation of the Servicer or the Special Servicer. Each of the Servicer and Special Servicer shall keep in full
effect its existence and rights as an entity under the laws of the jurisdiction of its organization, and shall be in
compliance with the laws of all jurisdictions to the extent necessary to perform its duties under this Agreement.


 


Any
Person into which the Servicer or the Special Servicer may be merged or consolidated, or any Person resulting from any merger
or consolidation to which the Servicer or the Special Servicer shall be a party, or any Person succeeding to the servicing business
of the Servicer or the Special Servicer, shall be the successor of the Servicer or Special Servicer, as the case may be, hereunder,
and shall be deemed to have assumed all of the liabilities and obligations of such Servicer or Special Servicer hereunder, without
the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that (1) such successor or surviving Person would not cause the then current
rating on any of the Certificates to be qualified, downgraded or withdrawn by each Rating Agency or any Companion Loan Securities
by each rating agency then rating any Companion Loan Securities (each, as evidenced in writing from each Rating Agency and such
written evidence delivered to the Certificate Administrator and the Trustee) and (2) if the Servicer or Special Servicer enters
into a merger and is the surviving entity under the applicable law, such Servicer or Special Servicer, as applicable, will not,
as a result of the merger, be required to provide a Rating Agency Confirmation.


 


6.3.         Limitation
on Liability of the Depositor, the Servicer, the Special Servicer and Others. (a) None of the Depositor, the Servicer,
the Special Servicer or any of their respective directors, officers, members, managers, partners, employees, Affiliates or
agents shall be under any liability to the Trust, the Certificateholders or the Companion Loan Holders for any action taken
or for refraining from the taking of any action in good faith pursuant to this Agreement, actions taken or not taken at the
direction of Certificateholders or the Companion Loan Holders, or for errors in judgment; provided, however,
that this provision shall not protect the Depositor, the Servicer, the Special Servicer or any such other person against any
breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful
misconduct, bad faith or negligence in the performance of its duties or by


 



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reason of negligent disregard of its obligations
and duties hereunder and shall not release the Depositor or its Affiliates from, or otherwise relate to any liability or
obligation of any party to any Loan Document or the Loan Sellers under the Loan Purchase Agreement. The Depositor, the
Servicer, the Special Servicer and any of their respective directors, officers, employees, members, managers, partners,
Affiliates or agents may reasonably rely on any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising hereunder. The Depositor, the Servicer, the Special Servicer and any of their
respective directors, officers, members, managers, partners, employees, agents, Affiliates or other “controlling
persons” within the meaning of Section 15 of the Act or Section 20 of the Exchange Act
(“Controlling Persons”), shall be indemnified by the Trust (in accordance with the procedures set forth in Section
3.4(c)) and held harmless against any loss, liability, claim, demand or expense incurred in connection with any legal
action or other claims, costs, expenses, losses, penalties, fines, foreclosures, judgments or liabilities relating to this
Agreement, the Co-Lender Agreement, the Whole Loan, the Property, or the Certificates (including, without limitation,
reasonable fees and disbursements of counsel incurred in any action or proceeding related thereto) other than any loss,
liability or expense incurred by reason of willful misconduct, bad faith or negligence by it in the performance of its duties
hereunder or by reason of its negligent disregard of its obligations and duties hereunder or for any liability or obligation
of any party to any Loan Document or the Loan Sellers under the Loan Purchase Agreement. None of the Depositor, the Servicer
or Special Servicer shall be under any obligation to appear in, prosecute or defend any legal action which is not incidental
to its respective duties under this Agreement and which in its opinion may involve it in any expense or liability; provided, however,
that the Depositor, the Servicer or the Special Servicer may, in its discretion, undertake any such action which it may deem
necessary or desirable in accordance with Accepted Servicing Practices in respect of this Agreement, the Co-Lender Agreement
and the rights and duties of the parties hereto and the interests of the Certificateholders and the Companion Loan Holders
hereunder. In such event, the legal expenses and costs of such action and any liabilities of the Trust, the Depositor, the
Servicer and the Special Servicer shall be entitled to be reimbursed therefor pursuant to Section 3.4(c) from funds on
deposit in the Collection Account; provided that the Servicer shall, after receiving payment from amounts on deposit
in the Collection Account, promptly notify the Companion Loan Holders and use commercially reasonable efforts to exercise on
behalf of the Trust any rights under the Co-Lender Agreement to obtain indemnification and reimbursement for the portion of
such amount allocable to each Companion Loan from the Companion Loan Holders (if permitted under the Co-Lender
Agreement).


 


Subject
to Section 6.6, neither the Servicer nor the Special Servicer shall be accountable for the use or application by the Depositor
of any of the Certificates or of the proceeds of such Certificates or for the use or application by the Trustee or Certificate
Administrator of any funds paid to the Trustee or the Certificate Administrator, as applicable, in respect of the Trust Loan deposited
into or withdrawn from the Distribution Account or any account (other than the Collection Account and the Foreclosed Property
Account and any other account maintained by the Servicer, the Special Servicer or any Sub-Servicer pursuant to this Agreement)
maintained by or on behalf of the Trustee or the Certificate Administrator (except to the extent that any such account is held
by the Servicer or the Special Servicer in its commercial capacity), or for investment of such amounts (other than investments
made with the Servicer or the Special Servicer in its commercial capacity).


 






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(b)          The
Depositor shall not be obligated to monitor or supervise the performance of the Servicer, the Special Servicer, the Trustee or
the Certificate Administrator under this Agreement. The Depositor may, but shall not be obligated to, enforce the obligations
of the Servicer, the Special Servicer, the Trustee and the Certificate Administrator under this Agreement.


 


(c)          In
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 (the “Applicable Banking Laws”),
the Servicer, the Special Servicer, the Trustee and the Certificate Administrator, as the case may be, may be required to obtain,
verify and record certain information relating to individuals and entities that maintain a business relationship with the Servicer,
the Special Servicer, the Trustee and the Certificate Administrator, as the case may be. Accordingly, each of the parties hereto
agrees to provide to the Servicer, the Special Servicer, the Trustee and the Certificate Administrator upon its respective request
from time to time, such identifying information and documentation as may be available for such party in order to enable the Servicer,
the Special Servicer, the Trustee and the Certificate Administrator, as the case may be, to comply with Applicable Banking Law.


 


6.4.         Servicer
and Special Servicer Not to Resign; Replacement of Servicer or Special Servicer. (a) Each of the Servicer and Special
Servicer may resign and assign its rights and delegate its duties and obligations under this Agreement to any Person or to an
entity, provided that:


 


(i)           the
Person accepting such assignment and delegation (A) shall be an established mortgage finance institution, bank or mortgage servicing
institution having a net worth of not less than $25,000,000, organized and doing business under the laws of the United States
or of any state of the United States or the District of Columbia, authorized under such laws to perform the duties of the Servicer
or the Special Servicer, as the case may be, of the Whole Loan, (B) shall execute and deliver to the Trustee an agreement satisfactory
to the Trustee, which contains an assumption by such Person of the performance and observance of each covenant and condition to
be performed or observed by the Servicer or the Special Servicer, as the case may be, under this Agreement from and after the
date of such agreement; provided, however that to the extent such agreement modifies in any respect any of the covenants,
terms or conditions in this Agreement to be performed by the Servicer or the Special Servicer, as the case may be, such agreement
shall be subject to the approval of the Trustee, such approval not to be unreasonably withheld, and (C) shall make such representations
and warranties of the Servicer or the Special Servicer, as the case may be, as provided in Section 2.5 and Section 2.6,
respectively;


 


(ii)          Rating
Agency Confirmation has been received with respect to the assignee or appointee of the Servicer or Special Servicer, as applicable;


 


(iii)         the
Servicer or the Special Servicer, as the case may be, shall not be released from its obligations under this Agreement that arose
prior to the effective date of such assignment and delegation under this Section 6.4(a);


 






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(iv)         the
rate at which any servicing compensation (or any component thereof) is calculated shall not exceed the rate specified herein;
and


 


(v)          the
Servicer or the Special Servicer, as the case may be, shall reimburse the Trustee, the Certificate Administrator, the Trust, and
the Rating Agencies for any expenses of such resignation, assignment, sale or transfer.


 


Upon
satisfaction of the foregoing requirements and acceptance of such assignment, such Person shall be the successor Servicer or the
Special Servicer, as the case may be, hereunder.


 


(b)          Subject
to (and except as otherwise provided in) the provisions of Sections 6.2 and 6.4(a), neither the Servicer nor the
Special Servicer shall resign from its obligations and duties hereby imposed on it, except upon determination that performance
of its duties hereunder is no longer permissible under applicable law or are in material conflict by reason of applicable law
with any other activities carried on by it. Any such determination permitting the resignation of the Servicer or the Special Servicer,
as the case may be, shall be evidenced by an Opinion of Counsel delivered to the Trustee, the Depositor and, during any Subordinate
Control Period, the Directing Holder. No resignation by the Servicer or the Special Servicer, as applicable, under this Agreement
shall become effective until a successor Servicer or Special Servicer, as applicable, shall have assumed the responsibilities
and obligations of the Servicer or the Special Servicer, as applicable, under this Agreement in accordance with Section 7.2.
Notwithstanding the previous sentence, each of the Servicer and the Special Servicer may assign its duties and obligations under
this Agreement under certain limited circumstances as described herein.


 


6.5.         Access
to Information.


 


The
Servicer and the Special Servicer shall afford the Depositor, upon reasonable advance notice, during normal business hours access
to all non-confidential, non-proprietary records, including those in electronic form, documentation, records or any other information
regarding the Whole Loan that are in its possession or control hereunder and access to its officers responsible therefor. The
Depositor shall not have any responsibility or liability for any action or failure to act by the Servicer or the Special Servicer
and is not obligated to supervise the performance of the Servicer and the Special Servicer under this Agreement or otherwise.


 


6.6.         Indemnification
by the Servicer, the Special Servicer and the Depositor.


 


(a)          Each
of the Servicer, the Special Servicer and the Depositor, severally and not jointly, shall indemnify and hold harmless the Trust,
the Certificate Administrator, the Trustee and the Companion Loan Holders from and against any claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and expenses and related costs, judgments and other costs and expenses incurred by the
Trust, the Certificate Administrator or the Trustee (each, for the purposes of this Section 6.6 only, an “Indemnified
Party”) in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between
the Indemnified Party and any third party or otherwise) that arise


 



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out of or are based upon (i) a breach by the Servicer, the
Special Servicer or the Depositor, as the case may be, of its obligations to the Trust or the Certificateholders under this Agreement
or (ii) negligence, bad faith, fraud or willful misconduct on the part of the Servicer, the Special Servicer or the Depositor,
as the case may be, in the performance of such obligations or its negligent disregard of its obligations and duties under this
Agreement.


 


(b)          Each
of the Servicer and the Special Servicer, severally and not jointly, shall indemnify and hold harmless the Companion Loan Holders
from and against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments, and any other costs and expenses that the Companion Loan Holders may sustain in connection with this Agreement that
arise out of or are based upon the Servicer’s or the Special Servicer’s, as the case may be, willful misconduct, bad
faith or negligence in the performance of its obligations hereunder or by reason of negligent disregard of its obligations hereunder.


 


7.          SERVICER
TERMINATION EVENTS; TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE


 


7.1.         Servicer
Termination Events; Special Servicer Termination Events. (a) “Servicer Termination Event,” or “Special
Servicer Termination Event” wherever used herein with respect to the Servicer or the Special Servicer, as the case may
be, means any one of the following events whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:


 


(i)           any
failure by the Servicer or Special Servicer, as applicable, to remit any payment required to be made or remitted by it (other
than Advances described under clause (ii) below) when required to be remitted under the terms of this Agreement by 11:00
a.m., New York time, on the first Business Day following the date on which such remittance was required to be made;


 


(ii)          any
failure of the Servicer to (a) make any Monthly Payment Advance or Administrative Advance required to be made pursuant to this
Agreement on or prior to the applicable Remittance Date which is not cured by 11:00 a.m., New York time, on the related Distribution
Date or (b) make any Property Protection Advance required to be made pursuant to this Agreement when the same is due and such
failure continues unremedied for 10 Business Days (or such shorter period (not less than two (2) Business Days) as would prevent
a lapse in insurance or a delinquent payment of real estate taxes or ground or leasehold rents) following the date on which the
Servicer receives notice thereof or should have had notice thereof if it had been acting in accordance with Accepted Servicing
Practices;


 


(iii)         any
failure by the Servicer or the Special Servicer, as applicable, to observe or perform in any material respect any other of its
covenants or agreements or the material breach of its representations or warranties under this Agreement, which failure shall
continue unremedied for a period of 30 days after the date on which written notice of such failure shall have been given to the
Servicer or Special Servicer, as applicable, by the Trustee or to the Servicer or Special Servicer, as applicable, and the Trustee
by the


 



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holders of Sequential Pay Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Sequential
Pay Certificates or by a Companion Loan Holder, if affected; provided, however, that, with respect to any such failure
that is not curable within such 30-day period, the Servicer or the Special Servicer, as applicable, will have an additional cure
period of 30 days to effect such cure so long as the Servicer or the Special Servicer, as applicable, has commenced to cure such
failure within the initial 30-day period and has provided the Trustee with an officer’s certificate certifying that it has
diligently pursued, and is continuing to diligently pursue, such cure;


 


(iv)         a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Servicer or the Special Servicer, as applicable,
and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; provided, however,
that, with respect to any such decree or order that cannot be discharged, dismissed or stayed within such 60-day period, the Servicer
or the Special Servicer, as appropriate, will have an additional period of 30 days to effect such discharge, dismissal or stay
so long as it has commenced proceedings to have such decree or order dismissed, discharged or stayed within the initial 60-day
period and has diligently pursued, and is continuing to pursue, such discharge, dismissal or stay;


 


(v)          the
Servicer or the Special Servicer, as applicable, shall consent to the appointment of a conservator or receiver or liquidator or
liquidation committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or
similar proceedings of or relating to the Servicer or the Special Servicer or of or relating to all or substantially all of its
property;


 


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


 


(vii)        Moody’s
has (1) qualified, downgraded or withdrawn its ratings of one or more Classes of Certificates, or (2) placed one or more Classes
of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification, downgrade,
withdrawal or “watch status” placement has not been withdrawn by Moody’s within 60 days of such event) and,
in the case of either of clauses (1) or (2), cited servicing concerns with the Servicer or the Special Servicer,
as the case may be, as the sole or material factor in such action;


 


(viii)       the
Servicer or Special Servicer, as applicable, (a) has failed to maintain a ranking by Morningstar equal to or higher than “MOR
CS3” as a master servicer or a special servicer, as applicable, and such ranking is not reinstated within 60 days of such
event (if the Servicer or the Special Servicer, as applicable, has or had a Morningstar ranking on or after the Closing Date)
or (b) if the Servicer or the Special Servicer, as


 



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applicable, has not been ranked by Morningstar on or after the Closing Date,
and Morningstar has qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or placed
one or more Classes of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal, publicly
citing servicing concerns with the Servicer or the Special Servicer, as applicable, as the sole or material factor in such rating
action (and such qualification, downgrade, withdrawal or “watch status” placement has not been withdrawn by Morningstar
within 60 days of such event);


 


(ix)         a
Companion Loan Rating Agency has (a) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion
Loan Securities, or (b) placed one or more classes of Companion Loan Securities on “watch status” in contemplation
of rating downgrade or withdrawal and, in the case of either of clauses (a) or (b), publicly citing servicing concerns
with the Servicer or the Special Servicer, as applicable, as the sole or material factor in such rating action (and such qualification,
downgrade, withdrawal or “watch status” placement has not been withdrawn by such Companion Loan Rating Agency within
60 days of such event); and


 


(x)          so
long as a Companion Loan Securitization Trust is subject to the reporting requirements of the Exchange Act, the Servicer or Special
Servicer, as applicable, or any primary servicer, Sub-Servicer or Servicing Function Participant (such entity, the “Sub-Servicing
Entity”) retained by the Servicer or Special Servicer, shall fail to deliver the items required to be delivered by this
Agreement to enable such Companion Loan Securitization Trust to comply with its reporting obligations under the Exchange Act.


 


(b)          Upon
the occurrence of any Servicer Termination Event or Special Servicer Termination Event, the Trustee shall upon actual knowledge
by a Responsible Officer promptly notify the 17g-5 Information Provider and Certificate Administrator in writing and (i) each
of the Certificate Administrator and the 17g-5 Information Provider shall post such notice on its respective Website pursuant
to Section 8.14(b) and (ii) the Certificate Administrator will provide notice of the same to the Certificateholders and
the Companion Loan Holders by mail, to the addresses set forth on the Certificate Register, of such Servicer Termination Event
or Special Servicer Termination Event, unless it shall have been cured or waived. For avoidance of doubt, (i) the occurrence of
a Servicer Termination Event with respect to the Servicer shall not cause there to have occurred a Special Servicer Termination
Event with respect to the Special Servicer unless the relevant event also constitutes a Special Servicer Termination Event and
(ii) the occurrence of a Special Servicer Termination Event with respect to the Special Servicer shall not cause there to have
occurred a Servicer Termination Event with respect to the Servicer unless the relevant event also constitutes a Servicer Termination
Event.


 


In
addition, upon such failure to comply with the reporting requirements set forth in this Agreement, subject to any applicable grace
periods, the Servicer or Special Servicer, as applicable (and any Sub-Servicing Entity that defaults in accordance with clause
(x) above), shall be terminated at the direction of the Depositor.


 


(c)          If
a Servicer Termination Event or Special Servicer Termination Event shall occur then, and in each and every such case, so long
as such Servicer Termination Event or


 



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Special Servicer Termination Event shall not have been remedied, either (i) the Trustee
may, or (ii) upon the written direction of Holders of Certificates having at least 25% of the Voting Rights (taking into account
the application of the Appraisal Reduction Amount to notionally reduce the Certificate Balances of the Sequential Pay Certificates)
of the Sequential Pay Certificates, the Trustee shall terminate all of the rights and obligations of the Servicer or the Special
Servicer, as applicable, under this Agreement, other than rights and obligations accrued prior to such termination, and in and
to the Whole Loan and the proceeds thereof by notice in writing to the Servicer or the Special Servicer, as applicable. Upon any
termination of the Servicer or the Special Servicer, as applicable, and appointment of a successor to the Servicer or the Special
Servicer, as applicable, the Certificate Administrator shall, as soon as possible, post such written notice thereof on the Certificate
Administrator’s Website and provide the same to the 17g-5 Information Provider who shall post written notice thereof to
the 17g-5 Information Provider’s Website pursuant to Section 8.14(b), and thereafter, give written notice to the
Rating Agency, Depositor, the Certificateholders and the Companion Loan Holders. During any Subordinate Control Period, the Directing
Holder shall have the right to select the successor special servicer following any Special Servicer Termination Event. Also, notwithstanding
the foregoing, if a Servicer Termination Event on the part of the Servicer or the Special Servicer affects only the Companion
Loans, any holder thereof, or the rating on a class of Companion Loan Securities then the Servicer or Special Servicer, as applicable
may not be terminated at the direction of the holders of any Certificates or any Companion Loan Holder (acting in such capacities);
provided that, a Companion Loan Holder shall be entitled to direct that the Trustee direct the Servicer to appoint a sub-servicer
(or if the Whole Loan is currently being sub-serviced, then the Trustee will direct the Servicer to replace such sub-servicer
with a new sub-servicer but only if such original sub-servicer is in default (beyond any applicable cure periods) under the related
sub-servicing agreement, and the Servicer shall be permitted to terminate the sub-servicing agreement due to such default) that
will be responsible for servicing the Whole Loan.


 


(d)          During
any Subordinate Control Period, the Directing Holder shall have the right to direct the Trustee to terminate the Special Servicer
(subject to such terminated Special Servicer’s rights to indemnification, payment of outstanding fees, and other rights
set forth in this Agreement which survive termination) at any time, with or without cause, and the Directing Holder shall have
the right to, and shall, appoint a successor special servicer who shall execute and deliver to the other parties hereto an agreement,
in form and substance reasonably satisfactory to the Trustee, whereby the successor Special Servicer agrees to assume and perform
punctually the duties of the Special Servicer specified in this Agreement; provided that the Trustee shall have obtained
a Rating Agency Confirmation from each Rating Agency and each rating agency relating to the Companion Loan Securities prior to
the termination of the Special Servicer. The Special Servicer shall not be terminated pursuant to this paragraph until a successor
special servicer shall have been appointed. The Directing Holder shall pay any costs and expenses incurred by the Trustee or 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 7.1(a)). Notwithstanding anything to the contrary in this
Agreement, no successor special servicer appointed by the Directing Holder pursuant to Section 6.4, Section 7.1(c)
or this Section 7.1(d) or otherwise pursuant to this Agreement shall be required to meet any independent net worth requirements;
provided, however, that notwithstanding the foregoing, any successor special servicer shall satisfy any


 



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Rating Agency conditions
set forth in the Rating Agency Confirmation delivered by such Rating Agency with respect to such successor special servicer.


 


(e)          After
the termination of a Subordinate Control Period, upon (i) the written direction of holders of Sequential Pay 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 of the Sequential Pay Certificates) of the Sequential Pay Certificates requesting a vote to replace the
Special Servicer with a new special servicer designated in such written direction, (ii) payment by such holders to the Certificate
Administrator of the reasonable fees and expenses (including any legal fees and expenses and any Rating Agency fees and expenses)
to be incurred by the Certificate Administrator in connection with administering such vote and (iii) delivery by such holders
to the Certificate Administrator of Rating Agency Confirmations from each Rating Agency and each rating agency relating to the
Companion Loan Securities with respect to the appointment of such new special servicer (which Rating Agency Confirmation shall
be obtained at the expense of such holders), the Certificate Administrator shall promptly post written notice of the same to the
Certificate Administrator’s Website pursuant to Section 8.14(b), provide written notice to all Certificateholders
of such request by mail, and shall conduct the solicitation of votes of all Certificates in such regard, which such vote must
occur within 180 days of posting of such notice. If 66 2/3% of the aggregate Voting Rights have been exercised by the Certificateholders
(a “Certificateholder Quorum”), then, upon the written direction of holders of Certificates evidencing at least
75% of the Certificateholder Quorum (taking into account the application of any Appraisal Reduction Amounts to notionally reduce
the Certificate Balances of the Certificates) (which direction must be received by the Certificate Administrator), the Certificate
Administrator shall notify the Trustee and the Trustee shall terminate all of the rights and obligations of the Special Servicer
under this Agreement and appoint the successor Special Servicer designated by such Certificateholders; provided such successor
Special Servicer is a Qualified Replacement Special Servicer and such successor Special Servicer is not also the current special
servicer of the Mezzanine Loan, and subject to the replaced Special Servicer’s indemnification, payment of outstanding fees
and other rights set forth in this Agreement which survive termination; provided further, such successor Special Servicer
certifies in writing that it satisfies all related qualifications set forth in the Co-Lender Agreement; provided further
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. The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder may access such notices on the Certificate
Administrator’s Website and that each Certificateholder may register to receive e-mail notifications when such notices are
posted thereon.


 






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(f)       
   In the event that the Servicer or Special Servicer is terminated pursuant to this Section 7.1, the
Trustee (the “Terminating Party”) shall, by notice in writing to the Servicer or Special Servicer, as the
case may be (the “Terminated Party”) (with a copy to the Borrower), terminate all of its rights and
obligations under this Agreement and in and to the Whole Loan and the proceeds thereof, other than any rights the Terminated
Party may have hereunder as a Certificateholder and any rights or obligations that accrued prior to the date of such
termination (including the right to receive all amounts accrued or owing to it under this Agreement with respect to periods
prior to the date of such termination and the right to the benefits of Section 6.3 notwithstanding any such
termination). On or after the receipt by the Terminated Party of such written notice, subject to the foregoing, all of its
authority and power under this Agreement, whether with respect to the Certificates (except that the Terminated Party shall
retain its rights as a Certificateholder in the event and to the extent that it is a Certificateholder) or the Whole Loan or
otherwise, shall pass to and be vested in the Terminating Party pursuant to and under this Section (absent the appointment of
a successor, and such successor’s assumption of obligations hereunder, including, without limitation, by the Directing
Holder during any Subordinate Control Period) and, without limitation, the Terminating Party is hereby authorized and
empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or
assignment of the Whole Loan and related documents, or otherwise. The Servicer and the Special Servicer, as applicable, each
agrees that, in the event it is terminated pursuant to this Section 7.1, or resigns under Section 6.4(b), to
promptly (and in any event no later than 10 Business Days subsequent to such notice) provide, at its own expense, the
Terminating Party (which term shall include for the purposes of the remainder of this Section 7.1(f), the Trustee (or
a successor Servicer or Special Servicer) in connection with a resignation of the Servicer or the Special Servicer under Section
6.4(b)) with all documents and records requested by the Terminating Party to enable the Terminating Party to assume its
functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities hereunder in
effecting the termination of its responsibilities and rights hereunder, including, without limitation, the transfer to the
successor Servicer or Special Servicer, as applicable, or the Terminating Party, as applicable, for administration by it of
all cash amounts which shall at the time be or should have been credited by the Terminated Party (which term shall include,
for the purposes of the remainder of this Section 7.1(f), the resigning party in connection with a resignation of the
Servicer or the Special Servicer under Section 6.4(b)) to the Collection Account, the Companion Loan Account, any
Foreclosed Property Account or shall thereafter be received with respect to the Whole Loan, and shall promptly provide the
Terminating Party or such successor Servicer or Special Servicer, as applicable (which may include the Trustee),
as applicable, all documents and records reasonably requested by it, such documents and records to be provided in such form
as the Terminating Party or such successor Servicer or the Special Servicer, as applicable, shall reasonably request
(including electromagnetic form), to enable it to assume the function of the Servicer or Special Servicer, as applicable,
hereunder. All reasonable costs and expenses of the Terminating Party or the successor Servicer or Special Servicer, as
applicable, incurred in connection with transferring the Mortgage File to the Terminating Party or to the successor Servicer
or Special Servicer, as applicable, and amending this Agreement to reflect such succession pursuant to this Section
7.1 shall be paid by the Terminated Party upon presentation of reasonable documentation of such


 



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costs and expenses. If
the Terminated Party has not reimbursed the Terminating Party or such successor Servicer or Special Servicer, as applicable,
for such expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed by the
Trust pursuant to Section 3.4(c); provided that the Terminated Party shall not thereby be relieved of its
liability for such expenses.


 


(g)          In
no event shall the Trustee be deemed to have knowledge of or be aware of any Servicer Termination Event or Special Servicer Termination
Event until a Responsible Officer of the Trustee has received written notice thereof or has actual knowledge thereof.


 


7.2.         Trustee
to Act; Appointment of Successor. (a) On and after the time the Servicer or Special Servicer, as the case may be,
receives a notice of termination pursuant to Section 7.1, or resigns pursuant to Section 6.4(b), the
Terminating Party (which term shall include, for the purposes of the remainder of this Section 7.2, the Trustee (or a
successor Servicer or Special Servicer including a successor appointed under Section 6.4(a)) in connection with a
resignation of the Servicer or the Special Servicer under Section 6.4(b)) shall, unless prohibited by law, be the
successor to the Terminated Party (which term shall include, for the purposes of the remainder of this Section 7.2,
the resigning party in connection with a resignation of the Servicer of the Special Servicer under Section 6.4(b)) in
all respects under this Agreement and the transactions set forth or provided for herein and, except as provided herein, shall
be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising
thereafter placed on the Terminated Party by the terms and provisions hereof; provided, however, that (i)
neither the Trustee nor the Terminating Party (or any successor Servicer or Special Servicer, as the case may be) shall have
responsibilities, duties, liabilities or obligations with respect to any act or omission of the Terminated Party and (ii) any
failure to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to
provide, or delay in providing, records, tapes, disks, information or monies or failure to cooperate as required by this
Agreement shall not be considered a default by the Terminating Party or such successor hereunder. The Trustee, as successor
Servicer, and any other successor Servicer or Special Servicer, as the case may be, shall be indemnified to the full extent
provided to the Trustee under this Agreement. The appointment of a successor Servicer or Special Servicer, as the case may
be, shall not affect any liability of the Terminated Party that may have arisen prior to its termination as such. The
Terminating Party shall not be liable for any of the representations and warranties of the Terminated Party herein or in
any related document or agreement, for any acts or omissions of the Terminated Party or for any losses incurred in respect of
any Permitted Investment by the Terminated Party nor shall the Terminating Party or any successor Servicer or Special
Servicer be required to purchase the Trust Loan or the Companion Loans hereunder. As compensation therefor, the Terminating
Party as successor Servicer or Special Servicer, as the case may be, shall be entitled to all compensation with respect to
the Trust Loan or the Companion Loans to which the Terminated Party would have been entitled that accrues after the date of
the Terminating Party’s succession to which the Terminated Party would have been entitled if it had continued to act
hereunder and, in the case of a successor Special Servicer, the Special Servicing Fee. Notwithstanding the above, the Trustee
may, if it shall be unwilling to so act, or shall, if it is unable to so act, or if the Holders of Certificates having
greater than 25% of the aggregate Voting Rights of all then outstanding Certificates so request in writing to the Trustee, or
the Trustee is not approved by the Rating Agencies and each rating agency relating to the Companion Loan Securities as a
Servicer or Special Servicer, as the


 



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case may be, as evidenced by a Rating Agency Confirmation or if a Rating Agency
Confirmation is not obtained, promptly appoint, or petition a court of competent jurisdiction to appoint, any established
loan servicing institution reasonably satisfactory to the Trustee the appointment for which a Rating Agency Confirmation is
obtained, as the successor to the Servicer or Special Servicer, as applicable, hereunder in the assumption of all or any part
of the responsibilities, duties or liabilities of the Servicer or Special Servicer, as applicable, hereunder. No appointment
of a successor to a Terminated Party hereunder shall be effective until the assumption by such successor of all the
Terminated Party’s responsibilities, duties and liabilities hereunder. Pending appointment of a successor to a
Terminated Party hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in the
applicable capacity as herein above provided. Any appointment or succession by the Trustee to the rights and obligations of
the Special Servicer hereunder shall be subject to the Directing Holder’s right to replace the Special Servicer during
any Subordinate Control Period. In connection with such appointment and assumption described herein, the Trustee may make
such arrangements for the compensation of such successor out of payments on the Whole Loan as it and such successor shall
agree; provided, however, that no such compensation shall be in excess of that permitted the Terminated Party
hereunder, except that if no successor to the Terminated Party can be obtained to perform the obligations of such Terminated
Party hereunder, additional amounts shall be paid to such successor and such amounts in excess of that permitted the
Terminated Party shall be paid pursuant to Section 3.4(c). The Depositor, the Trustee, the Certificate Administrator,
the Servicer (as applicable), the Special Servicer (as applicable) and such successor shall take such action, consistent with
this Agreement, as shall be necessary to effectuate any such succession.


 


(b)          Notwithstanding
Section 7.1(b) of this Agreement, if a Servicer receives a notice of termination solely due to a Servicer Termination Event
or Special Servicer Termination Event, as applicable, under Section 7.1(a)(vii) or (viii) and the terminated Servicer
provides the Trustee with the appropriate “request for proposal” materials within five (5) Business Days after such
termination, then such Servicer shall continue to serve as Servicer, if requested to do so by the Trustee, and the Trustee shall
promptly thereafter (using such “request for proposal” materials provided by the terminated Servicer) solicit good
faith bids for the rights to master service the Whole Loan from at least three (3) Persons qualified to act as successor servicer
hereunder in accordance with Section 6.2 and Section 7.2 for which the Trustee has received Rating Agency Confirmation
(any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified Bidders cannot be located,
then from as many Persons as the Trustee can determine are Qualified Bidders; provided, however, that (i) at the
Trustee’s request, the terminated Servicer shall supply the Trustee with the names of Persons from whom to solicit such
bids; and (ii) the Trustee shall not be responsible if less than three (3) or no Qualified Bidders submit bids for the right to
master service the Whole Loan under this Agreement. The bid proposal shall require any Successful Bidder (as defined below), as
a condition of such bid, to enter into this Agreement as successor Servicer with respect to the Whole Loan, and to agree to be
bound by the terms hereof, within 45 days after the receipt by the terminated Servicer of a notice of termination. The Trustee
shall solicit bids (i) on the basis of such successor servicer entering into a sub-servicing agreement with the terminated Servicer
to service the Whole Loan at a sub-servicing fee rate per annum equal to the Servicing Fee minus the Retained Fee Rate (each,
a “Servicing-Retained Bid”) and (ii) on the basis of having no obligation to enter into a sub-servicing agreement
with the terminated Servicer (each, a “Servicing-Released Bid”). The Trustee shall select the Qualified Bidder
with the highest cash Servicing-Retained Bid (or, if none, the highest cash


 



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Servicing Released Bid) (the “Successful
Bidder”) to act as successor servicer hereunder. The Successful Bidder shall enter into this Agreement as successor
servicer pursuant to the terms hereof (and, if the successful bid was a Servicing-Retained Bid, to enter into a sub-servicing
agreement with the terminated Servicer as contemplated above), no later than 45 days after the termination of the terminated Servicer.
Upon the assignment and acceptance of the servicing rights hereunder to and by the Successful Bidder, and upon payment of the
proceeds by the Successful Bidder to the Certificate Administrator, the Certificate Administrator shall remit or cause to be remitted
to the terminated Servicer the amount of such cash bid received from the Successful Bidder (net of “out of pocket”
expenses incurred in connection with obtaining such bid and transferring servicing).


 


If
the Trustee or an Affiliate acts pursuant to this Section 7.2 as successor to the resigning or terminated Servicer, it
may reduce such terminated Servicer’s Retained Fee Rate and/or Excess Servicing Fee to the extent that its or such Affiliate’s
compensation as successor Servicer would otherwise be below market rate servicing compensation. If the Trustee elects to appoint
a successor to the resigning or terminated Servicer other than itself or an Affiliate pursuant to this Section 7.2, it
may reduce the Retained Fee Rate and/or Excess Servicing Fee to the extent reasonably necessary (in the sole discretion of the
Trustee) for the Trustee to appoint a qualified successor Servicer that meets the requirements of this Section 7.2.


 


7.3.         [Reserved.]


 


7.4.         Other
Remedies of Trustee. During the continuance of any Servicer Termination Event or Special Servicer Termination Event, as
the case may be, or so long as such Servicer Termination Event or Special Servicer Termination Event shall not have been
remedied, the Trustee, in addition to the rights specified in Section 7.1, shall have the right, in its own name as
trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute to enforce its
rights and remedies and to protect the interests, and enforce the rights and remedies, of the Certificateholders and the
Companion Loan Holders (including the institution and prosecution of all judicial, administrative and other proceedings and
the filing of proofs of claim and debt in connection therewith). In such event, the legal fees, expenses and costs of such
action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust, and the Trustee shall be
entitled to be reimbursed therefor pursuant to Section 3.4(c) from the Collection Account (and such amounts shall be
allocated in accordance with the expense allocation provisions of the Co-Lender Agreement). Except as otherwise expressly
provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and
every remedy shall be cumulative and in addition to any other remedy and no delay or omission to exercise any right or remedy
shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer Termination Event or Special Servicer
Termination Event.


 


7.5.         Waiver
of Past Servicer Termination Events and Special Servicer Termination Events. The Holders of Certificates evidencing not
less than 66 2/3% of the aggregate Voting Rights of all then outstanding Certificates may, on behalf of all
Certificateholders and upon adequate indemnification of the Trustee by the requesting Holders of Certificates, waive any
default by the Servicer or the Special Servicer in the performance of its obligations hereunder and its consequences, except
a default in making any required deposits


 



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(including Monthly Payment Advances) to or payments from the Collection Account,
the Distribution Account or any Foreclosed Property Account or in remitting payments as received, in each case in accordance
with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and the related Servicer
Termination Event or Special Servicer Termination Event arising therefrom shall be deemed to have been remedied for every
purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right related
thereto.


 


7.6.         Trustee
as Maker of Advances. In the event that the Servicer fails to fulfill its obligations hereunder to make any Advances, the
Trustee shall perform such obligations (w) within five (5) Business Days (or such shorter period (but not less than one
Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Loan Documents
or this Agreement with respect to the Property or to avoid any foreclosure or similar action with respect to the Property by
reason of failure to pay real estate taxes, assessments, ground or leasehold rents or governmental charges) of a Responsible
Officer of the Trustee obtaining knowledge of such failure by the Servicer or the Special Servicer with respect to any
Advances (other than any Monthly Payment Advances on the Trust Loan) and (x) by 12:00 noon New York time on the related
Distribution Date with respect to Monthly Payment Advances on the Trust Loan. If the Certificate Administrator has not
received any required Monthly Payment Advance on the Trust Loan from the Servicer by 11:00 a.m. on the related Distribution
Date, the Certificate Administrator shall provide notice to that effect to the Trustee, and if the required Monthly Payment
Advance on the Trust Loan is still not received by the Certificate Administrator by 11:45 a.m. on the related Distribution
Date, the Certificate Administrator shall again provide notice to that effect to the Trustee, who shall then perform the
obligations set forth in the preceding sentence. With respect to any such Advance made by the Trustee, the Trustee shall
succeed to all of the Servicer’s and/or the Special Servicer’s rights, as applicable, with respect to Advances
hereunder, including, without limitation, the rights of reimbursement and interest on each Advance at the Advance Rate, and
rights to determine that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such rights
of reimbursement caused by such Servicer’s and/or the Special Servicer’s default in its obligations hereunder and
further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances
made by the Trustee, the Servicer and/or the Special Servicer shall at any time be outstanding, or any interest on
any Advance shall be accrued and unpaid, all amounts available to repay such Advances and the interest thereon hereunder
shall be applied entirely to the Advances outstanding to the Trustee (in that order) until such Advances shall have been
repaid in full, together with all interest accrued thereon, prior to reimbursement of the Servicer and/or the Special
Servicer, as applicable, for such Advances and interest accrued thereon. The Trustee shall be entitled to conclusively rely
on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance
hereunder. The Servicer or the Trustee, as applicable, shall not be responsible for advancing Monthly Payment Advances or
Administrative Advances with respect to the Companion Loans.


 


8.          THE
TRUSTEE AND Certificate Administrator


 


8.1.         Duties
of the Trustee and the Certificate Administrator. (a) Each of the Trustee and the Certificate Administrator, prior to the
occurrence of a Servicer Termination Event or Special Servicer Termination Event, as the case may be, and after the curing or
waiver


 



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of any Servicer Termination Event or Special Servicer Termination Event that may have occurred, undertakes with
respect to the Trust Fund to perform such duties and only such duties as are specifically set forth in this Agreement.
Neither the Depositor nor the Servicer nor the Special Servicer shall be obligated to monitor or supervise the performance by
the Trustee or the Certificate Administrator of its duties hereunder. In case a Servicer Termination Event or Special
Servicer Termination Event has occurred (which has not been cured or waived), the Trustee, subject to the provisions of Sections
7.2 and 7.4, shall exercise such of the rights and powers vested in it by this Agreement, and shall use the same
degree of care and skill in their exercise, as a prudent institution would exercise or use under the circumstances in the
conduct of such institution’s own affairs. Any permissive right of the Trustee or the Certificate Administrator set
forth in this Agreement shall not be construed as a duty. The Trustee (or the Servicer or the Special Servicer on its behalf)
shall have the power to exercise all the rights of a holder of the Whole Loan on behalf of the Certificateholders and the
Companion Loan Holders, subject to the terms of the Loan Documents and the Co-Lender Agreement; provided, however,
that each Lender’s obligations under the Loan Documents shall be exercised by the Servicer or Special Servicer, as the
case may be, pursuant to this Agreement.


 


(b)          Subject
to Sections 8.2(a) and 8.3, each of the Trustee and the Certificate Administrator, upon receipt of all resolutions,
certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee or the Certificate
Administrator that are specifically required to be furnished to it pursuant to any provision of this Agreement, shall examine,
or cause to be examined, such instruments to determine whether they conform to the requirements of this Agreement to the extent
specifically set forth herein. If any such instrument is found on its face not to conform to the requirements of this Agreement
in a material manner, the Trustee or the Certificate Administrator, as applicable, may take such action as it deems appropriate
to have the instrument corrected, and if the instrument is not corrected to the Trustee’s or the Certificate Administrator’s
reasonable satisfaction, the Trustee or the Certificate Administrator shall provide notice thereof to the Certificateholders.
Neither the Trustee nor the Certificate Administrator shall be responsible for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the Depositor, the Servicer, or the Special Servicer
and accepted by the Trustee or the Certificate Administrator, as the case may be, in good faith, pursuant to this Agreement.


 


(c)          Subject
to Section 8.3, no provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator
from liability for its own negligent action, its own negligent failure to act, its failure to perform its obligations in compliance
with this Agreement, its own willful misconduct or bad faith; provided, however, that:


 


(i)           no
implied covenants or obligations shall be read into this Agreement against the Trustee or the Certificate Administrator and each
of the Trustee and the Certificate Administrator may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and/or the Certificate Administrator
(including those provided pursuant to Section 10.1) and conforming to the requirements of this Agreement which it reasonably
believes in good faith to be genuine and to have been duly executed by the proper authorities respecting any matters arising hereunder;


 






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(ii)          the
Trustee and the Certificate Administrator shall not be liable for an error of judgment made in good faith by a Responsible Officer
of the Trustee or the Certificate Administrator, unless it shall be proved that the Trustee or the Certificate Administrator or
such Responsible Officer, as applicable, was negligent in ascertaining the pertinent facts;


 


(iii)         the
Trustee and the Certificate Administrator shall not be liable with respect to any action taken, suffered or omitted to be taken
by it in good faith in accordance with this Agreement or at the direction of Holders of Certificates evidencing, in the aggregate,
not less than 25% of the Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee or the Certificate Administrator, or exercising any trust or power conferred upon the
Trustee or the Certificate Administrator, under this Agreement;


 


(iv)         the
Trustee and the Certificate Administrator shall not be charged with knowledge of any failure by the Servicer or the Special Servicer
to comply with any of their respective obligations referred to in Section 7.1 or any other act or circumstance upon the
occurrence of which the Trustee or the Certificate Administrator, as applicable, may be required to take action unless a Responsible
Officer of the Trustee or the Certificate Administrator, as applicable, obtains actual knowledge of such failure, act or circumstance
or the Trustee or the Certificate Administrator, as applicable, receives written notice of such failure from the Servicer, the
Special Servicer, the Depositor, the Borrower or Holders of the Certificates evidencing, in the aggregate, not less than 25% of
the Voting Rights of the Certificates;


 


(v)          subject
to the other provisions of this Agreement and without limiting the generality of Sections 8.1 and 8.2, neither the
Trustee nor the Certificate Administrator shall have any duty except in the case of the Trustee, acting in its capacity as a successor
Servicer or successor Special Servicer (A) to record, file or deposit this Agreement or any agreement referred to herein or any
financing statement or continuation statement evidencing a security interest, or to maintain of any such recording or filing or
depositing or any re-recording, refiling or redepositing thereof, (B) to maintain any insurance, and (C) to confirm or verify
the contents of any reports or certificates of the Servicer or the Special Servicer delivered to the Trustee or the Certificate
Administrator pursuant to this Agreement reasonably believed by the Trustee or the Certificate Administrator to be genuine and
to have been signed or presented by the proper party or parties; and


 


(vi)         for
all purposes under this Agreement, the Trustee and the Certificate Administrator shall not be required to take any action with
respect to, or be deemed to have notice or knowledge of any Loan Event of Default, Servicer Termination Event or Special Servicer
Termination Event unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual knowledge
thereof or shall have received written notice thereof. In the absence of receipt of such notice and such actual knowledge otherwise
obtained, the Trustee and the Certificate Administrator may conclusively assume that there is no Loan Event of Default, Servicer
Termination Event or Special Servicer Termination Event.


 






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(d)          None
of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate Administrator to (i) expend
or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties hereunder or in
the exercise of any of its rights or powers hereunder if there are reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it, or (ii) exercise any of its rights or powers
or take any action if it determines such exercise or action is contrary to law, and none of the provisions of this Agreement shall
in any event require the Trustee or Certificate Administrator, as applicable, to perform, or be responsible for the manner of
performance of, any of the obligations of the Servicer or the Special Servicer under this Agreement, except with respect to the
Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers and
privileges of, the Servicer or the Special Servicer in accordance with the terms of this Agreement. Notwithstanding anything contained
herein, neither the Trustee nor the Certificate Administrator shall be responsible or have liability in connection with the duties
assumed by the Authenticating Agent, and the Certificate Registrar hereunder, unless the Trustee or the Certificate Administrator
is acting in any such capacity hereunder; provided, further, that in any such capacity the Trustee and the Certificate
Administrator shall have all of the rights, protections and indemnities provided to it as Trustee and the Certificate Administrator
hereunder, as applicable.


 


8.2.         Certain
Matters Affecting the Trustee and the Certificate Administrator. (a) Except as otherwise provided in Section
8.1:


 


(i)    
      each of the Trustee and the Certificate Administrator may request and rely upon and shall
be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, auditor’s
certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or
parties;


 


(ii)          each
of the Trustee and the Certificate Administrator may consult with any nationally recognized counsel, and the advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or
omitted by it hereunder in good faith and in accordance with such Opinion of Counsel;


 


(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 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 security or indemnity reasonably satisfactory to it against the costs,
expenses and liabilities, including reasonable legal fees, which may be incurred therein or thereby; provided, however,
that nothing contained herein shall relieve the Trustee or the Certificate Administrator of the obligation, upon the occurrence
of a Servicer Termination Event or Special Servicer Termination Event, as the case may be (which has not been cured or waived),
to exercise such of the rights and powers vested in


 



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it by this Agreement, and with respect to the Trustee, to use the same degree
of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs;


 


(iv)         neither
the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted by it in good
faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;


 


(v)          prior
to the occurrence of a Servicer Termination Event or Special Servicer Termination Event hereunder and after the curing or waiver
of such Servicer Termination Event or Special Servicer Termination Event that may have occurred, neither the Trustee nor the Certificate
Administrator shall be bound to ascertain or inquire as to the performance or observance of any of the terms, conditions, covenants
or agreements herein (except as specifically required by this Agreement) or to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond
or other paper or document, unless requested in writing so to do by Holders of Certificates evidencing, in the aggregate, not
less than 25% of the Voting Rights of the outstanding Certificates; provided, however, that if the payment within
a reasonable time to the Trustee or the Certificate Administrator of the costs, expenses or liabilities likely to be incurred
by either party in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, not reasonably
assured to the Trustee or the Certificate Administrator by the security afforded to it by the terms of this Agreement, the Trustee
or the Certificate Administrator, as applicable, may require indemnity satisfactory to it against such costs, expenses or liabilities
as a condition to taking any such action. The reasonable expense of every such investigation shall be paid by the Trust pursuant
to Section 3.4(c) in the event that such investigation relates to a Servicer Termination Event or Special Servicer Termination
Event, if such an event shall have occurred and is continuing, and otherwise by the Certificateholders requesting the investigation
(and such expense shall be allocated in accordance with the allocation provisions of the Co-Lender Agreement);


 


(vi)         each
of the Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys selected by it with due care but shall not thereby be relieved of responsibility
for such duties;


 


(vii)        the
Certificate Administrator shall not be liable for any loss on any investment of funds made by it pursuant to the terms of this
Agreement other than as set forth in Section 3.8 (other than investments made with the Certificate Administrator in its
commercial capacity); and


 


(viii)       neither
the Trustee nor the Certificate Administrator shall be required to post any kind of bond or surety in connection with the execution
and performance of its duties hereunder, and in no event shall the Trustee or the Certificate Administrator be liable for punitive,
special, indirect or consequential loss or damage of any kind


 



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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.


 


In
no event shall either the Trustee, the Servicer, the Special Servicer 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, as applicable.


 


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, provided in any event, however, the knowledge of employees performing special servicing functions shall not be imputed
to employees performing master servicing functions, and the knowledge of employees performing master servicing functions shall
not be imputed to employees performing special servicing functions.


 


(b)          Following
the Closing Date, neither the Trustee nor the Certificate Administrator shall accept any contribution of assets to the Trust Fund
not specifically contemplated by this Agreement.


 


(c)          All
rights or actions under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate Administrator
may be enforced by such party without the possession of any of the Certificates, or the production thereof at the trial or other
proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee or the Certificate Administrator,
as applicable, shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions
of this Agreement.


 


(d)          In
order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Laws”), the
Trustee and the Certificate Administrator, as applicable, is required to obtain, verify and record certain information relating
to individuals and entities which maintain a business relationship with the Trustee and the Certificate Administrator, as applicable.
Accordingly, each of the parties agrees to provide to the Trustee and the Certificate Administrator, as applicable, upon its request
from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee
to comply with Applicable Laws.


 


8.3.         Neither
the Trustee nor the Certificate Administrator is Liable for Certificates or the Trust Loan. The recitals contained herein
and in the Certificates (other than the signature and authentication of the Certificate Administrator on the Certificates)
shall not be taken as the statements of the Trustee or the Certificate Administrator and the Trustee and the


 



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Certificate
Administrator assume no responsibility for their correctness. The Trustee and the Certificate Administrator make no
representations as to the validity or sufficiency of this Agreement, the Certificates, the Whole Loan or the Companion Loans
or related documents except as expressly set forth herein. The Trustee and the Certificate Administrator shall not be liable
for any action or failure of any action by the Depositor, the Servicer or the Special Servicer hereunder. The Trustee and the
Certificate Administrator shall not at any time have any responsibility or liability for or with respect to the legality,
ownership, title, validity or enforceability of any of the Mortgage or Collateral Security Documents or the Whole Loan, or
the perfection, sufficiency and priority of any of the Mortgage or Collateral Security Documents or the maintenance of any
such perfection and priority, or for or with respect to the efficacy of the Trust Fund or its ability to generate the
payments to be distributed to Certificateholders under this Agreement, including, without limitation, the existence,
condition and ownership of the Property; the existence and enforceability of any hazard insurance thereon; the validity of
the assignment of the Trust Loan to the Trust; the performance or enforcement of the Whole Loan (other than with respect to
the Servicer or Special Servicer, if the Trustee shall assume the duties of the Servicer and/or Special Servicer,
respectively, pursuant to Section 7.2 and then only to the extent of the obligations of the Servicer or Special
Servicer, as applicable, hereunder); the compliance by the Depositor, the Borrower, the Servicer and the Special
Servicer with any warranty or representation made under this Agreement or in any related document or the accuracy of any such
warranty or representation made under this Agreement or in any related document prior to the Trustee’s receipt of
notice or other discovery by a Responsible Officer of the Trustee of any noncompliance therewith or any breach thereof; any
investment of monies by or at the direction of the Servicer or the Special Servicer or any loss resulting therefrom (other
than investments made with the Trustee or the Certificate Administrator in its commercial capacity); the failure of the
Servicer, the Special Servicer or any sub-servicer to act or perform any duties required of it hereunder; or any action by
the Trustee or the Certificate Administrator taken at the direction of the Servicer or the Special Servicer (other than with
respect to the Trustee if the Trustee shall assume the duties of the Servicer or the Special Servicer, respectively); provided, however,
that the foregoing shall not relieve the Trustee or the Certificate Administrator, as applicable, of its obligation to
perform its duties under this Agreement. Except with respect to a claim based on either the Trustee’s or the
Certificate Administrator’s negligent action, negligent failure to act, bad faith or willful misconduct (or such other
standard of care as may be provided herein with respect to any particular matter), no recourse shall be had for any claim
based on any provisions of this Agreement, the Certificates, the Mortgage, the Property, the Collateral Security Documents or
the Whole Loan or assignment thereof against the Trustee or the Certificate Administrator, as applicable, in its respective
individual capacity, and neither the Trustee nor the Certificate Administrator shall have any personal obligation, liability
or duty whatsoever to any Certificateholder or any other Person with respect to any such claim, and any such claim shall be
asserted solely against the Trust Fund or any indemnitor who shall furnish indemnity as provided in this Agreement. Neither
the Trustee nor the Certificate Administrator shall have any responsibility for filing any financing or continuation
statements in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or
lien granted to it hereunder or to record this Agreement (unless, with respect to the Trustee, the Trustee shall have become
the successor Servicer or Special Servicer). Neither the Trustee nor the Certificate Administrator shall be accountable for
the use or application by the Depositor of any of the Certificates or of the proceeds of such


 



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 Certificates or for the use or
application of any funds paid to the Servicer or the Special Servicer, as applicable, in respect of the Whole Loan deposited
into or withdrawn from the Collection Account or any account maintained by or on behalf of the Servicer (except to the extent
that the Collection Account or such other account is held by the Trustee or the Certificate Administrator in their
commercial capacity), or for investment of such amounts (other than investments made with the Trustee or the Certificate
Administrator in their commercial capacity).


 


The
Trustee and the Certificate Administrator, by reason of the action or inaction of its directors, officers, members, managers,
partners, employees or agents shall have no liability to the Trust or the Certificateholders for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement for actions taken or not taken at the direction of Certificateholders,
or for errors in judgment; provided, however, that this provision shall not protect the Trustee, the Certificate
Administrator or any such Person against any liability which would otherwise be imposed by reason of willful misconduct, bad faith
or negligence of the Trustee, the Certificate Administrator or any such Person. The Trustee, the Certificate Administrator and
any of their respective directors, officers, members, managers, partners, employees, Affiliates, agents or Controlling Persons
shall be indemnified by the Trust pursuant to Section 3.4(c) out of amounts on deposit in the Collection Account, and held
harmless against any loss, liability, claim, demand or expense incurred in connection with any legal action or other claims, costs,
expenses, losses, penalties, fines, foreclosures, judgments or liabilities incurred in connection with or related to the Trustee’s
or the Certificate Administrator’s performance of their powers and duties under this Agreement (including, without limitation,
performance under Section 8.1 hereof) or in connection with the Whole Loan, the Property or the Certificates (including,
without limitation, reasonable fees and disbursements of counsel incurred in any action or proceeding related thereto); provided,
however, that this provision shall not protect the Trustee, the Certificate Administrator or any such Person against any
liability which would otherwise be imposed by reason of willful misconduct, bad faith or negligence of the Trustee, the Certificate
Administrator or any such Person. The indemnification provided hereunder shall survive the resignation or removal of the Trustee
or the Certificate Administrator and the termination of this Agreement. Anything herein to the contrary notwithstanding, the Trustee
shall be responsible for its acts or failure to act as Servicer and/or Special Servicer during the time the Trustee is serving
as such pursuant and subject to the terms of this Agreement.


 


8.4.         Trustee
and Certificate Administrator May Own Certificates. The Trustee and the Certificate Administrator in their individual or
any other capacity may become the owner or pledgee of Certificates with the same rights, powers, and privileges as it would
have if they were not the Trustee or the Certificate Administrator.


 


8.5.         Trustee’s
and Certificate Administrator’s Fees and Expenses. (a) The Certificate Administrator shall be entitled to the Certificate Administrator Fee (including that portion of the
Certificate Administrator Fee that represents the Trustee Fee, which is payable to the Trustee), payable pursuant to Section
3.4(c). The Certificate Administrator shall pay to the Trustee monthly the Trustee Fee from the Certificate Administrator
Fee. The Certificate Administrator Fee (which shall not be limited to any provision of law in regard to the compensation of a
trustee of an express trust) shall constitute the Certificate Administrator’s and the Trustee’s sole form of
compensation for all services rendered by each entity in the execution


 



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of the trust hereby created and in the exercise and
performance of any of the powers and duties of the Certificate Administrator and the Trustee hereunder. The Trustee and the
Certificate Administrator shall be entitled to be reimbursed for all reasonable expenses and disbursements incurred or made
by the Trustee or the Certificate Administrator, as applicable, in accordance with any of the provisions of this Agreement
(including the fees and expenses of its counsel and of all Persons not regularly in its employ), provided such cost
would qualify as an “unanticipated expense incurred by the REMIC” within the meaning of the REMIC Provisions,
except any such expense, disbursement or advance as may arise from its negligence, willful misconduct or bad faith or which
is expressly the responsibility of a Certificateholder or Certificateholders hereunder, all of which reimbursements to be
paid from amounts on deposit in the Collection Account pursuant to Section 3.4(c); provided, however,
that neither the Trustee nor the Certificate Administrator shall refuse to perform any of their obligations hereunder solely
as a result of the failure to be paid any fees and expenses so long as payment of such fees and expenses are reasonably
assured to it. The Trustee and the Certificate Administrator shall provide the Servicer with an invoice, on or prior to each
Loan Payment Date, setting forth the actual expenses incurred in connection with the performance of its duties hereunder for
which it seeks payment or reimbursement. Notwithstanding any other provision of this Agreement, neither the Trustee nor
the Certificate Administrator shall be entitled to reimbursement from the Trust for an expense incurred under this Agreement
in connection with the performance of its ordinary and regularly recurring duties hereunder unless such reimbursement is
expressly provided for herein or otherwise permitted hereunder.


 


8.6.         Eligibility
Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance. (a) Each of the Trustee
and the Certificate Administrator hereunder shall at all times be a corporation, association or trust company organized and
doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate
trust powers and to accept the trust conferred under this Agreement, which has a combined capital and surplus of at least
$50,000,000 and a rating on its unsecured long term debt of at least (x) “A2” by Moody’s (provided that
the Trustee may maintain a long-term unsecured debt rating of at least “Baa2” by Moody’s if the Servicer
maintains a rating of “A2” by Moody’s) and (y) “A-” by Morningstar (provided that if the
Trustee or Certificate Administrator, as applicable, is not rated by Morningstar, an equivalent (or higher) rating by any two
other NRSROs) or (z) as is otherwise acceptable to each Rating Agency as evidenced by the receipt of a Rating Agency
Confirmation, and is subject to supervision or examination by federal or state authority and shall not be an Affiliate of the
Servicer or the Special Servicer (except during any period when the Trustee has assumed the duties of the Servicer and/or
Special Servicer pursuant to Section 7.2). If a corporation, association or trust company publishes reports of
condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then
for purposes of this Section the combined capital and surplus of such entity shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In the event that the place of business from which
the Trustee or the Certificate Administrator, as applicable, administers the Trust Fund is a state or local jurisdiction that
imposes a tax on the Trust, the Trustee or the Certificate Administrator, as applicable, shall elect either to (i) resign
immediately in the manner and with the effect specified in Section 8.7, (ii) pay such tax from its own funds and
continue as Trustee or the Certificate Administrator, as applicable, or (iii) administer the Trust Fund from a state and
local jurisdiction that does not impose such a tax. In case at any


 



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time the Trustee
or the Certificate Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section,
the Trustee or the Certificate Administrator, as applicable, shall resign immediately in the manner and with the effect specified
in Section 8.7


 


(b)          The
Certificate Administrator 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 covering the Certificate Administrator’s
directors, officers and employees acting on behalf of the Certificate Administrator in connection with its activities under this
Agreement; provided that if the Certificate Administrator is not rated at least “A3” or its equivalent by Moody’s
and “A-” or its equivalent by Morningstar (or, if not rated by Morningstar, then the equivalent rating by two other
NRSROs), such applicable error and omissions insurance policy must be rated at least “A3” by Moody’s and an
equivalent rating by Morningstar (or, if not rated by Morningstar, then the equivalent rating by two other NRSROs). Such insurance
policy shall protect the Certificate Administrator against losses, forgery, theft, embezzlement, fraud, errors and omissions of
such covered persons. The amount of coverage shall be at least equal to the coverage that is required by applicable governmental
authorities having regulatory power over the Certificate Administrator. In the event that any such bond or policy ceases to be
in effect, the Certificate Administrator shall obtain a comparable replacement bond or policy. In lieu of the foregoing, the Certificate
Administrator shall be entitled to self-insure with respect to such risks so long as the Certificate Administrator is rated at
least “A3” or its equivalent by Moody’s and “A-” or its equivalent by Morningstar (or, if not rated
by Morningstar, then the equivalent rating by two other NRSROs).


 


(c)          The
Trustee 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 covering the Trustee’s directors, officers and employees
acting on behalf of the Trustee in connection with its activities under this Agreement; provided that if the Trustee is
not rated at least “A3” or its equivalent by Moody’s and “A” or its equivalent by Morningstar (or,
if not rated by Morningstar, then the equivalent rating by two other NRSROs), such applicable error and omissions insurance policy
must be rated at least “A3” by Moody’s and an equivalent rating by Morningstar (or, if not rated by Morningstar,
then the equivalent rating by two other NRSROs). Such insurance policy shall protect the Trustee against losses, forgery, theft,
embezzlement, fraud, errors and omissions of such covered persons. The amount of coverage shall be at least equal to the coverage
that is required by applicable governmental authorities having regulatory power over the Trustee. In the event that any such bond
or policy ceases to be in effect, the Trustee shall obtain a comparable replacement bond or policy. In lieu of the foregoing,
the Trustee shall be entitled to self-insure with respect to such risks so long as the Trustee is rated at least “A3”
or its equivalent by Moody’s and “A” or its equivalent by Morningstar (or, if not rated by Morningstar, then
the equivalent rating by two other NRSROs).


 


8.7.         Resignation
and Removal of the Trustee or the Certificate Administrator. Each of the Trustee and the Certificate Administrator may at
any time resign and be discharged from the trusts hereby created by (i) posting written notice on the Certificate
Administrator’s Website pursuant to Section 8.14(b) and giving written notice of resignation to the Depositor,
the Borrower, the Initial Purchasers, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate
Registrar (if other than the Trustee), the Companion


 



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Loan Holders, the Trustee and the 17g-5 Information
Provider, who shall post such notice on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b) and
after such posting by the 17g-5 Information Provider, to the Rating Agencies and by mailing notice of resignation by first class
mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, not less than 45 days
and not more than 60 days before the date specified in such notice when, subject to Section 8.8, such resignation is to
take effect, and (ii) acceptance by a successor Trustee or Certificate Administrator, as applicable, appointed by the Depositor
in accordance with Section 8.8 meeting the qualifications set forth in Section 8.6. Upon such notice of resignation,
the Depositor shall promptly appoint a successor Trustee or Certificate Administrator, as applicable, obtain Rating Agency Confirmation
which written confirmation shall be delivered to the resigning Trustee or Certificate Administrator, and the successor Trustee
or Certificate Administrator, as applicable. If no successor Trustee or Certificate Administrator shall have been so appointed
and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Certificate
Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor Trustee or Certificate
Administrator, as applicable, at the expense of the Trust.


 


If
at any time any of the following occur: (x) the Trustee or Certificate Administrator shall cease to be eligible in accordance
with the provisions of Section 8.6 and shall fail to resign after written request for the Trustee’s or the Certificate
Administrator’s resignation by the Depositor, the Servicer or the Special Servicer, as applicable; (y) the Trustee or the
Certificate Administrator shall materially default in the performance of its obligations under this Agreement; or (z) if at any
time the Trustee or the Certificate Administrator shall become incapable of action, or shall be adjudged a bankrupt or insolvent,
or a receiver of the Trustee or the Certificate Administrator or of either of their property shall be appointed, or any public
officer shall take charge or control of the Trustee or Certificate Administrator or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation then, in any such case, (1) the Depositor may remove the Trustee or the Certificate
Administrator, as applicable, and appoint a successor Trustee or Certificate Administrator, as applicable, by written instrument,
in duplicate, executed by an authorized officer of the Depositor, one copy of which instrument shall be delivered to the Trustee
or the Certificate Administrator, as applicable, so removed and one copy to the successor Trustee or Certificate Administrator,
as applicable, or (2) any Certificateholder who has been a bona fide Certificateholder for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee or the
Certificate Administrator and the appointment of a successor Trustee or Certificate Administrator, as applicable. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee or Certificate Administrator, as
applicable, which removal and appointment shall become effective upon acceptance of appointment by the successor Trustee or Certificate
Administrator, as applicable, as provided in Section 8.8. The successor Trustee or Certificate Administrator, as applicable,
so appointed by such court shall immediately and without further act be superseded by any successor Trustee or Certificate Administrator,
as applicable, appointed by the Certificateholders as provided below within one year from the date of appointment by such court.
Holders of Certificates evidencing, in the aggregate, not less than a majority of the Voting Rights of the outstanding Certificates,
may at any time, upon 30 days’ written notice, remove the Trustee or the Certificate Administrator and appoint a successor
Trustee or Certificate Administrator, as applicable, by written instrument or instruments, in triplicate, signed by such Holders
or their attorney-in-fact


 



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duly authorized, one complete set of which instrument or instruments shall be delivered to the Depositor
(with a copy to the Servicer and Special Servicer and the Borrower), one complete set to the Trustee or the Certificate Administrator,
as applicable, so removed and one complete set to the successor(s) so appointed. Notice of any removal of the Trustee or the Certificate
Administrator and acceptance of appointment by the successor Trustee or Certificate Administrator shall be given to the Borrower,
the Companion Loan Holders, the Rating Agencies (through the successor 17g-5 Information Provider’s website, as applicable)
and the Initial Purchasers by the successor Trustee or Certificate Administrator, as applicable. No removal of the Trustee or
the Certificate Administrator shall be effective until all reasonable fees, costs, expenses and Advances (including interest thereon)
have been paid to the Trustee or Certificate Administrator, as applicable in full.


 


Any
resignation or removal of the Trustee or Certificate Administrator shall not become effective until acceptance of the appointment
by the successor Trustee or Certificate Administrator, as applicable, as provided in Section 8.8.


 


8.8.         Successor
Trustee or Successor Certificate Administrator. Any successor Trustee or Certificate Administrator appointed as provided
in Section 8.7 shall execute, acknowledge and deliver to the Depositor, the Servicer, the Special Servicer and to its
predecessor trustee or certificate administrator an instrument (i) accepting such appointment hereunder and (ii) making the
representations and warranties of the Trustee or the Certificate Administrator, as applicable, as provided in Section
2.3 and Section 2.4, respectively, and thereupon the resignation or removal of the predecessor trustee or
certificate administrator shall become effective and such successor Trustee or Certificate Administrator, as applicable,
without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of
its predecessor hereunder, with the like effect as if originally named as trustee or certificate administrator herein. The
predecessor Certificate Administrator shall deliver or cause to be delivered to the successor Certificate Administrator, as
applicable, the Mortgage File and related documents and statements held by it hereunder, and the Depositor, the Servicer, the
Special Servicer and the predecessor trustee or certificate administrator shall execute and deliver such instruments and do
such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Trustee
or Certificate Administrator all such rights, powers, duties and obligations.


 


No
successor Trustee or Certificate Administrator shall accept appointment as provided in this Section 8.8 unless at the time
of such acceptance such successor Trustee or Certificate Administrator shall be eligible under the provisions of Section 8.6
and its appointment shall not result in the qualification, downgrading, or withdrawal of the current rating of any Class of
the Certificates (prior to the resignation or termination of the Trustee or Certificate Administrator).


 


Upon
acceptance of appointment by a successor Trustee or Certificate Administrator as provided in this Section 8.8, the successor
Trustee or Certificate Administrator shall mail notice of the succession of such trustee or certificate administrator hereunder
to all Holders of Certificates at their addresses as shown in the Certificate Register, the Depositor, the 17g-5 Information Provider,
the Borrower, the Companion Loan Holders and the Initial Purchasers.


 






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8.9.         Merger
or Consolidation of the Trustee or the Certificate Administrator. Any Person into which the Trustee or the Certificate
Administrator may be merged or converted or with which either may be consolidated or any Person resulting from any merger,
conversion or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding
to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator shall be the
successor of the Trustee or the Certificate Administrator, as applicable, hereunder; provided that (i) such Person
shall be eligible under the provisions of Section 8.6, without the execution or filing of any paper or further act on
the part of any of the parties hereto, anything herein to the contrary notwithstanding and (ii) Rating Agency Confirmation
shall have been delivered to such Person.


 


8.10.       Appointment
of Co-Trustee or Separate Trustee. (a) At any time or times, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Property may at the time be located or in which any action of the Trustee may be
required to be performed or taken, the Trustee, the Depositor or the Holders of Certificates evidencing, in the aggregate, a
majority of the Voting Rights of the outstanding Certificates, by an instrument in writing signed by it or them, may appoint
one or more individuals or corporations to act as separate trustee or separate trustees or co-trustees, acting jointly with
the Trustee, of all or any part of the Property, to the full extent that local law makes it necessary for such separate
trustee or separate trustees or co-trustee acting jointly with the Trustee to act. The fees and expenses of any separate
trustee or co-trustee shall be paid by the Trust Fund pursuant to Section 3.4(c).


 


(b)          The
Trustee shall execute, acknowledge and deliver all such instruments as may be required by the legal requirements of any jurisdiction
or by any such separate trustee or separate trustees or co-trustee for the purpose of more fully conferring such title, rights
or duties to such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such title to
the Property or any part thereof, and with such rights, powers, duties and obligations as shall be specified in the instrument
of appointment, and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed
by the Trustee, or the Trustee and such separate trustee or separate trustees or co-trustees jointly with the Trustee subject
to all the terms of this Agreement, except to the extent that under any law of any jurisdiction in which any particular act or
acts are to be performed shall be exercised and performed by such separate trustee or separate trustees or co-trustee, as the
case may be. Any separate trustee or separate trustees or co-trustee may, at any time by an instrument in writing, constitute
the Trustee, its attorney-in-fact and agent with full power and authority to do all acts and things and to exercise all discretion
on its behalf and in its, her or his name. In the event that any such separate trustee or co-trustee shall die, become incapable
of acting, resign or be removed, the title to the Property and all assets, property, rights, powers, duties and obligations of
such separate trustee or co-trustee shall, so far as permitted by law, vest in and be exercised by the Trustee, without the appointment
of a successor to such separate trustee or co-trustee unless and until a successor is appointed.


 


(c)          All
provisions of this Agreement which are for the benefit of the Trustee and Certificate Administrator shall extend to and apply
to each separate trustee or co-trustee appointed pursuant to the foregoing provisions of this Section 8.10 and to the Trustee
and Certificate Administrator in each capacity that it may assume hereunder, including, without


 



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limitation, its capacity as Certificate
Administrator, Certificate Registrar, Authenticating Agent, Paying Agent and 17g-5 Information Provider, as applicable.


 


(d)          Every
co-trustee and separate trustee hereunder shall, to the extent permitted by law, be appointed and act and the Trustee shall act,
subject to the following provisions and conditions: (i) all powers, duties, obligations and rights conferred upon the Trustee
in respect of the receipt, custody, investment and payment of monies shall be exercised solely by the Trustee; (ii) all other
rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed and exercised or performed
by the Trustee and such co-trustee or trustees and separate trustee or trustees jointly except to the extent that under any law
of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such
co-trustee or trustees; (iii) no power hereby given to, or exercisable by, any such co-trustee or separate trustee shall be exercised
hereunder by such co-trustee or separate trustees except jointly with, or with the consent of, the Trustee; and (iv) no trustee
hereunder shall be personally liable by reason of any act or omission of any other trustees hereunder.


 


If,
at any time, the Trustee shall deem it no longer necessary or prudent in order to conform to any such law, the Trustee shall execute
and deliver all instruments and agreements necessary or proper to remove any co-trustee or separate trustee. Notwithstanding the
foregoing, the appointment of a co-trustee or separate trustee by the Trustee shall not relieve the Trustee of its obligations,
duties, or responsibilities in any way or to any degree.


 


(e)          Any
request, approval or consent in writing by the Trustee to any co-trustee or separate trustee shall be sufficient warrant to such
co-trustee or separate trustee, as the case may be, to take such action as may be so required, approved or consented to.


 


(f)          Notwithstanding
any other provision of this Section 8.10, the powers of any co-trustee or separate trustee shall not exceed those of the
Trustee hereunder, and such co-trustee or separate trustee must meet the eligibility requirements set forth in Section 8.6.


 


8.11.       Appointment
of Authenticating Agent. (a) The Certificate Administrator may appoint an agent or agents which shall be authorized to
act on behalf of the Certificate Administrator to authenticate Certificates (each such agent, an “Authenticating
Agent”), and Certificates so authenticated shall be entitled to the benefits of this Agreement and shall be valid
and obligatory for all purposes as if authenticated by the Certificate Administrator hereunder. Wherever a reference is made
in this Agreement to the authentication and delivery of Certificates by the Certificate Administrator or the Certificate
Administrator’s certificate of authentication, such reference shall be deemed to include authentication and delivery on
behalf of the Certificate Administrator by an Authenticating Agent and a certificate of authentication executed on behalf of
the Certificate Administrator by an Authenticating Agent. Each Authenticating Agent shall, at all times, be a corporation or
association organized and doing business under the laws of the United States of America, any State thereof or the District of
Columbia, authorized under such law to act as Authenticating Agent, having a combined capital and surplus of not less than
$15,000,000, authorized under such laws to do trust business and subject to supervision or examination by federal or state
authorities. If such Authenticating


 



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Agent publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section the combined capital and
surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If, at any time, an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in
this Section. The initial Authenticating Agent shall be the Certificate Administrator.


 


(b)          Any
Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to
the corporate agency business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such Person
shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of
the Certificate Administrator or the Authenticating Agent.


 


(c)          An
Authenticating Agent may resign at any time by giving at least 30 days’ advance written notice thereof to the Certificate
Administrator, the Servicer or Special Servicer, as applicable, and the Depositor. The Certificate Administrator may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent, the Servicer or
Special Servicer, as applicable, and the Depositor. Upon receiving such a notice of resignation or upon such a termination, or
in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the
Certificate Administrator may appoint a successor Authenticating Agent and shall mail written notice of such appointment by first
class mail, postage prepaid to all Certificateholders as their names and addresses appear in the Certificate Register. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of
its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section.


 


8.12.       Indemnification
by Trustee and the Certificate Administrator. The Trustee, and the Certificate Administrator, as applicable, shall
indemnify and hold harmless the Trust, the Depositor, the Servicer and the Special Servicer (each, for the purposes of this Section
8.12 only, an “Indemnified 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 the Indemnified
Party in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred
by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the
Indemnified Party and any third party or otherwise) that arise out of or are based upon (i) a breach by the Trustee or the
Certificate Administrator of its representations and warranties made under this Agreement, or (ii) the negligence, bad faith,
fraud or willful misconduct on the part of the Trustee or the Certificate Administrator in the performance of its obligations
or negligent disregard of its obligations and duties under this Agreement.


 


The
Certificate Administrator shall indemnify and hold harmless the Depositor from and against any claims, losses, damages, penalties,
fines, forfeitures, legal fees and


 



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 expenses and related costs, judgments and other costs and expenses incurred by the Depositor
or its Affiliates that arise out of or are based upon (i) a breach by the Certificate Administrator, in its capacity as 17g-5
Information Provider, of its obligations under this Agreement or (ii) negligence, bad faith or willful misconduct on the part
of the Certificate Administrator, in its capacity as 17g-5 Information Provider, in the performance of such obligations or its
negligent disregard of its obligations and duties under this Agreement.


 


8.13.       Certificate
Administrator and Servicer Not Responsible for Inconsistent Payment Information. In connection with any Distribution Date
and a voluntary prepayment or the payment at maturity by the Borrower of the Whole Loan or any portion thereof, the
Certificate Administrator shall report the amount of such prepayment or payment to the Depository based on information
received from the Servicer or Special Servicer in reliance on notices received from the Borrower. In the event of any
inconsistencies in payments or prepayments made by the Borrower with the previously delivered notices by the Borrower, all
costs and expenses incurred as a result of a failure by the Borrower to make any such payments or prepayment, shall be paid
by the Borrower in accordance with the Loan Agreement; provided that the amount of payment reported to the Depository
by the Certificate Administrator was consistent with the information received from the Servicer or Special Servicer. If the
Borrower fails to do so, such costs and expenses shall be reimbursed to the Certificate Administrator and to the Servicer or
Special Servicer, as applicable, by the Trust pursuant to Section 3.4(c) from funds on deposit in the Collection
Account. Neither the Certificate Administrator, the Servicer nor the Special Servicer shall be liable for any inability or
delay of the Depository to make a distribution as a result of such inconsistencies. Notwithstanding the foregoing, the
Certificate Administrator shall notify the Depository on the Remittance Date or as soon as reasonably possible of any such
inconsistencies.


 


8.14.       Access
to Certain Information. (a) The Certificate Administrator shall afford to any Privileged Person (which for this purpose
excludes a Privileged Person who provides the Certificate Administrator with an Investor Certification substantially in the
form of Exhibit J-2) and to the Office of the Comptroller of the Currency, the FDIC and any other banking or insurance
regulatory authority that may exercise authority over any Certificateholder or any Companion Loan Holder (or any registered
holder or beneficial holder of Companion Loan Securities), access to any documentation regarding the Whole Loan or the other
assets of the Trust Fund that are in its possession or within its control including, without limitation:


 


(i)           the
Whole Loan files, including any and all modifications, waivers and amendments to the terms of the Whole Loan entered into or consented
to by the Servicer or the Special Servicer and delivered to the Certificate Administrator;


 


(ii)          the
annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Servicer or Special Servicer, as
applicable, and delivered to the Certificate Administrator for the Property, and


 


(iii)         all
notices and reports delivered to the Certificate Administrator with respect to the Property as to which environmental testing
revealed any failure of the Property to comply with any applicable law, including any environmental law, or which


 



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revealed an
environmental condition present at the Property requiring further investigation, testing, monitoring, containment, clean up, or
remediation.


 


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.


 


The
Certificate Administrator will provide copies of the items described in this Section 8.14(a) above upon reasonable written
request of the Privileged Persons. The Certificate Administrator may require payment for the reasonable costs and expenses of
providing the copies and may also require a confirmation executed by the requesting Person, in a form reasonably acceptable to
the Certificate Administrator, to the effect that the Person making the request is a Beneficial Owner or prospective purchaser
of Certificates, is requesting the information solely for use in evaluating its investment in the Certificates and will otherwise
keep the information confidential. Certificateholders, by the acceptance of their Certificates, will be deemed to have agreed
to keep this information confidential.


 


(b)          The
Certificate Administrator shall make available to Privileged Persons, via the Certificate Administrator’s Website, the following
items (to the extent such items were prepared by or delivered to the Certificate Administrator in electronic format to trustadministrationgroup@wellsfargo.com):


 


(i)         
 The following “deal documents”:


 


(A)          the
Offering Circular and any other disclosure document relating to the Certificates, in the form most recently provided to the Certificate
Administrator by the Depositor or by any Person designated by the Depositor;


 


(B)     
     this Agreement, each sub-servicing agreement delivered to the Certificate Administrator since
the Closing Date (if any), the Loan Purchase Agreement and any amendments and exhibits hereto or thereto; and


 


(C)       
   the CREFC® Loan Setup File delivered to the Certificate Administrator by the
Servicer;


 


(ii)          The
following “periodic reports”:


 


(A)          all
Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.4(a); and


 


(B)      
    all CREFC® Reports prepared by, or delivered to, the Certificate Administrator
pursuant to Section 3.18(a) other than the CREFC® Loan Setup File;


 


(iii)          The
following “additional documents”:


 


(A)          summaries
of Asset Status Reports and Final Asset Status Reports delivered to the Certificate Administrator pursuant to Section 3.10;


 






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(B)   
       all inspection reports delivered to the Certificate Administrator pursuant to Section
3.22;


 


(C)     
     all Appraisals delivered to the Certificate Administrator pursuant to Section
3.7(a);


 


(D)          operating
statements and rent rolls; and


 


(E)       
   any CREFC® Appraisal Reduction Template;


 


(iv)          The
following “special notices”:


 


(A)          any
notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.1(d);


 


(B)       
   any notice of a Servicer Termination Event or Special Servicer Termination Event delivered to the
Certificate Administrator pursuant to Section 7.1(b);


 


(C)     
     any notice of resignation of the Trustee and any notice of the acceptance of appointment by the
successor Trustee or successor Trustee delivered to the Certificate Administrator pursuant to Section 8.7;


 


(D)          any
and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, pursuant
to Section 3.23(f);


 


(E)         
 any Special Notice delivered to the Certificate Administrator pursuant to Section 5.6;


 


(F)       
   any Annual Statements as to Compliance and related Officer’s Certificates delivered under Section
3.19;


 


(G)       
   any Annual Independent Public Accountants’ Servicing Reports delivered pursuant to Section
3.20;


 


(H)          any
notice of termination of the Servicer or the Special Servicer delivered to the Certificate Administrator pursuant to Section
7.1(c);


 


(I)      
     any request by the Certificateholders representing at least 25% of the Voting Rights of all the
then-outstanding Sequential Pay Certificates to terminate the Special Servicer pursuant to Section 7.1(e);
and


 


(J)            any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.7;


 






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(K)          any
notice of the occurrence of the Condominium Conversion contemplated in the Loan Agreement received by the Certificate Administrator
from the Servicer pursuant to Section 3.18(e);


 


(L)           whether
a Subordinate Control Period or Subordinate Consultation Period is in effect; and


 


(M)         any
notice or documents provided to the Certificate Administrator by the Depositor or the Servicer directing the Certificate Administrator
to post such notice or document to the “Special Notices” tab;


 


(v)          the
“Investor Q&A Forum” pursuant to Section 4.5(a);


 


(vi)         solely
to Certificateholders and Beneficial Owner of Certificates, the “Investor Registry” pursuant to Section 4.5(b);
and


 


(vii)        the
“Risk Retention Special Notices” tab.


 


The
Certificate Administrator shall, in addition to posting the applicable notices on the “Risk Retention Special Notices”
tab described above, provide email notification to any Privileged Person (other than financial market publishers) that has registered
to receive access to the Certificate Administrator’s Website that a notice has been posted to the “Risk Retention
Special Notices” tab.


 


The
Servicer, the Special Servicer, the Certificate Administrator and the Trustee may each rely on (i) an investor certification in
the form of Exhibit J-1 hereto from the Directing Holder or a Controlling Class Certificateholder or the Risk Retention
Consultation Party to the effect that such Person is not a Borrower Related Party and (ii) an investor certification in the form
of Exhibit J-2 hereto from the Directing Holder or a Controlling Class Certificateholder or the Risk Retention Consultation
Party to the effect that such Person is a Borrower Related Party. In the event the Directing Holder or a Controlling Class Certificateholder
or the Risk Retention Consultation Party becomes a Borrower Related Party, such party shall promptly notify each of the Servicer,
the Special Servicer, the Certificate Administrator and the Trustee in writing substantially in the form of Exhibit J-2
that such party is a Borrower Related Party and thereafter shall not be entitled to any information made available on the Certificate
Administrator’s Website other than the Distribution Date Statement. None of the Servicer, the Special Servicer or the Certificate
Administrator shall be liable for any communication to the Directing Holder or Controlling Class Certificateholder or the Risk
Retention Consultation Party or disclosure of information if the Servicer, the Special Servicer or the Certificate Administrator,
as applicable, did not receive prior written notice that the Directing Holder or a Controlling Class Certificateholder or the
Risk Retention Consultation Party is a Borrower Related Party. Each of the Servicer, the Special Servicer and the Certificate
Administrator shall be entitled to conclusively rely on any certification delivered by the Directing Holder or a Controlling Class
Certificateholder or the Risk Retention Consultation Party, as applicable, substantially in the form of Exhibit J-1 that
such Person is not or is no longer a Borrower Related Party.


 


The
foregoing information shall be made available by the Certificate Administrator on the Certificate Administrator’s Website
promptly following receipt. The


 



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Certificate Administrator 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 such information is delivered or posted in error, the Certificate Administrator
may remove it from the Certificate Administrator’s Website. The Certificate Administrator has not obtained and shall not
be deemed to have obtained actual knowledge of any information posted to the Certificate Administrator’s Website to the
extent such information was not produced by the Certificate Administrator. In connection with providing access to the Certificate
Administrator’s Website, 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 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. Assistance in using the Certificate Administrator’s Website may be obtained by calling
(866) 846-4526. The Certificate Administrator shall provide a mechanism to notify each Person that has signed-up for access to
the Certificate Administrator’s Website in respect of the transaction governed by this Agreement each time an additional
document is posted to the Certificate Administrator’s Website. For purposes of receiving any information or report from
the Certificate Administrator’s Website, other than Distribution Date Statements only, the Borrower, property manager, or
an Affiliate thereof (as evidenced by its submission of an Investor Certification in the form of Exhibit J-1 hereto) shall
be deemed to not be a “Privileged Person”.


 


The
Certificate Administrator and the 17g-5 Information Provider shall make available solely to the Depositor and to NRSROs (including
the Rating Agencies) the following items to the extent such items are delivered to it via email at 17g5informationprovider@wellsfargo.com,
specifically with a subject reference of “20 Times Square Trust 2018-20TS” and an identification of the type of information
being provided in the body of the email, or via any alternate email 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
Asset Status Report delivered by the Special Servicer under Section 3.10(i);


 


(ii)          notice
of final payments on the Certificates


 


(iii)         any
environmental reports delivered by the Special Servicer under Section 3.12(d);


 


(iv)         any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.7(a);


 


(v)          any
Annual Statements as to Compliance and related Officer’s Certificates delivered under Section 3.19;


 


(vi)         any
Annual Independent Public Accountants’ Servicing Reports delivered pursuant to Section 3.20;


 






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(vii)        any
property inspections delivered pursuant to Section 3.22;


 


(viii)       any
requests for Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.27(a);


 


(ix)         any
notice to the Rating Agencies and each rating agency relating to the Companion Loan Securities, as applicable, relating to the
Servicer’s, Special Servicer’s or Trustee’s determination to take action without receiving Rating Agency Confirmation
as set forth in Section 3.27(a);


 


(x)          any
information requested by the Depositor or the Rating Agencies pursuant to Section 3.21(b) (it being understood the 17g-5
Information Provider shall not disclose on the 17g-5 Information Provider’s Website which Rating Agency requested such information
as provided in Section 3.21(b));


 


(xi)         any
notice of resignation of the Trustee and any notice of the acceptance of appointment by the successor Trustee delivered to the
Certificate Administrator pursuant to Section 8.7;


 


(xii)        any
and all Officer’s Certificates and other evidence delivered to the Certificate Administrator by the Trustee or the Servicer,
as the case may be, relating to a determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, pursuant
to Section 3.23(f);


 


(xiii)       any
notice of a Servicer Termination Event or Special Servicer Termination Event delivered to the Certificate Administrator pursuant
to Section 7.1(b);


 


(xiv)       any
summary of oral communications with the Rating Agencies that are delivered to the 17g-5 Information Provider pursuant to Section
8.14(c);


 


(xv)        any
information authorized by the Depositor to be made available pursuant to Section 4.4(b);


 


(xvi)       this
Agreement, each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any), the Loan Purchase
Agreement and any amendments and exhibits hereto or thereto;


 


(xvii)      any
notice of termination of the Servicer or the Special Servicer delivered to the Certificate Administrator pursuant to Section
7.1(c);


 


(xviii)     all
CREFC® Reports prepared by, or delivered to, the 17g-5 Information Provider pursuant to Section 3.18(b);


 


(xix)        all
inspection reports delivered to the 17g-5 Information Provider pursuant to Section 3.22; and


 


(xx)         the
Rating Agency Q&A Forum and Document Request Tool pursuant to Section 4.5(d).


 






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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 the Depositor’s website at www.intralinks.com, or such other website as to which the
Depositor may notify the parties hereto in writing). Information will be posted on the same Business Day of receipt provided
that such information is received by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by
12:00 p.m. (eastern time). The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine
whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything
other than what it purports to be or whether such information (other than (solely with respect to the 17g-5 Information Provider’s
obligation to post such information) the information set forth in clauses (i) through (xx) above) is required to
be posted on the 17g-5 Information Provider’s Website pursuant to this Agreement or Rule 17g-5. 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 posted to the 17g-5 Information Provider’s Website to the extent such information was not produced by the
Certificate Administrator. Access will be provided by the 17g-5 Information Provider to the Rating Agencies, and to the NRSROs
upon receipt of an NRSRO Certification in the form of Exhibit L hereto (which certification may be submitted electronically
via the 17g-5 Information Provider’s Website). Access will be provided by the 17g-5 Information Provider on the same Business
Day if such Exhibit L is submitted prior to 2:00 p.m. on such Business Day, or, if such Exhibit L is received after
2:00 p.m., on the following Business Day. Questions regarding delivery of information to the 17g-5 Information Provider may be
directed to (866) 846-4526 or 17g5informationprovider@wellsfargo.com (or such other address as the 17g-5 Information Provider
shall specify by written notice to the other parties hereto).


 


Upon
delivery by the Depositor to the 17g-5 Information Provider of information designated by the Depositor as pre-closing information
from the Depositor’s 17g-5 Website (the “Pre-close Information”), the 17g-5 Information Provider shall
make such information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant
to this Section 8.14(b). Such information shall be provided to the 17g-5 Information Provider via electronic media and
delivered to the 17g-5 Information Provider as mutually agreed. The Depositor shall not be entitled to direct the 17g-5 Information
Provider to provide access to the Pre-close Information or any other information on the 17g-5 Information Provider’s Website
to any designee or third party.


 


The
Certificate Administrator and the 17g-5 Information Provider shall provide a mechanism to promptly notify each Person that has
signed-up for access to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website, as applicable,
in respect of the transaction governed by this Agreement each time an additional document is posted thereto and such notice shall
specifically identify such document in the subject line or otherwise in the body of the email. The 17g-5 Information Provider
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 connection with providing access to the
17g-5 Information Provider’s Website, the Certificate Administrator and the 17g-5 Information Provider, as applicable, may
require


 



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registration and the acceptance of a disclaimer. The Certificate Administrator and the 17g-5 Information Provider shall
not be liable for the dissemination of information in accordance with the terms of this Agreement, make no representations or
warranties as to the accuracy or completeness of such information being made available, and assume no responsibility for any such
information for which it is not the original source. The 17g-5 Information Provider shall not be liable for failing to make any
information available to any NRSROs unless the same was delivered to it at its email address set forth above, with the proper
subject heading. Assistance in using the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website
can be obtained by calling (866) 846-4526.


 


(c)          Each
of the Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also make
available through its website or otherwise (and, as to the Certificate Administrator, shall make available all information as
necessary to enable the Certificate Administrator to comply with Section 8.14(b)) and any additional information relating
to the Whole Loan, the Property or the Borrower, for review by the Trustee, the Certificate Administrator, the Companion Loan
Holders, any other Persons who deliver an Investor Certification in accordance with this Section 8.14(c), and the Rating
Agencies (only to the extent such additional information is simultaneously delivered to the 17g-5 Information Provider in accordance
with the provisions of Section 8.14(b), who shall post such additional information on the 17g-5 Information Provider’s
Website in accordance with the provisions of Section 8.14(b)) (collectively, the “Disclosure Parties”)
in each case except to the extent doing so is prohibited by applicable law or by the Whole Loan. The Servicer or the Special Servicer
as the case may be, 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 Certificate Administrator
and the Trustee, enter into an Investor Certification or other confidentiality agreement acceptable to the Servicer or the Special
Servicer, as the case may be, and (B) acknowledge that the Servicer or the Special Servicer may contemporaneously provide such
information to any other Disclosure Party. In addition, to the extent access to such information is provided via the Servicer’s
or the Special Servicer’s website, the Servicer and the Special Servicer may require registration and the acceptance of
a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information.
In connection with providing access to or copies of the items described in Section 8.14(b) to Certificateholders, the Servicer
or the Special Servicer, as applicable, shall require: (a) in the case of a Certificateholder or a licensed or registered investment
advisor acting on behalf of such Certificateholder, an Investor Certification executed by the requesting Person indicating that
such Person is a Holder of Certificates and will keep such information confidential (except that such Certificateholder may provide
such information to its auditors, legal counsel and regulators and to any other Person that holds or is contemplating the purchase
of any Certificate or interest therein (provided that such other Person confirms in writing such ownership interest or
prospective ownership interest and agrees to keep such information confidential)); and (b) in the case of a prospective purchaser
of Certificates or interests therein, an Investor Certification indicating that such Person is a prospective purchaser of a Certificate
or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates and will
otherwise keep such information confidential. 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.


 






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Neither
the Servicer nor the Special Servicer shall be liable for the dissemination of information in accordance with this Agreement.
Neither the 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 8.14(c) unless such information was
produced by the Servicer or Special Servicer, as applicable.


 


The
Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted to orally communicate with the
Rating Agencies; 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 8.14(b) on the same day such communication takes place; provided that the summary of such oral communications
shall not be attributed to the Rating Agencies 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 8.14(b).


 


(d)          None
of the foregoing restrictions in this Section 8.14 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Servicer or the Special Servicer, on the one hand, and any Rating Agency
or any NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review of the ratings it assigns
to the Servicer or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Servicer
or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s
or NRSRO’s evaluation of the Servicer’s or the Special Servicer’s, as applicable, servicing operations in general;
provided, that the Servicer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates
or the Whole Loan to any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless
(x) Borrower, 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
has confirmed in writing to the Servicer or Special Servicer, as applicable, that it does not intend to use such information in
undertaking credit rating surveillance for any Class of Certificates; provided, however, that the Rating Agencies
may use information delivered in reliance on the certification provided in this clause (z) for any purpose to the extent
it is publicly available (unless the availability results from a breach of this Agreement or any other confidentiality agreement
to which the Rating Agency is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information
Provider’s Website (or another 17g-5 information provider’s website the Rating Agencies have access to) (in each case,
subject to any agreement governing the use of such information, including any engagement letter with the Depositor or any other
applicable depositor).


 


In
connection with the delivery by the Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any
information, report, notice or document for posting to the 17g-5 Information Provider’s Website pursuant to this Agreement,
the 17g-5 Information Provider shall notify the Servicer or the Special Servicer when such information, report, notice or document
has been posted. The Servicer or the Special Servicer, as applicable, may, but is not obligated to, send such information, report,
notice or other document to the


 



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applicable Rating Agency or Rating Agencies so long as such information, report, notice or other
document (a) was previously provided to the 17g-5 Information Provider or (b) is simultaneously provided to the 17g-5 Information
Provider.


 


9.          CERTAIN
MATTERS RELATING TO THE DIRECTING HOLDER AND RISK RETENTION CONSULTATION PARTY


 


9.1.          Selection
and Removal of the Directing Holder.


 


(a)          [Reserved.]


 


(b)          The
Directing Holder shall be the Majority Controlling Class Certificateholder (or a representative appointed by such holder or holders),
as determined by the Certificate Registrar from time to time; provided that in the case of a Directing Holder to be appointed
by the Majority Controlling Class Certificateholders, (A) absent such appointment, or (B) until a Directing Holder is so appointed,
or (C) upon receipt by the Servicer, the Special Servicer and the Certificate Administrator of notice from the Majority Controlling
Class Certificateholders that a Directing Holder is no longer so designated, the Controlling Class Certificateholder which owns
and is identified (with contact information) to the Servicer, the Special Servicer and the Certificate Administrator as owning,
the largest aggregate Certificate Balance of Certificates of the Controlling Class shall be the Directing Holder; provided
further, that no Borrower Related Party shall be entitled to exercise the rights of the Directing Holder. In the case of a
Directing Holder to be appointed by the Majority Controlling Class Certificateholders, each Holder of the Certificates of the
Controlling Class shall be entitled to vote in each election of the Directing Holder. Notwithstanding anything to the contrary
herein, each of the Trustee and the Certificate Administrator may conclusively rely on any Investor Certification provided to
it in connection with the foregoing and may require that Investor Certifications are resubmitted from time to time in accordance
with its policies and procedures.


 


The
Certificate Administrator shall notify each of the parties hereto of the occurrence of a Subordinate Consultation Period or Subordinate
Control Period with respect to the Certificates. The Certificate Administrator shall provide notice of such event to the Certificateholders
by posting notice to such effect on the Certificate Administrator’s Website as a “special notice”.


 


(c)          The
initial Directing Holder is PGIM, Inc. The Majority Controlling Class Certificateholders shall give written notice to the Trustee,
the Certificate Administrator, the Servicer and the Special Servicer of the appointment of any subsequent Directing Holder (in
order to receive notices hereunder).


 


(d)          The
Directing Holder may be removed at any time by the written vote of the Majority Controlling Class Certificateholders and a copy
of the results of such vote must be delivered to the Certificate Administrator and the Trustee.


 


(e)          Each
Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its
name and address to the Certificate Administrator and to notify the Certificate Administrator of the transfer of any Certificate
of the Controlling Class, the selection of a Directing Holder or the resignation or removal thereof. Any


 



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Certificateholder or
its designee at any time appointed Directing Holder 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 Directing Holder and when it
is removed or resigns. Upon receipt of such notice, the Certificate Administrator shall notify the Trustee, the Special Servicer
and the Servicer of the identity of the Directing Holder and any resignation or removal thereof. In addition, upon the request
of the Servicer or the Special Servicer, as applicable, the Certificate Administrator shall provide the name of the then-current
Directing Holder and a list of the Certificateholders (or Beneficial Owners, if applicable, at the expense of the Trust if such
expense arises in connection with an event as to which the Directing Holder has consent or consultation rights pursuant to this
Agreement and such expense would qualify as an “unanticipated expense incurred by the REMIC” within the meaning of
Treasury Regulations Section 1.860G-1(b)(3)(ii), or otherwise at the expense of the requesting party) of the Controlling Class
to such requesting party.


 


(f)          Once
a Directing Holder has been selected, each of the Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Trustee and each other Certificateholder (or Beneficial Owner, if applicable) shall be entitled to rely on any written notice
of 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 Directing Holder or the selection
of a new Directing Holder.


 


(g)          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 Controlling Class Certificateholder and the Directing Holder. Any written notice to the Trustee,
the Certificate Administrator, the Servicer and the Special Servicer of the appointment of any Directing Holder other than the
initial Directing Holder will be required to state that such subsequent Directing Holder is not a Borrower, property manager or
any of their affiliates. The Servicer may request that the Certificate Administrator provide the names of the Majority Controlling
Class Certificateholders, and the Servicer will be able to conclusively rely on such information.


 


(h)          The
Directing Holder shall be responsible for its own expenses.


 


(i)           The
Certificate Administrator shall forward any notice it receives with respect to the identity of the Controlling Class Certificateholders
(to the extent the Certificate Administrator has received notice of a change in the identity of the Controlling Class Certificateholders),
to the parties to the Co-Lender Agreement, to the extent the identity and contact information of such parties to such Co-Lender
Agreement are actually known to the Certificate Administrator.


 


9.2.          Limitation
on Liability of Directing Holder and Risk Retention Consultation Party; Acknowledgements of the
Certificateholders. 


 


None
of the Controlling Class, the Directing Holder or the Risk Retention Consultation Party shall be liable to the Trust Fund or the
Certificateholders for any action taken, or for refraining from the taking of any action for errors in judgment.


 






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By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the RR
Interest (iii) do not have any duties or liability to the Trust or the Holders of any Class of Certificates, (iv) may take actions
that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates or of the RR Interest
over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties to hereto, the
Certificateholders or any other person (including any Borrower Related Party) for having acted in accordance with or as permitted
under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing Holder,
the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective affiliates,
directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of the Certificates
in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders of the Certificates
in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms of and as permitted
hereunder.


 


9.3.          Rights
and Powers of the Directing Holder, the Risk Retention Consultation Party and the Companion Holders.


 


(a)          Notwithstanding
anything herein to the contrary, except as set forth in, and in any event subject to, Section 3.24(d) and (e), Section
9.3(b), Section 9.3(c) and the second (2nd) and third (3rd) paragraphs of this Section 9.3(a), (i) the Servicer
shall not be permitted to take any of the actions constituting a Major Decision unless it has obtained the consent of the Special
Servicer, which consent shall be deemed given if the Special Servicer does not object within 15 Business Days (or 90 days with
regard to the determination of an Acceptable Insurance Default) unless such actions are part of an Asset Status Report approved
by the Directing Holder under Section 3.10(h) (after delivery of a written recommendation and analysis to the Special Servicer
and information reasonably requested by the Special Servicer), (ii) for so long as a Subordinate Control Period is in effect,
the Special Servicer shall not be permitted to (A) consent to the Servicer’s taking any of the actions constituting a Major
Decision, or (B) take any of the actions constituting a Major Decision, but subject to Section 3.10(h) as to which the
Directing Holder has objected in writing within 10 Business Days after receipt of the written recommendation and analysis and
information reasonably requested by the Directing Holder from the Special Servicer (provided that if such written objection
has not been received by the Special Servicer within such ten (10) Business Day period, then the Directing Holder shall be deemed
to have approved such action) and (iii) the Special Servicer shall also consult on a non-binding basis with the Risk Retention
Consultation Party (unless the Risk Retention Consultation Party is a Borrower Related Party), subject to Section 9.5 and with
the Companion Loan Holders (unless a Companion Loan Holder is a Borrower Related Party), in accordance with the Co-Lender Agreement,
prior to the taking, or consenting to the Servicer’s taking, of any action constituting a Major Decision. In the event that
the Special Servicer or Servicer, as applicable, determines that immediate action, with respect to a Major Decision or any other
matter requiring consent of the Directing Holder during any Subordinate Control Period, consultation with the Directing Holder
or Risk Retention Consultation Party during any Subordinate Consultation


 



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 Period under this Agreement or consultation with the
Companion Loan Holders under the Co-Lender Agreement is necessary to protect the interests of the Certificateholders and the Companion
Loan Holders, the Special Servicer or Servicer, as applicable, may take any such action without waiting for the Directing Holder’s,
the Risk Retention Consultation Party’s or a Companion Loan Holder’s response (or without such consultation) so long
as the Servicer or Special Servicer, as applicable, has made a reasonable effort to contact the Directing Holder, Risk Retention
Consultation Party and Companion Loan Holder to information them of such need. The Special Servicer is not required to obtain
the consent of the Directing Holder for any Major Decision during any Subordinate Consultation Period; provided, that,
during any Subordinate Consultation Period, the Special Servicer shall consult with the Directing Holder in connection with any
Major Decision (and such other matters that are subject to consent, approval, direction or non-binding consultation rights of
the Directing Holder hereunder) and consider alternative actions recommended by the Directing Holder, in respect thereof; provided,
further, that the Special Servicer shall consult with the Risk Retention Consultation Party and the Companion Loan Holders
in connection with any Major Decision and consider alternative actions recommended by the Risk Retention Consultation Party and
the Companion Loan Holders in respect thereof.


 


In
addition, for so long as a Subordinate Control Period is in effect, subject to Section 9.3(b), Section 9.3(c) and
the immediately following paragraph, the Directing Holder may direct the Special Servicer to take, or to refrain from taking,
such other actions with respect to the Whole Loan as the Directing Holder may reasonably deem advisable.


 


If
the Special Servicer or Servicer, as applicable, determines that a refusal to consent by the Directing Holder or any direction
or advice from the Directing Holder or Risk Retention Consultation Party would (A) otherwise require or cause the Special Servicer
or Servicer, as applicable, to violate the terms of the Loan Documents, applicable law, provisions of the Code resulting in an
Adverse REMIC Event or resulting in the Grantor Trust failing to qualify as a “grantor trust” or this Agreement, (including
without limitation, actions inconsistent with Accepted Servicing Practices), or (B) expose any Certificateholder, the Servicer,
the Special Servicer, the Certificate Administrator, the Trustee or the Trust or their respective Affiliates, officers, directors
or agent to any claim, suit or liability, (C) result in the imposition of a tax upon the Trust, loss of “grantor trust”
status or loss of REMIC status or (D) materially expand the scope of the Special Servicer’s, the Servicer’s, the Trustee’s
or the Certificate Administrator’s responsibilities hereunder, then the Special Servicer or Servicer, as applicable, shall
disregard such refusal to consent, direction or advice and notify the Directing Holder or the Risk Retention Consultation Party,
as applicable, and 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 Servicer
or Special Servicer in accordance with the direction of or approval of the Directing Holder or Risk Retention Consultation Party
that does not violate the Loan Documents, this Agreement, any applicable law, provisions of the Code resulting in an Adverse REMIC
Event or resulting in the Grantor Trust failing to qualify as a “grantor trust” or Accepted Servicing Practices or
any other provisions of this Agreement, shall not result in any liability on the part of the Servicer or the Special Servicer.
The Servicer may request that the Certificate Administrator provide the names of the Majority Controlling Class Certificateholders,
and the Servicer will be able to conclusively rely on such information.


 






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(b)          Notwithstanding
anything to the contrary contained herein (i) after the termination of a Subordinate Control Period, the Directing Holder shall
have no right to consent to or direct any action taken or not taken by any party to this Agreement; (ii) during any Subordinate
Consultation Period, the Directing Holder shall remain entitled to receive any notices, reports or information to which it is
entitled pursuant to this Agreement, and the Servicer, Special Servicer and any other applicable party shall consult with the
Directing Holder in connection with any action to be taken or refrained from taking to the extent set forth herein; and (iii)
after the termination of any Subordinate Consultation Period, the Directing Holder shall have no direction, consultation or consent
rights hereunder and no right to receive any notices, reports or information (other than notices, reports or information required
to be delivered to all Certificateholders) or any other rights as Directing Holder.


 


If
a Subordinate Control Period is again in effect following the termination of such period, then the Companion Loan Holders or the
Controlling Class, as applicable, shall regain all the consent and direction rights of the Controlling Class set forth in this
Agreement (including, without limitation, the right to appoint a Directing Holder).


 


In
connection with the Directing Holder’s and the Risk Retention Consultation Party’s right to consent or consult with
respect to a Major Decision, as applicable, if the Servicer or Special Servicer, as applicable, determines that action is necessary
to protect the Property or the interests of the Certificateholders and the Companion Loan Holders, as a collective whole, as if
such Certificateholders and the Companion Loan Holders constituted a single lender (taking into consideration the relative subordination
of the Trust A-B Notes), from potential harm if such action is not taken, or if a failure to take any such action at such time
would be inconsistent with Accepted Servicing Practices, the Servicer or Special Servicer, as applicable, may take actions with
respect to the Properties before the expiration of the applicable period for the Directing Holder and the Risk Retention Consultation
Party to respond as described in this section, if the Servicer or Special Servicer, as applicable, reasonably determines in accordance
with Accepted Servicing Practices that failure to take such actions before the expiration of such period would materially adversely
affect the interest of the Certificateholders and the Companion Loan Holders, as a collective whole, as if such Certificateholders
and the Companion Loan Holders constituted a single lender (taking into consideration the relative subordination of the Trust
A-B Notes), and the Special Servicer has made a reasonable effort to contact the Directing Holder and the Risk Retention Consultation
Party.


 


After
the termination of any Subordinate Consultation Period, the Directing Holder shall have no consultation or consent rights hereunder
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 Directing Holder. However, the Directing Holder shall maintain
the right to exercise its Voting Rights for the same purposes as any other Certificateholder.


 


(c)          For
purposes of determining the Directing Holder, exercising any rights of the Controlling Class or the Directing Holder or receiving
Asset Status Reports or any other information under this Agreement other than Distribution Date Statements, any holder of any
interest in a Controlling Class Certificate who is a Borrower, a property manager or an agent or Affiliate of the foregoing shall
not be deemed to be a Holder or Beneficial Owner of the related


 



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Controlling Class and shall not be entitled to exercise such rights
or receive such information. If, as a result of the preceding sentence, no Holder or Beneficial Owner of Controlling Class Certificates
would be eligible to exercise such rights, there will be no Directing Holder.


 


The
Servicer or the Special Servicer, as the case may be, shall provide to the Companion Loan Holders copies of any notice, information
or report that it is required to provide to the Directing Holder pursuant to this Agreement with respect to any Major Decisions,
within the same time frame it is required to provide such materials to the Directing Holder.


 


9.4.          Directing
Holder Contact with Servicer and Special Servicer.


 


Upon
reasonable request, each of the Servicer and the Special Servicer shall, without charge, make a Servicing Officer available to
answer questions from the Directing Holder (during any Subordinate Control Period) regarding the performance and servicing of
the Whole Loan (or, in the case of the Special Servicer, the Special Servicer’s operational activities on a platform level
basis related to the servicing of the Whole Loan after a Special Servicing Loan Event and the servicing of any Foreclosed Property)
for which the Servicer or the Special Servicer, as the case may be, is responsible.


 


Notwithstanding
any provision of this Agreement to the contrary, the failure of the Servicer or the Special Servicer to disclose any information
otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement if the Servicer
or the Special Servicer, as applicable, determines, in its reasonable and good faith judgment and consistent with the Accepted
Servicing Practices, that such disclosure would constitute a waiver of the attorney-client privilege on behalf of the Trust or
the Trust Fund or otherwise materially harm the Trust or the Trust Fund.


 


9.5.          The
Risk Retention Consultation Party


 


(a)          The
Special Servicer shall consult, solely on a non-binding basis (and consider alternative actions recommended by such party), with
the Risk Retention Consultation Party with respect to any Major Decision in the same manner as set forth in Section 9.3
with respect to the consultation rights of the Directing Holder during any Subordinate Consultation Period. In the event the Special
Servicer receives no response from the Risk Retention Consultation Party within 10 days following the later of (i) the Special
Servicer’s written request for input on any requested consultation and (ii) delivery of all such additional information
reasonably requested by such Risk Retention Consultation Party related to the subject matter of such consultation, the Special
Servicer shall not be obligated to consult with such Risk Retention Consultation Party solely with respect to the specific matter.


 


(b)          If
the Risk Retention Consultation Party rights are directly or indirectly held by a Borrower Related Party, then the Special Servicer
shall have no obligation to consult with such Risk Retention Consultation Party and such Risk Retention Consultation Party shall
have no consultation rights as set forth above in clause (a).


 


(c)          The
Risk Retention Consultation Party shall be selected by the Holders of more than 50% of the RR Interest. Each Holder of an RR Interest
shall be entitled to vote in each election of the Risk Retention Consultation Party. NREC shall be the initial Risk Retention


 



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Consultation Party and shall remain so until a successor is appointed pursuant to the terms of this Agreement.


 


(d)          Once
a Risk Retention Consultation Party has been selected, each of the Servicer, the Special Servicer, the Depositor, the Trustee,
the Certificate Administrator and each Certificateholder (or Beneficial Owner, if applicable) shall be entitled to rely on any
written notice of such selection until a successor is appointed as set forth above in clause (c). Notwithstanding anything
to the contrary herein, each of the Trustee and the Certificate Administrator may conclusively rely on any Investor Certification
provided to it in connection with the foregoing and may require that Investor Certifications are resubmitted from time to time
in accordance with its policies and procedures.


 


(e)          The
Risk Retention Consultation Party may be removed at any time by the written vote of the holders of more than 50% of the RR Interest,
and a copy of the results of such vote must be delivered to the Certificate Administrator and the Trustee.


 


(f)          Upon
the resignation or removal of the Risk Retention Consultation Party, any successor Risk Retention Consultation Party shall deliver
to the parties to this Agreement a certification substantially in the form of Exhibit J-3 to this Agreement prior to being
recognized as a new Risk Retention Consultation Party. The parties hereto shall be entitled to assume that the Risk Retention
Consultation Party has not changed absent such notice. The Risk Retention Consultation Party may not be a Borrower Related Party.


 


(g)          In
the event that no Risk Retention Consultation Party has been appointed or identified to the Servicer or the Special Servicer,
as applicable, and the Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate
Administrator and no such entity has been identified to the Servicer or the Special Servicer, as applicable, then until such time
as the related new Risk Retention Consultation Party is identified, the 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 Risk Retention Consultation Party
as the case may be.


 


(h)          The
Risk Retention Consultation Party shall be responsible for its own expenses.


 


(i)          The
Risk Retention Consultation Party shall not have any liability to the Trust or the Certificateholders for having acted in accordance
with or as permitted by this Agreement.


 


Each
Holder of the RR Interest 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 RR Interest, the selection
of the Risk Retention Consultation Party or the resignation or removal thereof. Any Certificateholder or its designee at any time
appointed Risk Retention Consultation Party 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 Risk Retention Consultation Party and when
it is removed or resigns. Upon receipt of such notice, the Certificate Administrator shall notify the


 



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Trustee, the Special Servicer
and the Servicer of the identity of the Risk Retention Consultation Party and any resignation or removal thereof. In addition,
upon the request of the Servicer or the Special Servicer, as applicable, the Certificate Administrator shall provide the name
of the then-current Risk Retention Consultation Party and a list of the Holders (or Beneficial Owners, if applicable, at the expense
of the Trust if such expense arises in connection with an event as to which the Risk Retention Consultation Party has consultation
rights pursuant to this Agreement and such expense would qualify as an “unanticipated expense incurred by the REMIC”
within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii), or otherwise at the expense of the requesting party) of
the RR Interest to such requesting party.


 


Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates that the Risk Retention Consultation Party: (i)
may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii)
may act solely in the interests of the Holders of the RR Interest; (iii) does not have any liability or duties to the Holders
of any Class of Certificates; (iv) may take actions that favor the interests of the Holders of one or more Classes or the RR Interest
over the interests of the Holders of one or more other Classes of Certificates; and (v) shall have no liability whatsoever for
having so acted as set forth in clauses (i) through (iv) above, and no Certificateholder may take any action whatsoever
against the Risk Retention Consultation Party or any director, officer, employee, agent or principal of the Risk Retention Consultation
Party for having so acted.


 


10.          TERMINATION


 


10.1.          Termination.
(a) The respective obligations and responsibilities of the Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created hereby (other than (i) the obligation to make certain payments to the Companion Loan Holders, (ii) the
obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date and
(iii) the indemnification rights and obligations of the parties hereto) shall terminate upon the last action required to be taken
by the Certificate Administrator on the final Distribution Date pursuant to this Article 10 following the later of (i) the final
payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, the sale of the Trust Loan pursuant to this Agreement), or the liquidation or abandonment of the Property
and all other Collateral for the Whole Loan; provided, however, that in no event shall the Trust continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of
the United States to the Court of St. James’s, living on the date hereof.


 


(b)          On
the final Distribution Date, all amounts on deposit in the Collection Account and not otherwise payable to a person other than
the Certificateholders, shall be applied generally as described in Section 4.1.


 


(c)          Notice
of any termination, specifying the final Distribution Date (which shall be a date that would otherwise be a Distribution Date)
upon which the Certificateholders of any Class may surrender their Certificates to the Certificate Administrator for payment of
the final distribution and cancellation, shall be given promptly by the Certificate Administrator by letter to Certificateholders
mailed as soon as practicable specifying (A) the final Distribution


 



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Date upon which final payment of the Certificates shall be
made upon presentation and surrender of Certificates at the office or agency of the Certificate Administrator therein designated,
(B) the amount of any such final payment and (C) that the Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Certificates at the office or agency of the Certificate Administrator
therein specified.


 


10.2.          Additional
Termination Requirements. In connection with any termination pursuant to Section 10.1 other than final payment on the
Whole Loan, the Trust Fund shall be terminated in accordance with the following additional requirements, unless the Certificate
Administrator has received at the expense of the Trust Fund, an Opinion of Counsel that any other manner of terminating either
the Lower-Tier REMIC or the Upper-Tier REMIC will not subject the Trust Fund, the Lower-Tier REMIC or the Upper-Tier REMIC to
federal income tax:


 


(i)           Within
89 days prior to the final Distribution Date, the Certificate Administrator shall designate the first day of the 90-day liquidation
period of the Lower-Tier REMIC and the Upper-Tier REMIC which shall be specified in a notice from the Certificate Administrator
to the Certificateholders as soon as practicable prior to such final Distribution Date, and shall specify such date in the final
tax return of each such REMIC;


 


(ii)          At
or after the time of adoption of such plan of complete liquidation and at or prior to the final scheduled Distribution Date, the
Special Servicer shall sell any remaining assets (other than cash) of the Trust Fund and credit the proceeds thereof to the Trust
Fund; and


 


(iii)         At
or after such time as the proceeds from the disposition of the remaining assets of the Trust Fund shall have been credited to
the Trust Fund, the Certificate Administrator shall cause all remaining amounts held (A) as part of the Lower-Tier REMIC to be
distributed to the Certificate Administrator as Holder of the Uncertificated Lower-Tier Interests and to the Holders of the Class
R Certificates (in respect of the Class LT-R Interest) in accordance with Section 4.1(b), (B) as part of the Upper-Tier
REMIC to be distributed to the Certificate Administrator as Holder of the Regular Interests and to the Holders of the Class R
Certificates (in respect of the Class UT-R Interest) and (C) as part of the Grantor Trust to be distributed to the Certificateholders
in accordance with Section 4.1(a), Section 4.1(b) and Section 4.1(g), as applicable.


 


10.3.          Trusts
Irrevocable. Except as expressly provided herein, all trusts created hereby are irrevocable.


 


11.          MISCELLANEOUS
PROVISIONS


 


11.1.          Amendment.
(a) This Agreement may be amended from time to time by the parties hereto, without the consent of any of the Certificateholders
or the Companion Loan Holders:


 


(i)           to
correct any inconsistency, defect or ambiguity in this Agreement or to correct any manifest error in any provision of this Agreement;


 






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(ii)          to
cause the provisions in this Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular with respect to the Certificates, the Trust or this Agreement or to correct or supplement any of its provisions that
may be inconsistent with any other provisions therein or correct any error (including, but not limited to, the amount and priority
of distributions to the Certificateholders);


 


(iii)         to
change the timing and/or nature of deposits in the Collection Account, the Distribution Account or the Foreclosed Property Account,
provided that (a) the Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of (x) any Certificateholder (including,
for the avoidance of doubt, any Holder of an RR Interest) or holder of Companion Loan Securities, in each case, as evidenced by
a Rating Agency Confirmation or (y) any Companion Loan Holder;


 


(iv)          to
modify, eliminate or add to any of its provisions to the extent necessary to maintain the qualification of either the Lower-Tier
REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at
all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Lower-Tier REMIC
or the Upper-Tier REMIC that would be a claim against the Lower-Tier REMIC or the Upper-Tier REMIC or the Grantor Trust; provided
that the Trustee, the Certificate Administrator and the Depositor have received an Opinion of Counsel (at the expense of the
party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain such qualification or
to avoid or minimize the risk of imposition of any such tax and (2) the action will not adversely affect in any material respect
the interests of any holder of the Certificates (including, for the avoidance of doubt, any Holder of an RR Interest) or holder
of Companion Loan Securities;


 


(v)          to
modify, eliminate or add to any of its provisions to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates; provided that the Depositor has determined that the amendment will not give rise to any tax
with respect to the transfer of the Class R Certificates to a non-Permitted Transferee; provided, further, that
the Depositor may conclusively rely upon an Opinion of Counsel (a copy of which shall be delivered to the Trustee and the Certificate
Administrator) to such effect;


 


(vi)         to
make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided
that the required action shall not adversely affect in any material respect the interests of (x) any Certificateholder (including,
for the avoidance of doubt, any Holder of an RR Interest) or holder of Companion Loan Securities, in each case, as evidenced by
a Rating Agency Confirmation or (y) any Companion Loan Holder;


 


(vii)        to
amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates or Companion Loan Securities by each Rating Agency and each rating agency relating to the


 



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Companion Loan Securities,
as evidenced by Rating Agency Confirmation from each Rating Agency;


 


(viii)       to
modify the provisions hereof with respect to reimbursement of Nonrecoverable Advances if (a) the Depositor, the Certificate Administrator,
the Servicer, and, to the extent that the Trustee has the obligation to make Advances, the Trustee, determine that the commercial
mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b)
such modification will not cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or cause the Grantor
Trust to fail to qualify as a grantor trust, as evidenced by an Opinion of Counsel (at the expense of the party requesting the
amendment or at the expense of the Trust Fund if the Trustee is the requesting party), (c) Rating Agency Confirmation is obtained
and (d) during any Subordinate Control Period, the Directing Holder consents to such modification; and


 


(ix)         to
modify the procedures herein relating to Exchange Act Rule 17g-5; provided that such modification does not materially increase
the obligations of the Trustee, the Certificate Administrator, the 17g-5 Information Provider, the Servicer or the Special Servicer
without the consent of such party.


 


(b)          This
Agreement may also be amended by the parties to this Agreement with the consent of the holders of Certificates of each Class affected
by such amendment (including, for the avoidance of doubt, any Holder of an RR Interest) evidencing, in each case, not less than
51% of the aggregate Percentage Interests constituting the Class and any Companion Loan Holder if materially and adversely affected,
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the holders of the Certificates, except that the amendment may not directly (i) reduce
in any manner the amount of, or delay the timing of, payments which are required to be distributed on any Certificate without
the consent of the holder of such Certificate or which are required to be distributed to any Companion Loan Holder without the
consent of each Companion Loan Holder, (ii) reduce the aforesaid percentage of Certificates of any Class the holders of which
are required to consent to the amendment, without the consent of the holders of all Certificates of that Class then outstanding
and the consent of any affected Companion Loan Holder, (iii) adversely affect the Voting Rights of any Class of Certificates,
without the consent of the holders of all Certificates of that Class then outstanding, (iv) change in any manner the obligations
of the Loan Sellers under the Loan Purchase Agreement without the consent of the Loan Sellers, (v) amend Accepted Servicing Practices
without, in each case, the consent of 100% of the holders of Certificates adversely affected by such amendment and the consent
of any affected Companion Loan Holder, and Rating Agency Confirmation with respect to such amendment or (vi) change in any manner
the rights and/or obligations of the Companion Loan Holders without the consent of the Companion Loan Holders.


 


(c)          Notwithstanding
any contrary provision contained in this Agreement, no amendment to this Agreement may be made that changes in any manner the
rights and/or obligations of the Loan Sellers under this Agreement or under the Loan Purchase Agreement without the consent of
the Loan Sellers, or the rights of any Initial Purchaser hereunder without


 



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the written consent of such Initial Purchaser or that
adversely affects the rights (including, without limitation, as a third party beneficiary hereunder) and/or the obligations, if
any, of a Companion Loan Holder hereunder without the consent of such Companion Loan Holder, and the Trustee and Certificate Administrator
may, but will not be obligated to, enter into any amendment to this Agreement that it determines affects its rights, duties or
immunities or creates any additional liability for the Certificate Administrator and Trustee under this Agreement.


 


(d)          It
shall not be necessary for the consent of Certificateholders under this Section 11.1 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Certificate Administrator may prescribe.


 


(e)          Notwithstanding
the foregoing, no amendment may be made to this Agreement unless the Certificate Administrator, the Trustee, the Servicer and
the Special Servicer have first received an Opinion of Counsel (at the expense of the requesting party, if applicable, and otherwise
or if at the Trustee’s or the Certificate Administrator’s request, then at the Trust Fund’s expense) to the
effect that the amendment is authorized or permitted under this Agreement and all conditions precedent have been met and that
the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator or any other specified person in accordance with the amendment, will not result in the imposition of any tax on
any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or cause the
Grantor Trust to fail to qualify as a grantor trust under the Code.


 


(f)          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 8.14(b), and thereafter, the Certificate Administrator
shall furnish written notification of the substance of such amendment to each Certificateholder, the Depositor, the Servicer,
the Special Servicer, the Borrower, the Initial Purchasers and the Rating Agencies.


 


(g)          In
the event that neither the Depositor nor any successor thereto is in existence, any amendment under this Section 11.1 shall
be effected with the consent of the Trustee, the Certificate Administrator and the Servicer or Special Servicer, as applicable,
and, to the extent required by this Section 11.1, the required Certificateholders.


 


(h)          Unless
otherwise specified in Section 11.1(a), the costs and expenses associated with any such amendment, including without limitation,
Opinions of Counsel and Rating Agency Confirmations, shall be borne by the party requesting such amendment (or, if such amendment
is required by any of the Rating Agencies to maintain the rating issued by it or requested by the Trustee or the Certificate Administrator
for any purpose described in Section 11.1(a) (which do not modify or otherwise relate solely to the obligations, duties
or rights of the Trustee or the Certificate Administrator), then at the expense of the Depositor and, if neither the Depositor
nor any successor thereto is in existence, the Trust Fund).


 






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11.2.          Recordation
of Agreement; Counterparts. (a) This Agreement or an abstract hereof, if acceptable by the applicable recording office, is
subject to recordation in all appropriate public offices for real property records in the county in which the Property subject
to the Mortgage is situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected
by the Trustee or the Certificate Administrator at the expense of the Trust upon its receipt of an Opinion of Counsel to the effect
that such recordation materially and beneficially affects the interests of the Certificateholders of the Trust.


 


(b)          For
the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such
counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this
Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed
original counterpart of this Agreement.


 


11.3.          Governing
Law; Submission to Jurisdiction; Waiver of Trial by Jury. 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.


 


TO
THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, 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 PARTIES, WHETHER WITH
RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE.


 



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EACH PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE
TRIED BY A COURT TRIAL WITHOUT A JURY.


 


11.4.          Notices.
All demands, notices and communications hereunder shall be in writing, shall be deemed to have been given upon receipt (except
that notices to Holders of any Class of Certificates held in registered, definitive form shall be deemed to have been given upon
being sent by first class mail, postage prepaid) as follows:


 


If
to the Trustee, to:


 


Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee 20 Times Square Trust 2018-20TS


 


If
to the Certificate Administrator, to:


 


Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: CMBS – Corporate Trust Services 20 Times Square Trust 2018-20TS

Telephone: (410) 884-2000



with a copy to:



Email: trustadministrationgroup@wellsfargo.com;


cts.cmbs.bond.admin@wellsfargo.com


 


If
to the Custodian:


 


Wells
Fargo Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Mortgage Document Custody Services (CMBS) – 20 Times Square Trust 2018-20TS

Email: cmbscustody@wellsfargo.com


 


If
to the 17g-5 Information Provider, electronically to


 


17g5informationprovider@wellsfargo.com


 


If
to the Depositor, to:


 


Natixis
Commercial Mortgage Securities LLC

1251 Avenue of the Americas


 






    -218- 


     


    

 


New
York, New York 10020



with copies to:


 


Natixis
Commercial Mortgage Securities LLC


1251
Avenue of the Americas


New
York, New York 10020


Attention:
Margaret Lam


Facsimile
number: (212) 891-6100


 


and:


 


Cadwalader,
Wickersham & Taft LLP

One World Financial Center

New York, New York 10281

Attention: Jeffrey Rotblat

Facsimile number: (212) 504-6666

E-mail: jeffrey.rotblat@cwt.com


 


If
to the Servicer, to:



Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: 20 Times Square Trust 2018-20TS Asset Manager

Fax Number: (704) 715-0036

Email: commercial.servicing@wellsfargo.com


 


with
a copy to:



Wells Fargo Bank, National Association

Legal Department

301 South College Street, 30th Floor

D1053 300

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

Fax Number: (704) 383-0353


 






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with
an additional copy to:



K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: 20 Times Square Trust 2018-20TS

Fax Number: (704) 353-3190


 


and
for items regarding the Investor Q&A Forum, to:



REAM_InvestorRelations@wellsfargo.com


 


and
for any items relating to the Rating Agency Q&A Forum/Document Request Tool, to:



RAInvRequests@wellsfargo.com


 


If
to the Special Servicer, to:



Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: 20 Times Square Trust 2018-20TS Special Servicing – Dan Marthinsen

Fax Number: (704) 715-0055

Email: dan.marthinsen@wellsfargo.com


 


with
a copy to:



Wells Fargo Bank, National Association

Legal Department

301 South College Street, 30th Floor

D1053 300

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

Fax Number: (704) 383-0353


 






    -220- 


     


    

 


with
an additional copy to:



K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: 20 Times Square Trust 2018-20TS

Fax Number: (704) 353-3190


 


If
to Natixis Securities Americas LLC, to:



Natixis Securities Americas LLC

1251 Avenue of the Americas

New York, New York 10020

Attention: Office of Chief Operating Officer



with a copy to:



Natixis North America LLC

Office of the General Counsel

1251 Avenue of the Americas

New York, New York 10020



and for all legal notices, also by email to:



legal.notices@natixis.com


 


If
to Credit Suisse Securities (USA) LLC, to:


 


Credit
Suisse Securities (USA) LLC


Eleven
Madison Avenue


New
York, New York 10010


 


If
to the initial Directing Holder as of the Closing Date:



Prudential Investment Portfolios, Inc. 17 -


Prudential
Total Return Bond Fund


655
Broad Street


Newark,
New Jersey 07102-4410


 


If
to the Risk Retention Consultation Party:


 

Natixis Real Estate Capital LLC


1251
Avenue of the Americas


New
York, New York 10020


Attention:
Jerry Tang


 



    -221- 


     


    

 





Email:
jerry.tang@natixis.com


 


If
to any Certificateholder, to:



the address set forth in the Certificate Register,


 


If
to the Borrower:



at the address therefor set forth in the Loan Agreement,


 


or,
in the case of the parties to this Agreement, to such other address as such party shall specify by written notice to the other
parties hereto.


 


11.5.          Notices
to the Rating Agencies. Any notices or documents required to be delivered to the Rating Agencies under this Agreement and
any other information regarding the Trust Fund as may be reasonably requested by the Rating Agencies from any party hereto to
the extent such party has or can obtain such information without unreasonable effort or expense shall be delivered to the
Rating Agencies at the addresses set forth below; provided, however, that such information is first provided to
the 17g-5 Information Provider in accordance with the procedures set forth in Section 8.14(b); provided, further,
that responses, information, reports and communications with respect to any Rating Agency Inquiry conducted or submitted on
the Rating Agency Q&A Forum and Document Request Tool shall not be required to be delivered to the 17g-5 Information
Provider. In connection with the delivery by the Servicer or the Special Servicer to the 17g-5 Information Provider of any
information, report, notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information
Provider shall notify the Servicer or Special Servicer, as applicable, of when such information, report, notice or document
has been posted to the 17g-5 Information Provider’s Website. 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 or Special Servicer Termination Event, as the case may be, under this
Agreement. Any confirmation of the rating by the Rating Agencies required hereunder shall be in writing.


 






    -222- 


     


    

 


Any
notices to the Rating Agencies shall be sent to the following address:



Moody’s Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Email: CMBSSurveillance@moodys.com



Morningstar Credit Ratings, LLC.

220 Gibraltar Road, Suite 300

Horsham, Pennsylvania 19044

Attention: CMBS Surveillance

Email: cmbsratings@morningstar.com


 


11.6.          Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions or terms shall
be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.


 


11.7.          Limitation
on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement
or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take
any action or to commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the
rights, obligations and liabilities of the parties hereto or any of them.


 


No
Certificateholder, solely by virtue of its status as a Certificateholder, shall have any right to vote (except as provided herein)
or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders
from time to time as partners or members of an association; nor shall any Certificateholders be under any liability to any third
party by reason of any action by the parties to this Agreement pursuant to any provision hereof.


 


No
Certificateholder, solely by virtue of its status as a Certificateholder, shall have any right by virtue or by availing itself
of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect
to this Agreement, unless such Holder previously shall have given to the Trustee a written notice of a Servicer Termination Event
or Special Servicer Termination Event, as the case may be, and of the continuance thereof, as herein before provided, and unless
the Holders of Certificates aggregating not less than 25% of the Voting Rights of the Certificates shall also have made written
request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered
to the Trustee such reasonable indemnity as it may require against the costs, expenses, and liabilities to be incurred therein
or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity, shall have


 



    -223- 


     


    

 


neglected
or refused to institute any such action, suit or proceeding; it being understood and intended, and being expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatever by virtue or by availing itself or themselves of any provisions of this Agreement to affect,
disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over
or preference to any other such Holder except as provided herein with respect to entitlement to payments or to enforce any right
under this Agreement, except in the manner herein provided and for the common benefit of all Certificateholders. For the protection
and enforcement of the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity.


 


11.8.          Certificates
Nonassessable and Fully Paid. The Certificateholders shall not be personally liable for obligations of the Trust Fund, the
interests in the Trust Fund represented by the Certificates shall be nonassessable for any reason whatsoever, and the Certificates,
upon due authentication thereof by the Certificate Administrator pursuant to this Agreement, are and shall be deemed fully paid.


 


11.9.          Reproduction
of Documents. This Agreement and all documents relating thereto, including, without limitation, (i) consents, waivers and
modifications which may hereafter be executed, (ii) documents received by any party at the closing, and (iii) financial statements,
certificates and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic, microfilm,
micro-card, miniature photographic or other similar process. The parties agree that any such reproduction shall be admissible
in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and
whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or
further reproduction of such reproduction shall likewise be admissible in evidence.


 


11.10.          No
Partnership. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the parties
hereto.


 


11.11.          Actions
of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Certificate Administrator
and, where required, to the Depositor, the Trustee, the Servicer or the Special Servicer. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the
Certificate Administrator, the Trustee, the Depositor, the Servicer and the Special Servicer if made in the manner provided in
this Section.


 


(b)          The
fact and date of the execution of any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Certificate Administrator deems sufficient.


 






    -224- 


     


    

 


(c)          Any
request, demand, authorization, direction, notice, consent, waiver, or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, or omitted to be done, by the Trustee, the Certificate Administrator, the Depositor, the Servicer or the Special
Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.


 


(d)          The
Certificate Administrator may require additional proof of any matter referred to in this Section as it shall deem reasonably necessary.


 


11.12.          Successors
and Assigns. The rights and obligations of any party hereto shall not be assigned (except pursuant to Section 6.2,
6.4, 8.7 or 8.9 hereof) by such party without the prior written consent of the other parties hereto. This
Agreement shall inure to the benefit of and be binding upon the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee and their respective permitted successors and assigns. No Person other than a party to this Agreement,
the Initial Purchasers and any Certificateholder shall have any rights with respect to the enforcement of any of the rights or
obligations hereunder. Without limiting the foregoing, the parties to this Agreement specifically agree that (i) the Loan Sellers
shall be a third-party beneficiary of this Agreement with respect to any provisions relating to the Loan Sellers, (ii) each Companion
Loan Holder shall be a third-party beneficiary of this Agreement with respect to any provisions relating to the Companion Loan
Holders, (iii) each Companion Loan Depositor and Companion Loan Exchange Act Reporting Party shall be a third-party beneficiary
of this Agreement with respect to its rights under Article 13 and (iv) no Borrower, property manager or other party to the Trust
Loan is an intended third-party beneficiary of this Agreement (provided that the Borrower shall be entitled to notices
to the extent expressly provided herein).


 


11.13.          Acceptance
by Authenticating Agent, Certificate Registrar and Custodian. The Certificate Administrator hereby accepts its
appointment as Authenticating Agent, Certificate Registrar and Custodian and agrees to perform the obligations required to be
performed by it in each such capacity pursuant to the terms of this Agreement.


 


11.14.          Streit
Act. Any provisions required to be contained in this Agreement by Section 126 and/or Section 130-k or Article 4-A of the New
York Real Property Law are hereby incorporated herein, and such provisions shall be in addition to those conferred or imposed
by this Agreement; provided, however, that to the extent that such Section 126 and/or 130-k shall not have any effect,
and if said Section 126 and/or Section 130-k should at any time be repealed or cease to apply to this Agreement or be construed
by judicial decision to be inapplicable, said Section 126 and/or Section 130-k shall cease to have any further effect upon the
provisions of this Agreement. In a case of a conflict between the provisions of this Agreement and any mandatory provisions of
Article 4-A of the New York Real Property Law, such mandatory provisions of said Article 4-A shall prevail, provided that
if said Article 4-A shall not apply to this Agreement, should at any time be repealed, or cease to apply to this Agreement or
be construed by judicial decision to be inapplicable, such mandatory provisions of such Article 4-A shall cease to have any further
effect upon the provisions of this Agreement.


 






    -225- 


     


    

 


11.15.          Assumption
by Trust of Duties and Obligations of the Lenders Under the Loan Documents. The Trustee and Certificate Administrator on behalf
of the Trust as assignee of the Trust Loan and the Servicer and Special Servicer hereby acknowledge that the Trust assumes all
of the rights and obligations of the Lenders as lenders under the Loan Documents and agrees to be bound thereby, and in accordance
with the terms thereof. Such acknowledgement on behalf of the Trust is made by the Trustee, the Certificate Administrator, the
Servicer and the Special Servicer in the exercise of the powers and authority conferred and vested in it and is intended for the
purpose of binding only the Trust. Nothing contained in this Section shall be construed as creating any liability on the part
of the Trustee, Certificate Administrator, Servicer or Special Servicer, individually or personally, it being agreed that all
liabilities and obligations being acknowledged as assumed are solely those of the Trust, and under no circumstances shall the
Trustee, Certificate Administrator, Servicer or Special Servicer be liable personally for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under this Agreement, any Loan Document or any related document.


 


12.          REMIC
ADMINISTRATION


 


12.1.          REMIC
Administration. (a) The parties intend that each of the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and that
the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a REMIC, and the
provisions hereof shall be interpreted consistently with this intention.


 


(b)          The
Certificate Administrator shall make or cause to be made an election on behalf of each of the Lower-Tier REMIC and the Upper-Tier
REMIC to treat the segregated pool of assets constituting such Trust REMIC as a REMIC under the Code. Each such election shall
be made on IRS Form 1066 or other appropriate federal tax or information return for the taxable year ending on the last day of
the calendar year in which the Certificates are issued.


 


(c)          The
Closing Date is hereby designated as the “Startup Day” of each of the Lower-Tier REMIC and the Upper-Tier REMIC
within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Regular Interests
and the Uncertificated Lower-Tier Interests for the purposes of Section 860G(a)(1) of the Code is the Rated Final Distribution
Date.


 


(d)          The
Certificate Administrator shall prepare or cause to be prepared, and file or cause to be filed with the IRS, on behalf of each
of the Lower-Tier REMIC and the Upper-Tier REMIC, an application for a taxpayer identification number for such REMIC on IRS Form
SS-4 or obtain such number by other permissible means. Within 30 days of the Closing Date, the Certificate Administrator shall
furnish or cause to be furnished to the Internal Revenue Service, on IRS Form 8811 or as otherwise may be required by the Code,
the name, title and address of the Persons that Holders of the Certificates may contact for tax information relating thereto (and
the Certificate Administrator shall act as the representative of each of the Lower-Tier REMIC and the Upper-Tier REMIC for this
purpose), together with such additional information as may be required by such Form, and shall update such information at the
time or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days


 



    -226- 


     


    

 


of the Closing Date to
provide any information reasonably requested by the Servicer or the Certificate Administrator and necessary to make such filing).


 


(e)          The
Certificate Administrator shall pay without any right of reimbursement the ordinary and usual expenses in connection with the
preparation, filing and mailing of tax information reports and returns that are incurred by it in the ordinary course of its business,
but extraordinary or unusual expenses, costs or liabilities incurred in connection with its tax-related duties under this Agreement,
including without limitation any expenses, costs or liabilities associated with audits or any administrative or judicial proceedings
with respect to the Lower-Tier REMIC or the Upper-Tier REMIC that involve the IRS or state tax authorities, shall be reimbursable
from the Trust Fund.


 


(f)          The
Certificate Administrator shall prepare, or cause to be prepared, timely furnish or cause to be timely furnished to the Trustee
to sign (and the Trustee shall timely sign), and the Certificate Administrator shall file or cause to be filed all federal, state
and local income or franchise or other tax and information returns for each of the Lower-Tier REMIC and the Upper-Tier REMIC as
the direct representative for such REMIC. Except as provided in Section 11.1(e), the expenses of preparing and filing such
returns shall be borne by the Certificate Administrator. The Depositor shall provide on a timely basis to the Certificate Administrator
or its designee such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in its possession,
and is reasonably requested by the Certificate Administrator to enable it to perform its obligations under this subsection
(f), and the Certificate Administrator shall be entitled to rely on such information in the performance of its obligations
hereunder.


 


(g)          The
Certificate Administrator shall perform on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC all reporting and other
tax compliance duties that are the responsibility of such REMIC under the Code, the REMIC Provisions, or other compliance guidance
issued by the IRS or any state or local taxing authority. Among its other duties, the Certificate Administrator shall provide
(i) to the IRS or other Persons (including, but not limited to, the transferor of a Class R Certificate to a Disqualified Organization
or to an agent that has acquired a Class R Certificate on behalf of a Disqualified Organization) such information as is necessary
for the application of any tax relating to the transfer of a Class R Certificate to any Disqualified Organization and (ii) to
the Certificateholders such information or reports as are required by the Code or REMIC Provisions. The Depositor shall provide
on a timely basis (and in no event later than 30 days after the Certificate Administrator’s request) to the Certificate
Administrator or its designee such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in
its possession and is reasonably requested in writing by the Certificate Administrator to enable it to perform its obligations
under this subsection (g).


 


(h)          The
Holder of the Class R Certificates holding the largest Percentage Interest therein shall be the “tax matters person”,
in the manner provided under Treasury Regulations Section 1.860F-4(d) and the “partnership representative” within
the meaning of Section 6223 of the Code (to the extent such provision is applicable to the Trust REMICs) of the Upper-Tier REMIC
and the Lower-Tier REMIC. The duties of the “tax matters person” and “partnership representative” for
the Upper-Tier REMIC and the Lower-Tier REMIC are hereby


 



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 delegated to the Certificate Administrator as agent for the related “tax
matters person” and “partnership representative”, and the Holders of the Class R Certificates, by acceptance
of the Class R Certificates, agree, on behalf of themselves and all successor Holders of such Class R Certificates, to such delegation
to the Certificate Administrator as its agent and attorney in fact.


 


(i)           The
Certificate Administrator, the Holders of the Class R Certificates, the Servicer and the Special Servicer shall perform their
obligations under this Agreement and the REMIC Provisions in a manner consistent with the status of each of the Lower-Tier REMIC
and the Upper-Tier REMIC as a REMIC.


 


(j)          The
Certificate Administrator, any Holder of the Class R Certificates, the Servicer and the Special Servicer shall not take any action
or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to take any action, within their respective control and the scope
of their specific respective duties under this Agreement that, under the REMIC Provisions, could reasonably be expected to (i)
cause of either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or (ii) unless permitted under Section
12.2(a), result in the imposition of a tax upon either the Lower-Tier REMIC or the Upper-Tier REMIC (including but not limited
to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on prohibited contributions as
defined in Section 860G(d) of the Code) (any such result in clause (i) or (ii), an “Adverse REMIC Event”)
unless (A) the Certificate Administrator and the Servicer have received a Nondisqualification Opinion (at the expense of the party
seeking to take such action or of the Trust Fund if taken for the benefit of the Certificateholders) with respect to such action
or (B) the Certificate Administrator and the Servicer have received an opinion (at the expense of the party seeking to take such
action or of the Trust Fund if taken for the benefit of the Certificateholders) to the effect that such action will not cause
either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC and that no tax will actually be imposed.


 


(k)          Any
and all federal, state and local taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC or its assets or transactions,
including, without limitation, “prohibited transaction” taxes as defined in Section 860F of the Code, and any tax
on contributions imposed by Section 860G(d) of the Code, shall be paid from the Collection Account; provided that the Servicer,
upon two (2) days prior written notice, shall remit from the Collection Account to the Certificate Administrator the amount of
any such tax that the Certificate Administrator notifies the Servicer is due; provided, further, that if such taxes
shall have been imposed on account of the willful misconduct, bad faith or negligence of any party hereto, or in connection with
the breach of any representation or warranty made by any party hereto in this Agreement, then such taxes shall be paid by such
party.


 


(l)          The
Certificate Administrator shall, for federal income tax purposes, maintain books and records with respect to the Lower-Tier REMIC
and the Upper-Tier REMIC on a calendar year and on an accrual basis. Notwithstanding anything to the contrary contained herein
or in the Loan Documents (but subject to Section 1.3), all amounts collected on the Whole Loan shall, for federal income
tax purposes, be allocated first to interest due and payable on the Whole Loan (including interest on overdue interest) other
than Default Interest. The books and records must be sufficient concerning the nature and amount of the investments of the Lower-Tier
REMIC and the Upper-Tier REMIC to show that such REMIC has complied with the REMIC Provisions.


 






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(m)          None
of the Certificate Administrator, the Trustee, the Servicer or the Special Servicer shall enter into any arrangement by which
either the Lower-Tier REMIC or the Upper-Tier REMIC will receive a fee or other compensation for services.


 


(n)          In
order to enable the Certificate Administrator to perform its duties as set forth herein, the Depositor shall provide, or cause
to be provided, to the Certificate Administrator within 10 days after the Closing Date, all information or data that the Certificate
Administrator reasonably determines to be relevant for tax purposes on the valuations and offering prices of the Certificates,
including, without limitation, the yield, issue prices, pricing prepayment assumption and projected cash flows of the Certificates
and the Class R Certificates, as applicable, and the projected cash flows on the Whole Loan. Thereafter, the Depositor, the Trustee,
the Servicer and the Special Servicer shall provide to the Certificate Administrator, promptly upon request therefor, any such
additional information or data that the Certificate Administrator may, from time to time, reasonably request in order to enable
the Certificate Administrator to perform its duties as set forth herein. The Certificate Administrator is hereby directed to use
any and all such information or data provided by the Trustee, the Depositor, the Servicer and the Special Servicer in the preparation
of all federal, state or local income, franchise or other tax and information returns and reports for each of the Lower-Tier REMIC
and the Upper-Tier REMIC to Certificateholders as required herein. The Depositor hereby indemnifies the Certificate Administrator
for any losses, liabilities, damages, claims or expenses of the Certificate Administrator arising from any errors or miscalculations
of the Certificate Administrator pursuant to this Section 12.1 that result from any failure of the Depositor to provide
or to cause to be provided, accurate information or data to the Certificate Administrator (but not resulting from the methodology
employed by the Certificate Administrator) on a timely basis and such indemnifications shall survive the termination of this Agreement
and the termination of the Certificate Administrator.


 


The
Certificate Administrator agrees that all such information or data so obtained by it shall be regarded as confidential information
and agrees that it shall use its best reasonable efforts to retain in confidence, and shall ensure that its officers, employees
and representatives retain in confidence, and shall not disclose, without the prior written consent of the Depositor, any or all
of such information or data, or make any use whatsoever (other than for the purposes contemplated by this Agreement) of any such
information or data without the prior written consent of the Depositor, unless such information is generally available to the
public (other than as a result of a breach of this Section 12.1) or is required by law or applicable regulations to be
disclosed.


 


(o)          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 REMIC and (ii) to avoid payment by either REMIC under Section 6225 of the Code (or successor provisions)
of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on any Holder of a Class
R Certificate, past or present. Holders of a Class R Certificates, by acquiring such Certificates, agree to any such elections.


 






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12.2.          Foreclosed
Property. (a) The parties hereto acknowledge and understand that if the Trust Fund were to acquire the Property as Foreclosed
Property and were to own and operate the Property in a manner consistent with the manner in which the Property is currently owned
and operated by the Borrower, through a Successor Manager, some portion or all of the income derived in the Lower-Tier REMIC from
such Foreclosed Property may be considered “net income from foreclosure property” for purposes of Section 860G(c)
of the Code and subject to tax at the highest corporate income tax rate.


 


In
determining whether to acquire and hold any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee hereunder,
shall take these circumstances into account and shall only acquire any such Foreclosed Property if it determines, in its reasonable
judgment (after, consultation with counsel, at the expense of the Trust Fund), that either (i) there is a commercially feasible
alternative method of administering such Foreclosed Property that would not result in such tax, e.g., a net lease that results
in Rents from Real Property or (ii) the likely recovery with respect to operating the Foreclosed Property on behalf of the Trust
Fund and the Companion Loan Holders, after taking into account any such taxes that might be imposed on either the Lower-Tier REMIC
or the Upper-Tier REMIC, will exceed the likely recovery to the Trust Fund if the Trust Fund were to net lease the Foreclosed
Property or were not to acquire and hold the Foreclosed Property. If the Trust Fund acquires any Foreclosed Property, the Special
Servicer, acting on behalf of the Trustee, if the property manager would not be considered an Independent Contractor, shall either
renegotiate the management agreement (if any) or replace the property manager with a Successor Manager (as appropriate and to
the extent permitted under such management agreement) so that the Foreclosed Property would be considered to be operated by an
Independent Contractor. If, after making the foregoing reasonable efforts, the Special Servicer determines that it is in the best
interests of Certificateholders on a net after-tax basis to operate the Foreclosed Property in a manner such that the Lower-Tier
REMIC or Upper-Tier REMIC shall receive, based upon an Opinion of Counsel, “net income from foreclosure property”
under the REMIC Provisions, the Special Servicer shall maintain or cause to be maintained such records of income and expense as
to enable such amounts to be computed accurately, and shall pay or retain or cause to be paid or retained from Foreclosure Proceeds
such amounts as are necessary to pay such tax or, to the extent such amounts are insufficient, from the Collection Account pursuant
to Section 3.4(c)(x).


 


Without
limiting the generality of the foregoing, the Special Servicer shall not, to the extent within its power:


 


(i)           permit
the Trust Fund to enter into, renew or extend any new lease with respect to the Foreclosed Property, if the new lease by its terms
will give rise to any income that does not constitute Rents from Real Property;


 


(ii)          permit
any amount to be received or accrued under any new lease other than amounts that will constitute Rents from Real Property;


 


(iii)         authorize
or permit any construction on the Foreclosed Property, other than the completion of a building or other improvement thereon, and
then only if more than ten percent of the construction of such building or other improvements was


 



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completed before default on
the Whole Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or


 


(iv)         Directly
Operate, other than through an Independent Contractor, or allow any other Person to Directly Operate, other than through the property
manager or an Independent Contractor, the Foreclosed Property on any date more than 90 days after its acquisition date.


 


(b)          The
Special Servicer, acting on behalf of the Trustee hereunder, shall use efforts consistent with Accepted Servicing Practices to
sell the Foreclosed Property for its fair market value in accordance with Section 3.15. In any event, however, the Special
Servicer, acting on behalf of the Trustee hereunder, shall dispose of any Foreclosed Property as soon as is practicable but in
no event later than the close of the third calendar year following the year in which the Acquisition Date occurs unless the Special
Servicer, on behalf of the Trustee, has received (or has not been denied) an extension of time (an “Extension”)
by the Internal Revenue Service to sell such Foreclosed Property or an opinion of counsel to the effect that the holding by the
Trust Fund of the Foreclosed Property for an additional specified period will neither result in the imposition of taxes on “prohibited
transactions” of the Trust Fund as defined in Section 860F of the Code, nor cause the Upper-Tier REMIC or the Lower-Tier
REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, in which event such period shall be extended
by such additional specified period, with the expenses of obtaining any such extension of time being an expense of the Trust Fund.
If the Special Servicer, on behalf of the Trustee, has received (or has not been denied) such Extension, then the Special Servicer,
acting on behalf of the Trustee hereunder, shall continue to attempt to sell the Foreclosed Property for its fair market value
for such longer period as such Extension permits (the “Extended Period”). If the Special Servicer, acting on
behalf of the Trustee, has not received such an Extension and the Special Servicer, acting on behalf of the Trustee hereunder,
is unable to sell the Foreclosed Property, within the foregoing period or if the Special Servicer, acting on behalf of the Trustee
hereunder, has received such an Extension, and the Special Servicer, acting on behalf of the Trustee hereunder, is unable to sell
the Foreclosed Property within the Extended Period, the Special Servicer shall, before the end of the above-referenced period
or the Extended Period, as the case may be, auction the Foreclosed Property to the highest bidder (which may be the Special Servicer)
in accordance with Accepted Servicing Practices.


 


(c)          Within
30 days of the sale of a Foreclosed Property, the Special Servicer shall provide to each of the Certificate Administrator and
the Trustee a statement of accounting for the Foreclosed Property, including, without limitation, (i) the date the Property was
acquired in foreclosure or by deed in lieu of foreclosure, (ii) the date of disposition of such Foreclosed Property, (iii) the
gross sale price and related selling and other expenses, (iv) accrued interest calculated from the date of acquisition to the
disposition date, and (v) such other information as the Certificate Administrator and/or Trustee may reasonably request.


 


12.3.          Prohibited
Transactions and Activities. The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holders, shall not permit
the sale or disposition of the Whole Loan at a time when the Whole Loan is not the subject of a breach of a representation or
is not in default or default with respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the bankruptcy
or insolvency of the Lower-Tier REMIC


 



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or (ii) the termination of the Lower-Tier REMIC in a “qualified liquidation” as defined in Section 860F(a)(4)
of the Code), nor acquire any assets for either the Lower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property),
nor sell or dispose of any investments in the Collection Account or Distribution Account for gain, nor receive any amount representing
a fee or other compensation for services not contemplated herein, nor accept any contributions to either the Lower-Tier REMIC
or the Upper-Tier REMIC (other than a cash contribution during the three-month period beginning on the Startup Day), unless it
has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition,
acquisition, substitution or acceptance will not (a) affect adversely the status of either the Lower-Tier REMIC or the Upper-Tier
REMIC as a REMIC, or of the Certificates as representing regular interests therein, (b) affect the distribution of interest or
principal on the Regular Certificates, (c) result in the encumbrance of the assets transferred or assigned to either the Lower-Tier
REMIC or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement), or (d) cause either the Lower-Tier REMIC
or the Upper-Tier REMIC to be subject to a tax on “prohibited transactions” or “prohibited contributions”
pursuant to the REMIC Provisions.


 


12.4.          Indemnification
with Respect to Certain Taxes and Loss of REMIC Status. (a) If either the Lower-Tier REMIC or the Upper-Tier REMIC fails to
qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or a tax as a result of a prohibited transaction
or contribution subject to taxation under the REMIC Provisions due to the willful misconduct, bad faith or negligent performance
by the Certificate Administrator of its duties and obligations specifically set forth herein, or by reason of the Certificate
Administrator’s negligent disregard of its obligations and duties thereunder, the Certificate Administrator shall indemnify
the Trust against any and all losses, claims, damages, liabilities or expenses (“Losses”) resulting therefrom;
provided, however, that the Certificate Administrator shall not be liable for any such Losses attributable to the
action or inaction of the Servicer, the Special Servicer, the Depositor, or the Holders of the Class R Certificates nor for any
such Losses resulting from misinformation provided by the Holders of the Class R Certificates, the Servicer, the Special Servicer,
or the Depositor, on which the Certificate Administrator has relied. The foregoing shall not be deemed to limit or restrict the
rights and remedies of successor Holders of the Class R Certificates at law or in equity.


 


(b)          If
either the Lower-Tier REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state
or local taxes, or a tax as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions
due to the willful misconduct, bad faith or negligent performance of the Servicer or the Special Servicer in the performance of
its duties and obligations set forth herein, or by reason of the Servicer’s or Special Servicer’s negligent disregard
of its obligations and duties thereunder, the Servicer or the Special Servicer, as the case may be, shall indemnify the Trust
against any and all losses resulting therefrom; provided, however, that the Servicer or the Special Servicer, as
the case may be, shall not be liable for any such losses attributable to the action or inaction of the Certificate Administrator,
the Depositor, the Holders of the Class R Certificates nor for any such losses resulting from misinformation provided by the Certificate
Administrator, the Depositor or the Holders of the Class R Certificates on which the Servicer or the Special Servicer, as the
case may be, has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of any successor Holders
of the Class R Certificates at law or in equity.


 






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13.          EXCHANGE
ACT REPORTING AND REGULATION AB COMPLIANCE


 


13.1.          Intent
of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article 13 of this Agreement
is, among other things, to facilitate compliance by any Companion Loan Depositor with the provisions of Regulation AB and the
related rules and regulations of the Commission. Except as expressly required by Sections 13.7, 13.8 and 13.9,
the Depositor shall not, and no Companion Loan Depositor may, exercise its rights to request delivery of information or other
performance under these provisions other than in good faith, or for purposes other than compliance with the Act, the Exchange
Act and the Sarbanes-Oxley Act. The parties hereto acknowledge that interpretations of the requirements of Regulation AB may change
over time due to interpretive guidance provided by the Commission or its staff, and agree to comply with reasonable requests made
by the Depositor, or any Companion Loan Depositor, in good faith for delivery of information under these provisions on the basis
of such evolving interpretations of Regulation AB. In connection with the 20 Times Square Trust 2018-20TS, Commercial Mortgage
Pass-Through Certificates, Series 2018-20TS, and any Companion Loan Securities, each of the parties to this Agreement shall cooperate
fully with the Depositor, the Certificate Administrator, any Companion Loan Depositor and any Companion Loan Exchange Act Reporting
Party, as applicable, to deliver to the Depositor or Companion Loan Depositor, as applicable (including any of its assignees or
designees), any and all statements, reports, certifications, records and any other information in its possession or reasonably
available to it and necessary in the reasonable good faith determination of the Depositor, the Certificate Administrator, any
Companion Loan Depositor or any Companion Loan Exchange Act Reporting Party, as applicable, to permit any Companion Loan Depositor
to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer, the Special Servicer,
the Certificate Administrator and the Trustee, as applicable, and any Sub-Servicer, or the servicing of the Whole Loan, reasonably
believed by the Depositor or any Companion Loan Depositor, as applicable, in good faith to be necessary in order to effect such
compliance.


 


13.2.          Succession;
Sub-Servicers; Subcontractors. (a) For so long as any Companion Loan Securitization Trust is subject to the reporting
requirements of the Exchange Act (in addition to any requirements contained in Section 13.7 of this Agreement), in connection
with the succession to the Servicer and Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent such Sub-Servicer
is a “servicer” meeting the criteria contemplated by Item 1108(a)(2) of Regulation AB) under this Agreement by any
Person (i) into which the Servicer and Special Servicer or such Sub-Servicer may be merged or consolidated, or (ii) which may
be appointed as a successor to the Servicer and Special Servicer or any such Sub-Servicer, the Servicer or Special Servicer, as
applicable (depending on whether such succession involves it or one of its Sub-Servicers), shall provide (other than in the case
of a succession pursuant to an appointment under Section 7.1 or 7.2, in which case the successor servicer or successor
special servicer, as applicable, shall provide) to any Companion Loan Depositor as to which the applicable Companion Loan is affected,
at least five (5) Business Days prior to the effective date of such succession or appointment as long as such disclosure prior
to such effective date would not be violative of any applicable law or confidentiality agreement (and as long as such notice is
not given by a successor servicer or successor special servicer appointed under Section 7.1 or 7.2), and otherwise
no later than one (1) Business Day after such effective date of succession, (x) written notice to the Depositor and each Companion
Loan Depositor of such succession or


 



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appointment and (y) in writing and in form and substance reasonably satisfactory to each
Companion Loan Depositor, all information relating to such successor servicer reasonably requested by any Companion Loan Depositor
in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under
the Exchange Act are required to be filed under the Exchange Act).


 


(b)          For
so long as any Companion Loan Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Servicer,
the Special Servicer, any Sub-Servicer and the Certificate Administrator (each of the Servicer, the Special Servicer and the Certificate
Administrator and each Sub-Servicer, for purposes of this Section 13.2(b) and Section 13.2(c), a “Servicing
Party”) is permitted to utilize one or more Subcontractors to perform certain of its obligations hereunder. Such Servicing
Party shall promptly upon request provide to any Companion Loan Depositor as to which the applicable Companion Loan is affected,
a written description (in form and substance satisfactory to each Companion Loan Depositor) of the role and function of each Subcontractor
that is a Servicing Function Participant utilized by such Servicing Party during the preceding calendar year, specifying (i) the
identity of such Subcontractor, and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance
provided by each such Subcontractor. Each Servicing Party shall cause any Subcontractor utilized by such Servicing Party that
is determined to be a Servicing Function Participant to comply with the provisions of Section 13.8 and Section 13.9
of this Agreement to the same extent as if such Subcontractor were such Servicing Party. Such Servicing Party shall obtain
from each such Subcontractor (or, in the case of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable
efforts to obtain from such Sub-Servicer) and deliver to the applicable Persons any assessment of compliance report and related
accountant’s attestation required to be delivered by such Subcontractor under Section 13.8 and Section 13.9
of this Agreement, in each case, as and when required to be delivered.


 


(c)          For
so long as any Companion Loan Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding
the foregoing, if a Servicing Party engages a Subcontractor in connection with the performance of any of its duties under this
Agreement, such Servicing Party shall be responsible for determining whether such Subcontractor is a “servicer” within
the meaning of Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or (iii)
of Regulation AB. If a Servicing Party determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer”
within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB,
then such Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement, and the engagement of such Sub-Servicer
shall not be effective unless and until notice is given to the Depositor and the Certificate Administrator, as well as any Companion
Loan Depositor as to which the applicable Companion Loan is affected, of any such Sub-Servicer and Subservicing Agreement. No
Subservicing Agreement (other than such agreements set forth on Exhibit W hereto) shall be effective until five (5) Business
Days after such written notice is received by the Depositor, the Certificate Administrator and each such Companion Loan Depositor.
Such notice shall contain all information reasonably necessary, and in such form as may be necessary, to enable each Companion
Loan Exchange Act Reporting Party as to which the applicable Companion Loan is affected, to accurately and timely report the event
under Item 6.02 of Form 8-K pursuant to the related Companion Loan Pooling


 



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and Servicing Agreement or otherwise (if such reports
under the Exchange Act are required to be filed under the Exchange Act).


 


(d)          For
so long as any Companion Loan Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection
with the succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee
or Certificate Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or Certificate
Administrator, the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Companion Loan Depositor,
at least 10 Business Days prior to the effective date of such succession or appointment (or if such prior notice would be violative
of applicable law or any applicable confidentiality agreement, no later than the time required under Section 13.6 of this
Agreement) and shall furnish pursuant to Section 13.6 of this Agreement to each Companion Loan Depositor in writing and
in form and substance reasonably satisfactory to the Depositor and each Companion Loan Depositor, all information reasonably necessary
for each Companion Loan Exchange Act Reporting Party to accurately and timely report the event under Item 6.02 of Form 8-K pursuant
to the related Companion Loan Pooling and Servicing Agreement or otherwise (if such reports under the Exchange Act are required
to be filed under the Exchange Act).


 


13.3.          Companion
Loan Securitization Trust’s Filing Obligations. For so long as any Companion Loan Securitization Trust is subject
to the reporting requirements of the Exchange Act, the Servicer, the Special Servicer, the Certificate Administrator and the Trustee
shall (and shall cause (or, in the case of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable
efforts to cause) each Additional Servicer and Servicing Function Participant utilized thereby to) reasonably cooperate with each
Companion Loan Depositor in connection with the satisfaction of each Companion Loan Securitization Trust’s reporting requirements
under the Exchange Act.


 


13.4.          Form
10-D Disclosure. For so long as any Companion Loan Securitization Trust is subject to the reporting requirements of
the Exchange Act, within one Business Day after the related Distribution Date (using commercially reasonable efforts), but in
no event later than noon (New York City time) on the third Business Day after the related Distribution Date, (i) the parties as
set forth on Exhibit S to this Agreement, shall be required to provide to each Companion Loan Exchange Act Reporting Party
and each Companion Loan Depositor to which the particular Additional Form 10-D Disclosure is relevant for Exchange Act reporting
purposes, to the extent a Servicing Officer or Responsible Officer thereof has knowledge thereof (other than information required
by Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible
Officer, as the case may be, or any lawyer in the in-house legal department of such party), in EDGAR-compatible format (to the
extent available to such party in such format), or in such other format as otherwise agreed upon by each such Companion Loan Exchange
Act Reporting Party, each such Companion Loan Depositor and such parties, the form and substance of the Additional Form 10-D Disclosure,
if applicable, and (ii) the parties listed on Exhibit S to this Agreement shall include with such Additional Form 10-D
Disclosure application to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit
W, shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required
under Regulation AB to provide, and if received, include, an


 



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Additional Disclosure Notification in the form attached as Exhibit
V to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance
by the parties listed on Exhibit S to this Agreement of their duties under this paragraph or proactively solicit or procure
from such parties any Additional Form 10-D Disclosure information.


 


13.5.          Form
10-K Disclosure. For so long as any Companion Loan Securitization Trust is subject to the reporting requirements of
the Exchange Act, no later than March 1, commencing in March 2019, (i) the parties listed on Exhibit T to this Agreement
shall be required to provide (and with respect to any Servicing Function Participant of such party (other than any party to this
Agreement), shall cause such Servicing Function Participant to provide) to each Companion Loan Exchange Act Reporting Party and
each Companion Loan Depositor to which the particular Additional Form 10-K Disclosure is relevant for Exchange Act Reporting purposes,
to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than information
required by Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or
Responsible Officer, as the case may be, or any lawyer in the in house legal department of such party), in EDGAR compatible format
(to the extent available to such party in such format) or in such other format as otherwise agreed upon by each such Companion
Loan Exchange Act Reporting Party, each such Companion Loan Depositor and such providing parties, the form and substance of any
Additional Form 10-K Disclosure described on Exhibit T to this Agreement applicable to such party, and (ii) the parties
listed on Exhibit T to this Agreement shall include with such Additional Form 10-K Disclosure applicable to such party
and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit W, shall use commercially
reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required under Regulation AB to provide,
and if received, include, an Additional Disclosure Notification in the form attached as Exhibit V to this Agreement. The
Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit
T to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties any Additional
Form 10-K Disclosure information.


 


13.6.          Form
8-K Disclosure. For so long as any Companion Loan Securitization Trust is subject to the reporting requirements of
the Exchange Act, to the extent a Servicing Officer or Responsible Officer thereof has actual knowledge of such event (other than
Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible
Officer, as the case may be, or any lawyer in the in-house legal department of such party), within one Business Day after the
occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable Event”) (using commercially
reasonable efforts), but in no event later than the close of business (New York City time) on the second Business Day after the
occurrence of a Reportable Event, (i) the parties set forth on Exhibit U to this Agreement shall be required to provide
(and (i) with respect to any Servicing Function Participant of such party that is a Sub-Servicer set forth on Exhibit W,
shall use commercially reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with respect to any
other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing Function
Participant to provide) to each Companion Loan Depositor and each Companion Loan Exchange Act Reporting Party to which the particular
Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, in


 



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EDGAR-compatible format (to the extent available to such party in such format)
or in such other format as otherwise agreed upon by each such Companion Loan Depositor, each such Companion Loan Exchange Act
Reporting Party and such providing parties, any Form 8-K Disclosure Information described on Exhibit U to this Agreement
as applicable to such party, if applicable, and (ii) the parties listed on Exhibit U to this Agreement shall include with
such Form 8-K Disclosure Information applicable to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer
set forth on Exhibit W, shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such
party to the extent required under Regulation AB to provide, and if received, include, an Additional Disclosure Notification in
the form attached hereto as Exhibit V. The Certificate Administrator has no duty under this Agreement to monitor or enforce
the performance by the parties listed on Exhibit U of their duties under this paragraph or proactively solicit or procure
from such parties any Form 8-K Disclosure Information.


 


13.7.          Annual
Compliance Statements. On or before March 1 of each year, commencing in 2019, each of the Servicer, the Special Servicer
(regardless of whether the Special Servicer has commenced special servicing of the Whole Loan), the Certificate Administrator
and 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 Applicable Servicing Criteria applicable to it), at its own expense, shall
furnish (and each such party, (i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit
W with which it has entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable
efforts to cause such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant
of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each such
Servicing Function Participant and each of the Servicer, Special Servicer and the Certificate Administrator, a “Certifying
Servicer”) to the Certificate Administrator and the 17g-5 Information Provider (who shall post it to the Certificate
Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable, pursuant to Section 8.14(b)),
the Trustee, the Depositor and the Companion Loan Holders (or, in the case of a Companion Loan that is part of a Companion Loan
Securitization Trust, the applicable Companion Loan Depositor and Companion Loan Exchange Act Reporting Party), an Officer’s
Certificate stating, as to the signer thereof, that (A) a review of such Person’s activities during the preceding calendar
year or portion thereof and of such Person’s performance under this Agreement or the applicable sub-servicing agreement,
as applicable, has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based
on such review, such Person has fulfilled all its obligations under this Agreement or the applicable sub-servicing agreement,
as applicable, 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.
For so long as any Companion Loan Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly
after receipt of each such Officer’s Certificate, the Depositor (and, in the case of a Companion Loan that is part of a
Companion Loan Securitization Trust, the applicable Companion Loan Depositor and Companion Loan Exchange Act Reporting Party)
may review each such Officer’s Certificate and, if applicable, consult with the Certifying Servicer, as applicable, as to
the nature of any failures by such Certifying Servicer, respectively, or any related Servicing Function Participant with which
the Servicer or the Special Servicer, as applicable, has entered into a servicing


 



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relationship with respect to the Trust Loan
or a Companion Loan in the fulfillment of any Certifying Servicer’s obligations hereunder or under the applicable sub-servicing
or primary servicing agreement. The obligations of each Certifying Servicer under this Section apply to each such Certifying Servicer
that serviced the Trust Loan or a Companion Loan during the applicable period, whether or not the Certifying Servicer is acting
in such capacity at the time such Officer’s Certificate is required to be delivered. Copies of all Officer’s Certificates
delivered pursuant to this Section 13.7 shall be made available to any Privileged Person by the Certificate Administrator
by posting such Compliance Report to the Certificate Administrator’s Website pursuant to Section 8.14(b).


 


13.8.          Annual
Reports on Assessment of Compliance with Servicing Criteria. (a) On or before March 1 of each year, commencing in 2019,
the Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Whole Loan),
the Certificate Administrator and 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 Applicable Servicing Criteria applicable to it),
each at its own expense, shall furnish (and each such party, (i) with respect to each Servicing Function Participant that is a
Sub-Servicer set forth on Exhibit W with which it has entered into a servicing relationship with respect to the Whole Loan,
shall use commercially reasonable efforts to cause such Servicing Function Participant to furnish, and (ii) with respect to any
other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing Function
Participant to furnish) (each Servicer, the Special Servicer, the Certificate Administrator, the Trustee and any Servicing Function
Participant, as the case may be, a “Reporting Servicer”) to the Certificate Administrator and the 17g-5 Information
Provider (who shall post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website,
as applicable, pursuant to Section 8.14(b)), the Trustee, the Depositor and the Companion Loan Holders (or, in the case
of a Companion Loan that is part of a Companion Loan Securitization Trust, the applicable Companion Loan Depositor and Companion
Loan Exchange Act Reporting Party), a report on an assessment of compliance with the Applicable Servicing Criteria that contains
(A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Applicable Servicing Criteria,
(B) a statement that, to the best of such Reporting Servicer’s knowledge, such Reporting Servicer used the Servicing Criteria
to assess compliance with the Applicable Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with
the Applicable Servicing Criteria as of the end of and for the preceding calendar year, including, if there has been any material
instance of noncompliance with the Applicable Servicing Criteria, a discussion of each such failure and the nature and status
thereof and (D) a statement that a registered public accounting firm that is a member of the American Institute of Certified Public
Accountants has issued an attestation report on such Reporting Servicer’s assessment of compliance with the Applicable Servicing
Criteria as of and for such period.


 


Each
such report shall be addressed to the Depositor and each Companion Loan Depositor (if addressed) and signed by an authorized officer
of the applicable company, and shall address each of the Applicable Servicing Criteria. For so long as any Companion Loan Securitization
Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt of each such report, the Depositor
and each Companion Loan Depositor may review each such report and, if applicable, consult with the each Reporting Servicer as
to the nature of any material instance of noncompliance with the Applicable Servicing Criteria.


 






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(b)          On
the Closing Date, the Servicer, the Special Servicer and the Certificate Administrator each acknowledge and agree that Exhibit
K to this Agreement sets forth the Applicable Servicing Criteria for such party.


 


(c)          No
later than 30 days after the end of each fiscal year for the Trust, the Servicer, the Special Servicer and, for so long as any
Companion Loan Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator
shall notify the Certificate Administrator, the Depositor, each Companion Loan Exchange Act Reporting Party and each Companion
Loan Depositor as to the name of each Servicing Function Participant utilized by it, in each case, and each such notice will specify
what specific Servicing Criteria will be addressed in the report on assessment of compliance prepared by such Servicing Function
Participant. When the Servicer, the Special Servicer and, for so long as any Companion Loan Securitization Trust is subject to
the reporting requirements of the Exchange Act, the Certificate Administrator submit their assessments pursuant to Section
13.8(a) of this Agreement, such parties, as applicable, will also at such time include the assessment (and related attestation
pursuant to Section 13.9) of each Servicing Function Participant engaged by it. The fiscal year for the Trust shall be
January 1 through and including December 31 of each calendar year.


 


(d)          In
the event the Servicer, the Special Servicer or, for so long as any Companion Loan Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Certificate Administrator is terminated or resigns pursuant to the terms of this Agreement,
such party shall provide, and each such party shall cause (or, if the Servicing Function Participant is a Sub-Servicer set forth
on Exhibit W, shall use commercially reasonable efforts to cause) any Servicing Function Participant engaged by it to provide
(and the Servicer, the Special Servicer and the Certificate Administrator shall, with respect to any Servicing Function Participant
that resigns or is terminated under any applicable servicing agreement, cause such Servicing Function Participant to provide)
an annual assessment of compliance pursuant to this Section 13.8, coupled with an attestation as required in Section
13.9 in respect of the period of time that the Servicer, the Special Servicer or, for so long as any Companion Loan Securitization
Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator was subject to this Agreement
or the period of time that the Servicing Function Participant was subject to such other servicing agreement.


 


13.9.          Annual
Independent Public Accountants’ Servicing Report. On or before March 1 of each year, commencing in 2019, the
Servicer, the Special Servicer, the Certificate Administrator and 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 Applicable Servicing
Criteria applicable to it), each at its own expense, shall cause (and each such party, (i) with respect to each Servicing Function
Participant that is a Sub-Servicer set forth on Exhibit W with which it has entered into a servicing relationship with
respect to the Whole Loan, shall use commercially reasonable efforts to cause such Servicing Function Participant to furnish,
and (ii) with respect to any other Servicing Function Participant of such party (other than any party to this Agreement), shall
cause such Servicing Function Participant to furnish) a registered public accounting firm (which may also render other services
to the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the applicable Servicing Function Participant,
as the case may be) and that is a member of the American


 



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Institute
of Certified Public Accountants to furnish a report to the Certificate Administrator (who shall post it to the Certificate Administrator’s
Website pursuant to Section 8.14(b)), the Depositor, the Companion Loan Holders (or, in the case of a Companion Loan that
is part of a Companion Loan Securitization Trust, the applicable Companion Loan Depositor and Companion Loan Exchange Act Reporting
Party) and the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section
8.14(b)), to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting
Servicer, which includes an assessment from such Reporting Servicer of its compliance with the Applicable Servicing Criteria and
(ii) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or
adopted by the Public Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s
assessment of compliance with the Servicing Criteria was fairly stated in all material respects, or it cannot express an overall
opinion regarding such party’s assessment of compliance with the Applicable Servicing Criteria. In the event that an overall
opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such
an opinion. Each accountant’s attestation report required hereunder shall be made in accordance with Rules 1-02(a)(3) and
2-02(g) of Regulation S-X under the Act and the Exchange Act. Such report must be available for general use and not contain restricted
use language. Copies of all statements delivered pursuant to this Section 13.9 shall be made available to any Privileged
Person by the Certificate Administrator posting such statement on the Certificate Administrator’s Website pursuant to Section
8.14(b).


 


For
so long as any Companion Loan Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after
receipt of such report from the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or any Servicing Function
Participant, the Depositor and each Companion Loan Depositor may review the report and, if applicable, consult with the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee as to the nature of any defaults by the Servicer, the Special
Servicer, the Certificate Administrator, the Trustee or any Servicing Function Participant with which it has entered into a servicing
relationship with respect to the Trust Loan or any Companion Loan, as the case may be, in the fulfillment of any of the Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Trustee’s or the applicable Servicing Function
Participants’ obligations hereunder or under the applicable sub-servicing agreement.


 


13.10.          Significant
Obligor. If a Companion Loan Depositor has notified the Servicer and Special Servicer in writing that the Mortgaged
Property 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 a Companion Loan Securitization that includes such Companion Loan, to the extent
that the Servicer is in receipt of the updated financial statements of such “significant obligor” for any calendar
quarter (other than the fourth calendar quarter of any calendar year) from the Mortgagor or Special Servicer, beginning with the
first calendar quarter following receipt of such notice from the Companion Loan Depositor, or the updated financial statements
of such “significant obligor” for any calendar year, beginning for the calendar year following such notice from the
Companion Loan Depositor, as applicable, the Servicer shall deliver to the Companion Loan 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


 



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applicable, (A) if such financial statement receipt occurs 12 or
more Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or 17 or more Business Days prior to
the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as
calculated by the Servicer in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than
12 Business Day prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than 17 Business Days prior to
the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as
reported by the Borrower in such financial statements.


 


13.11.          Sarbanes-Oxley
Backup Certification. For so long as any Companion Loan Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Certificate Administrator, the Servicer, the Special Servicer and the Trustee shall provide (and with
respect to any other Servicing Function Participant of such party, shall cause such Servicing Function Participant to provide)
to the Person who signs the Sarbanes-Oxley Certification with respect to such Companion Loan Securitization Trust (the “Certifying
Person”) no later than March 1 of the year following the year to which the Form 10-K of such Companion Loan Securitization
Trust relates or, if March 1 is not a Business Day, on the immediately following Business Day, a certification in the form attached
to this Agreement as Exhibit X-1, Exhibit X-2, Exhibit X-3 or Exhibit X-4, as applicable, on which
the Certifying Person, the entity for which the Certifying Person acts as an officer, and such entity’s officers, directors
and Affiliates (collectively with the Certifying Person, “Certification Parties”) can reasonably rely. In the
event any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable sub-servicing
agreement or primary servicing agreement, as the case may be, such Reporting Servicer shall provide a certification to the Certifying
Person pursuant to this Section 13.11 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.


 


13.12.          Indemnification.
For so long as the other Trust is subject to the reporting requirements of the Exchange Act, each of the Servicer, the Special
Servicer, the Certificate Administrator and the Trustee shall indemnify and hold harmless the Depositor, each Companion Loan Depositor
and any employee, director or officer of the Depositor or any Companion Loan Depositor from and against any claims, losses, damages,
penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses incurred by such
indemnified party arising out of (i) an actual breach by the Servicer, the Special Servicer, the Certificate Administrator or
the Trustee, as the case may be, of its obligations under this Article 12, (ii) negligence, bad faith or willful misconduct on
the part of the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, in the performance
of such obligations or (iii) delivery of any Deficient Exchange Act Deliverable regarding such party and delivered by or on behalf
of such party.


 


The
Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall cause each Servicing Function Participant
of such party that is not a Sub-Servicer set forth on Exhibit W (and with respect to any Servicing Function Participant
of such party that is a Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to cause such


 



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Servicing
Function Participant) to indemnify and hold harmless the Depositor, each Companion Loan Depositor and any employee, director or
officer of the Depositor or any Companion Loan Depositor from and against any and all claims, losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments and any other costs, fees and expenses incurred by such indemnified
party arising out of (i) a breach of its obligations to provide any of the annual compliance statements or annual servicing criteria
compliance reports or attestation reports pursuant to the applicable sub-servicing agreement, (ii) negligence, bad faith or willful
misconduct its part in the performance of such obligations, (iii) any failure by a Servicing Party (as defined in Section 13.2(b))
to identify a Servicing Function Participant or (d) delivery of any Deficient Exchange Act Deliverable regarding such party and
delivered by or on behalf of such party.


 


If
the indemnification provided for in, or contemplated by, either of the prior two paragraphs is unavailable or insufficient to
hold harmless the Depositor, any Companion Loan Depositor or any employee, director or officer of the Depositor or any Companion
Loan Depositor, then the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Additional Servicer or
other Servicing Function Participant (the “Performing Party”) shall contribute to the amount paid or payable
to the indemnified party as a result of the losses, claims, damages or liabilities of the indemnified party in such proportion
as is appropriate to reflect the relative fault of the indemnified party on the one hand and the Performing Party on the other
in connection with a breach of the Performing Party’s obligations pursuant to this Article 13 (or breach of its obligations
under the applicable sub-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
Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall cause each Servicing Function Participant
of such party that is not a Sub-Servicer set forth on Exhibit W (and with respect to any Servicing Function Participant
of such party that is a Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to cause such Servicing
Function Participant) to agree to the foregoing indemnification and contribution obligations. This Section 13.11 shall
survive the termination of this Agreement or the earlier resignation or removal of the Servicer, the Special Servicer or the Certificate
Administrator.


 


13.13.          Amendments.
This Article 13 may be amended by the parties hereto pursuant to Section 11.1 of this Agreement for purposes of complying
with Regulation AB, the Act or the Exchange Act and/or to conform to standards developed within the commercial mortgage-backed
securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations
or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.


 


13.14.          Termination
of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement, the Depositor
or any Companion Loan Depositor may terminate the Certificate Administrator upon five (5) Business Days’ notice if the Certificate
Administrator fails to comply with any of its obligations under this Article 13; provided that such termination shall not be effective
until a successor Certificate Administrator shall have accepted the appointment.


 






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13.15.          Termination
of Sub-Servicing Agreements. For so long as any Companion Loan Securitization Trust is subject to the reporting requirements
of the Exchange Act, each of the Servicer, the Certificate Administrator and the Trustee, as applicable, shall (i) cause each
Sub-Servicing Agreement to which it is a party to entitle the Depositor or any Companion Loan Depositor to terminate such agreement
(without compensation, termination fee or the consent of any other Person) at any time following any failure of the applicable
Sub-Servicer to any deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver under Regulation AB
or as otherwise contemplated by this Article 13 and (ii) promptly notify the Depositor and any Companion Loan Depositor
following any failure of the applicable Sub-Servicer to deliver any Exchange Act reporting items that such Sub-Servicer is required
to deliver under Regulation AB or as otherwise contemplated by this Article 13. The Depositor and any Companion Loan Depositor
is hereby authorized to exercise the rights described in clause (i) of the preceding sentence in its sole discretion. The
rights of the Depositor and any Companion Loan Depositor to terminate a Sub-Servicing Agreement as aforesaid shall not limit any
right the Servicer, the Certificate Administrator or the Trustee, as applicable, may have to terminate such Sub-Servicing Agreement.


 


13.16.          Notification
Requirements and Deliveries in Connection with Securitization of a Companion Loan. (a) Any other provision of this
Article 13 to the contrary notwithstanding, including, without limitation, any deadlines for delivery set forth in this
Article 13, in connection with the requirements contained in this Article 13 that provide for the delivery of information
and other items to, and the cooperation with, the Companion Loan Depositor and Companion Loan Exchange Act Reporting Party of
any Companion Loan Securitization Trust that includes a Companion Loan, no party hereunder shall be obligated to provide any such
items to or cooperate with such Companion Loan Depositor or Companion Loan Exchange Act Reporting Party (i) until the Companion
Loan Depositor or Companion Loan Exchange Act Reporting Party of such Companion Loan Securitization Trust has provided each party
hereto with not less than 30 days written notice (which shall only be required to be delivered once and each party shall be entitled
to rely on such notice), setting forth the contact information for such Person(s) and, except as regards the deliveries and cooperation
contemplated by Section 13.7, Section 13.8 and Section 13.9 of this Agreement, stating that such Companion
Loan Securitization Trust is subject to the reporting requirements of the Exchange Act, and (ii) specifying in reasonable detail
the information and other items not otherwise specified in this Agreement that are requested to be delivered; provided
that if Exchange Act reporting is being requested, such Companion Loan Depositor or Companion Loan Exchange Act Reporting Party
is only required to provide a single written notice to such effect. Any reasonable cost and expense of the Servicer, Special Servicer,
Trustee and Certificate Administrator in cooperating with such Companion Loan Depositor or Companion Loan Exchange Act Reporting
Party of such Companion Loan Securitization Trust (above and beyond their expressed duties hereunder) shall be the responsibility
of such Companion Loan Depositor or Companion Loan Securitization Trust. The parties hereto shall have the right to confirm in
good faith with the Companion Loan Depositor of such Companion Loan Securitization Trust as to whether applicable law requires
the delivery of the items identified in this Article 13 to such Companion Loan Depositor and Companion Loan Exchange Act
Reporting Party of such Companion Loan Securitization Trust prior to providing any of the reports or other information required
to be delivered under this Article 13 in connection therewith and (i) upon such confirmation, the parties shall comply
with the deadlines for delivery set forth in this Article 13 with respect to such Companion Loan


 



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Securitization Trust or (ii) in the
absence of such confirmation, the parties shall not be required to deliver such items; provided that no such
confirmation will be required in connection with any delivery of the items contemplated by Section 13.7, Section
13.8 and Section 13.9 of this Agreement. Such confirmation shall be deemed given if the Companion Loan Depositor
or Companion Loan Exchange Act Reporting Party for the Companion Loan Securitization Trust provides a written statement to
the effect that the Companion Loan Securitization Trust is subject to the reporting requirements of the Exchange Act and the
appropriate party hereto receives such written statement. The parties hereunder shall also have the right to require that
such Companion Loan Depositor provide them with the contact details of such Companion Loan Depositor, Companion Loan Exchange
Act Reporting Party and any other parties to the Companion Loan Pooling and Servicing Agreement relating to such Companion
Loan Securitization Trust.


 


(b)          Each
of the Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written request
given in accordance with the terms of Section 13.16(a) above, and subject to a right of the Servicer, Special Servicer,
the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure materials, permit the related
Companion Loan Holder to use such party’s description contained in the Offering Circular (updated as appropriate by the
Servicer, the Special Servicer, Certificate Administrator or Trustee, as applicable, at the reasonable cost of the Companion Loan
Depositor) for inclusion in the disclosure materials relating to any securitization of a Companion Loan.


 


(c)          The
Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given in
accordance with the terms of Section 13.16(a) above, shall each timely provide (to the extent the reasonable cost thereof
is paid or caused to be paid by the requesting party) to the Companion Loan Depositor and any underwriters with respect to any
securitization transaction that includes a Companion Loan such opinion(s) of counsel, certifications and/or indemnification agreement(s)
with respect to the updated description referred in Section 13.16(b) with respect to such party, substantially identical
to those, if any, delivered by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as the case may
be, or their respective counsel, in connection with the information concerning such party in the Offering Circular and/or any
other disclosure materials relating to this Trust (updated as deemed appropriate by the Servicer, the Special Servicer, the Trustee
or the Certificate Administrator, or their respective legal counsel, as the case may be, and sufficient to comply with Regulation
AB). None of the Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall be obligated to deliver any
such item with respect to the securitization of a Companion Loan if it did not deliver a corresponding item with respect to this
Trust.


 


[REMAINDER
OF THE PAGE LEFT BLANK; SIGNATURE PAGE FOLLOWS]


 




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IN
WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized
as of the day and year first above written. 





 


	 	NATIXIS
                                         COMMERCIAL MORTGAGE SECURITIES LLC
 (Depositor)
	 	 
	 	By:	/s/
                                         Jerry Tang
			Name:
                                         Jerry Tang
 Title:  
                                         Executive Director



 


	 	By:	/s/
                                         Delphine Clerjaud
			Name:
                                         Delphine Clerjaud
 Title:   Vice President



 








	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION

                                         (Servicer and Special Servicer)
	 	 	 
	 	By:	/s/
                                         Joseph Newell III
			Name:
                                         Joseph Newell III
 Title:   Director



 








	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION

                                         (Certificate Administrator)
	 	 
	 	By:	/s/
                                         Amber Nelson
			Name:
                                         Amber Nelson
 Title:   Assistant Vice President



  


	 	WILMINGTON
                                         TRUST, NATIONAL ASSOCIATION

                                         (Trustee)
	 	 
	 	By:	/s/
                                         Drew Davis
			
                                         Name: Drew
                                         Davis

                                         Title:
                                           Vice President



 





20
TIMES SQUARE TRUST 2018-20TS – TRUST AND SERVICING AGREEMENT



 




     


     


    







 





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


  


On
the 17th day of May 2018, before me, a notary public in and for said State, personally appeared Jerry Tang and Delphine
Clerjaud, each, known to me to be and authorized signatory of Natixis Commercial Mortgage Securities LLC, one of the entities
that executed the within instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged
to me that such entity executed the within instrument.


 


IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.


 





	 	 	/s/ TAMEKA
    F. ANDERSON
	 	 	Notary
    Public
	 	 	 
	 	 	TAMEKA
    F. ANDERSON 

    Notary Public, State of New York 

    Registration #01AN6324831

    Qualified in New York County

	 	 	Commission Expires June
    8, 2019
	[SEAL]	 	 
	 	 	 
	My commission expires:	 	 
	 	 	 
	June 8, 2018	 	 



  


20
TIMES SQUARE TRUST 2018-20TS – TRUST AND SERVICING AGREEMENT


 




     


     


    

 





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





 


On
this 17 day of May 2018, personally appeared before me Joseph Newell III, to me known (or proved to me on the basis of satisfactory
evidence) to be a Director of Wells Fargo Bank, National Association, a national banking association, that executed the within
and foregoing instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said entity, for
the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument, and that by his
signature on the instrument the entity upon behalf of which he acted, executed the instrument.


 





	 	/s/ ERICA L SMITH	 
	 	Notary	 
	 	Name:	 



 


	 	ERICA L SMITH	 
	 	My Commission Expires	 
	 	NOTARY PUBLIC	 
	 	07-20-2022	 
	 	MECKLENBURG COUNTY, NC	 
	 	 	 
	My
Commission expires: 	 	 



 





20
TIMES SQUARE TRUST 2018-20TS – TRUST AND SERVICING AGREEMENT


 




     


     


    

 





	STATE
OF MARYLAND	)	 
	 	)  ss:	 
	COUNTY
OF HOWARD	)	 





 


On
the 16th day of May 2018, before me, a notary public in and for said State,, personally appeared Amber Nelson, known to me to
be an Assistant Vice President of Wells Fargo Bank, National Association, one of the entities that executed the within instrument,
and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed
the within instrument.


 


IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written


 


	 	/s/ ANDREW CREWS
	 	Notary
Public
	 	 
	 	ANDREW CREWS
	 	MY COMMISSION EXPIRES
	 	NOTARY PUBLIC
	 	OCTOBER 27, 2021
	 	CECIL COUNTY, MD








 


20
TIMES SQUARE TRUST 2018-20TS – TRUST AND SERVICING AGREEMENT


 




     


     


    

 





	STATE OF Delaware	)	 
	 	)  ss:	 
	COUNTY
OF New Castle	)	 











 


On
this 16th day of May 2018, before me, the undersigned, a Notary Public in and for the State of state of Delaware,
duly commissioned and sworn, personally appeared Drew H. Davis , to me known who, by me duly sworn, did depose and
acknowledge before me and say that s/he has offices at 1100 North Market Street Wilmington, DE 19890 and that s/he is
the Vice President of Wilmington Trust, National Association, a national banking association, the entity described in and
that executed the foregoing instrument; and that s/he signed her/his name thereto under authority of the board of directors
of said entity and on behalf of such entity.


 


WITNESS
my hand and seal hereto affixed the day and year first above written.


 


	 	/s/ PATRICK A. KANAR
	 	NOTARY
PUBLIC in and for the
	 	State of Delaware



 


	 	 	 
	[SEAL]	PATRICK A. KANAR	 
	 	MY COMMISSION EXPIRES	 
	 	NOTARY	 
	My Commission Expires	PUBLIC	 
	 	12-20-2019	 
	 	STATE OF DELAWAR	 








 


20
TIMES SQUARE TRUST 2018-20TS – TRUST AND SERVICING AGREEMENT


 






     


     


    









 





EXHIBIT
A-1


 


FORM
OF CLASS A CERTIFICATES


 


CLASS
A


 


[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


[THIS
CERTIFICATE IS PART OF THE RR INTEREST FOR THE RELATED SECURITIZATION AND IS SUBJECT TO CERTAIN RESTRICTIONS ON


 



 






 


1       Temporary
Regulation S Global Certificate legend.





 


2       Legend
required as long as DTC is the Depository under the Trust and Servicing Agreement.


 





3       Global
Certificate legend.


 



    Exhibit A-1-1 


     


    

 


TRANSFERS,
HEDGING AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULE.]4 


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER,
THE TRUSTEE, THE INITIAL PURCHASERS, THE LOAN SELLERS, THE CERTIFICATE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE BORROWER AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE UNDERLYING LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, 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 NOT A “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) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7)
OF REGULATION D UNDER THE SECURITIES ACT, 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


 





 






 


4    Legend
required for certificate evidencing any part of the RR Interest.


 






    Exhibit A-1-2 


     


    

 


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) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES
AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933 AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES
BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR CODE SECTION 4975
(OR A SIMILAR NON-EXEMPT VIOLATION OF SIMILAR LAW).


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.


 




    Exhibit A-1-3 


     


    

 


20
TIMES SQUARE TRUST 2018-20TS,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2018-20TS, CLASS A


 


	Pass-Through
    Rate:  Variable	 
	 	 
	First
    Distribution Date:  June 15, 2018	 
	 	 
	Aggregate
    Initial Certificate Balance of the Class A Certificates:  $114,820,000	Rated
    Final Distribution Date:

    May 2035
	 	 
	CUSIP:  U8881L
    AA5

    ISIN:  USU8881LAA535	Initial
                                         Certificate Balance of this 

        Certificate:
        $[__]

         

	CUSIP:
                                         90137L AA8

                                         ISIN: US90137LAA896

         

        CUSIP:
        90137L AB6

        ISIN: US90137LAB627

        No.: A [-1]

         
	 


This
certifies that [Cede & Co.] [[____], in its capacity as Retaining Party in satisfaction of Regulation RR] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class A Certificates. The Trust Fund consists primarily of eight promissory notes secured by the Collateral held in trust
by the Trustee issued by a special purpose entity evidencing a fixed rate loan (the “Trust Loan”). The Trust
Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The
holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and
Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class B, Class C, Class
D, Class E, Class F, Class G, Class H, Class V and Class R Certificates (collectively with the Class A Certificates, the “Certificates”;
the holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of May 23, 2018
(the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee,
and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 





 






 


5       For
Regulation S Global Certificate only.


 


6       For
Certificate sold in reliance on Rule 144A only.


 


7       For
IAI Definitive Certificate only.



 






    Exhibit A-1-4 


     


    

 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in June 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last day of
the calendar month preceding the month in which such Distribution Date occurs or, if such last day is not a Business Day, the
Business Day immediately preceding such date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class A Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.


 


All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in the notice
to Certificateholders of such final distribution.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other
purposes whatsoever, and neither the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate
Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate
Registrar shall be affected by any notice to the contrary.


 


The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be


 



    Exhibit A-1-5 


     


    

 


amended
from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the
written consent of the holders of Certificates of each Class affected by such amendment (including, for the avoidance of doubt,
any Holder of an RR Interest) evidencing, in each case, not less than 51% of the aggregate Percentage Interests constituting the
Class and any Companion Loan Holder if materially and adversely affected, for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights
of the holders of the Certificates; provided, however, that certain specified amendments require the consent of
the holders of all Certificates representing all of the Percentage Interests of the Class or Classes adversely affected thereby
and the consent of any affected Companion Loan Holder. Notwithstanding the foregoing, no amendment to the Trust and Servicing
Agreement may be made that changes in any manner the obligations of the Loan Seller under the Trust and Servicing Agreement or
under the Loan Purchase Agreement without the consent of the Loan Seller, the rights of any Initial Purchaser under the Trust
and Servicing Agreement without the written consent of such Initial Purchaser, or that adversely affects the rights and/or obligations,
if any, of a Companion Loan Holder under the Trust and Servicing Agreement without the consent of such Companion Loan Holder,
and the Certificate Administrator or Trustee may, but will not be obligated to, enter into any amendment to the Trust and Servicing
Agreement that it determines affects its rights, duties or immunities or creates any additional liability for the Certificate
Administrator or Trustee under the Trust and Servicing Agreement. In addition, no amendment may be made to the Trust and Servicing
Agreement unless the Certificate Administrator, the Trustee, the Servicer and the Special Servicer have first received an Opinion
of Counsel (at the expense of the requesting party, if applicable, and otherwise or if at the Trustee’s or the Certificate
Administrator’s request, then at the Trust Fund’s expense) to the effect that the amendment is authorized or permitted
under the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the exercise of any
power granted to the Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator or any other specified
person in accordance with the amendment, will not result in the imposition of any tax on any portion of the Trust or cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a
grantor trust under the Code.


 


The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created thereby with respect to the Certificates (other than (i)
the obligation to make certain payments to the Companion Loan Holders, (ii) the obligation of the Certificate Administrator to
make certain payments to Certificateholders after the final Distribution Date and (iii) the indemnification obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan or the liquidation or abandonment of the Property and all other Collateral for the Whole
Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date hereof.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk


 

 



    Exhibit A-1-6 


     


    

 


Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the
RR Interest, (iii) do not have any duties or liability to the Issuing Entity or to the Holders of any Class of Certificates,
(iv) may take actions that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates
or the RR Interest over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties
hereto, the Certificateholders or any other person (including any Borrower Affiliate) for having acted in accordance with or as
permitted under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing
Holder, the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective
affiliates, directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of
the Certificates in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders
of the Certificates in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms
of and as permitted under the Trust and Servicing Agreement.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.


 




    Exhibit A-1-7 


     


    

 


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


 


Dated: May __, 2018


	 	 
	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, 

                                         not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized
    Officer



 


Certificate
of Authentication


 


This
is one of the Class A Certificates referred to in the Trust and Servicing Agreement.


 


Dated:
May __, 2018

	 	 
	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, 

                                         not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized
    Officer


 


    Exhibit A-1-8 


     


    
 

SCHEDULE
A


 


SCHEDULE
OF EXCHANGES


 


The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:


 




	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 





    Exhibit A-1-9 


     


    
 



ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.


 


I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date:
    __________________





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


 



    Exhibit A-1-10 


     


    


 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.


 


Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This
information is provided by _____________________________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.


 







	 	By:	 
	 	 	[Please
    print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer
    Identification Number:




 



    Exhibit A-1-11 


     


    

 


EXHIBIT
A-2


 


FORM
OF CLASS B CERTIFICATES


 


CLASS
B


 


[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


[THIS
CERTIFICATE IS PART OF THE RR INTEREST FOR THE RELATED SECURITIZATION AND IS SUBJECT TO CERTAIN RESTRICTIONS ON


 





 






 


1       Temporary
Regulation S Global Certificate legend.


 


2       Legend
required as long as DTC is the Depository under the Trust and Servicing Agreement.


 


3       Global
Certificate legend.


 



    Exhibit A-2-1 


     


    

 


TRANSFERS, HEDGING
AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULE.]4


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER,
THE TRUSTEE, THE INITIAL PURCHASERS, THE LOAN SELLERS, THE CERTIFICATE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE BORROWER AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE UNDERLYING LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, 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 NOT A “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) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7)
OF REGULATION D UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS
CLASS B CERTIFICATE IS SUBORDINATED TO THE CLASS A CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT
REFERRED TO HEREIN.


 





 






 


4  Legend
required for certificate evidencing any part of the RR Interest.


 






    Exhibit A-2-2 


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) 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) SUCH PERSON
IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT OF 1933 AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT
CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR CODE SECTION 4975 (OR A SIMILAR NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.


 




    Exhibit A-2-3 


     


    

 


20
TIMES SQUARE TRUST 2018-20TS,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2018-20TS, CLASS B


 


	Pass-Through
    Rate: Variable	 
	 	 
	First
    Distribution Date:  June 15, 2018	 
	 	 
	Aggregate
    Initial Certificate Balance of the Class B Certificates:  $56,880,000	Rated
    Final Distribution Date:

    May 2035
	 	 
	CUSIP:
    U8881L AB3

    ISIN:  USU8881LAB375	Initial
Certificate Balance of this

        Certificate:
        $[__]

         

	CUSIP:
                                         90137L AC4

                                         ISIN: US90137LAC466

         

        CUSIP:
        90137L AD2

        ISIN: US90137LAD297

        No.: B[-1]

         
	 


This
certifies that [Cede & Co.] [[____], in its capacity as Retaining Party in satisfaction of Regulation RR] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class B Certificates. The Trust Fund consists primarily of eight promissory notes secured by the Collateral held in trust
by the Trustee issued by a special purpose entity evidencing a fixed rate loan (the “Trust Loan”). The Trust
Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The
holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and
Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class C, Class
D, Class E, Class F, Class G, Class H, Class V and Class R Certificates (collectively with the Class B Certificates, the “Certificates”;
the holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of May 23, 2018
(the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee,
and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 





 



 


5       For
Regulation S Global Certificate only.


 


6       For
Certificate sold in reliance on Rule 144A only.


 


7       For
IAI Definitive Certificate only.


 







    Exhibit A-2-4 


     


    

 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in June 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last day of
the calendar month preceding the month in which such Distribution Date occurs or, if such last day is not a Business Day, the
Business Day immediately preceding such date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.


 


All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in the notice
to Certificateholders of such final distribution.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other
purposes whatsoever, and neither the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate
Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate
Registrar shall be affected by any notice to the contrary.


 


The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be


 



    Exhibit A-2-5 


     


    

 


amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the written consent of the holders of Certificates of each Class
affected by such amendment (including, for the avoidance of doubt, any Holder of an RR Interest) evidencing, in each case, not
less than 51% of the aggregate Percentage Interests constituting the Class and any Companion Loan Holder if materially and adversely
affected, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or of modifying in any manner the rights of the holders of the Certificates; provided, however,
that certain specified amendments require the consent of the holders of all Certificates representing all of the Percentage Interests
of the Class or Classes adversely affected thereby and the consent of any affected Companion Loan Holder. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the Loan
Seller under the Trust and Servicing Agreement or under the Loan Purchase Agreement without the consent of the Loan Seller, the
rights of any Initial Purchaser under the Trust and Servicing Agreement without the written consent of such Initial Purchaser,
or that adversely affects the rights and/or obligations, if any, of a Companion Loan Holder under the Trust and Servicing Agreement
without the consent of such Companion Loan Holder, and the Certificate Administrator or Trustee may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Certificate Administrator or Trustee under the Trust and Servicing Agreement. In addition,
no amendment may be made to the Trust and Servicing Agreement unless the Certificate Administrator, the Trustee, the Servicer
and the Special Servicer have first received an Opinion of Counsel (at the expense of the requesting party, if applicable, and
otherwise or if at the Trustee’s or the Certificate Administrator’s request, then at the Trust Fund’s expense)
to the effect that the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent
have been met and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator or any other specified person in accordance with the amendment, will not result in
the imposition of any tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.


 


The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created thereby with respect to the Certificates (other than (i)
the obligation to make certain payments to the Companion Loan Holders, (ii) the obligation of the Certificate Administrator to
make certain payments to Certificateholders after the final Distribution Date and (iii) the indemnification obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan or the liquidation or abandonment of the Property and all other Collateral for the Whole
Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date hereof.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk


 



    Exhibit A-2-6 


     


    

 


Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the
RR Interest, (iii) do not have any duties or liability to the Issuing Entity or to the Holders of any Class of Certificates,
(iv) may take actions that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates
or the RR Interest over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties
hereto, the Certificateholders or any other person (including any Borrower Affiliate) for having acted in accordance with or as
permitted under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing
Holder, the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective
affiliates, directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of
the Certificates in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders
of the Certificates in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms
of and as permitted under the Trust and Servicing Agreement.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.





 






    Exhibit A-2-7 


     


    

 


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


 


Dated: May __, 2018


	 	 
	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, 

                                         not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized
    Officer



 


Certificate
of Authentication


 


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


 


Dated:
May __, 2018

	 	 
	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, 

                                         not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized
    Officer


 


    Exhibit A-2-8 


     


    
 

SCHEDULE
A


 


SCHEDULE
OF EXCHANGES


 


The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:

 


	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 





 


    Exhibit A-2-9 


     


    
 



ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.


 


I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date:
    __________________





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


 



    Exhibit A-2-10 


     


    


 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.


 


Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This
information is provided by _____________________________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.


 







	 	By:	 
	 	 	[Please
    print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer
    Identification Number:




 



    Exhibit A-2-11 


     


    

 


EXHIBIT
A-3


 


FORM
OF CLASS C CERTIFICATES


 


CLASS
C


 


[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


[THIS
CERTIFICATE IS PART OF THE RR INTEREST FOR THE RELATED SECURITIZATION AND IS SUBJECT TO CERTAIN RESTRICTIONS ON


 





 






 


1       Temporary
Regulation S Global Certificate legend.


 


2       Legend
required as long as DTC is the Depository under the Trust and Servicing Agreement.


 


3       Global
Certificate legend.


 



    Exhibit A-3-1 


     


    

 


TRANSFERS,
HEDGING AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULE.]4 


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER,
THE TRUSTEE, THE INITIAL PURCHASERS, THE LOAN SELLERS, THE CERTIFICATE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE BORROWER AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE UNDERLYING LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, 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 NOT A “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) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7)
OF REGULATION D UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS
CLASS C CERTIFICATE IS SUBORDINATED TO THE CLASS A AND CLASS B CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 





 



 


4
Legend required for certificate evidencing any part of the RR Interest.


 






    Exhibit A-3-2 


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) 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) SUCH PERSON
IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT OF 1933 AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT
CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR CODE SECTION 4975 (OR A SIMILAR NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.


 




    Exhibit A-3-3 


     


    

 


20
TIMES SQUARE TRUST 2018-20TS,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2018-20TS, CLASS C


 


	Pass-Through
    Rate:  Variable	 
	 	 
	First
    Distribution Date:  June 15, 2018	 
	 	 
	Aggregate
    Initial Certificate Balance of the Class C Certificates:  $50,200,000	Rated
    Final Distribution Date:

    May 2035
	 	 
	CUSIP:  U8881L
    AC1

    ISIN:  USU8881LAC105	Initial
Certificate Balance of this 

        Certificate:
        $[__]

         

	CUSIP:
                                         90137L AE0

                                         ISIN: US90137LAE026

         

        CUSIP:
        90137L AF7

        ISIN: US90137LAF767

        No.: C[-1]

         
	 


This
certifies that [Cede & Co.] [[____], in its capacity as Retaining Party in satisfaction of Regulation RR] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class C Certificates. The Trust Fund consists primarily of eight promissory notes secured by the Collateral held in trust
by the Trustee issued by a special purpose entity evidencing a fixed rate loan (the “Trust Loan”). The Trust
Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The
holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and
Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class B, Class
D, Class E, Class F, Class G, Class H, Class V and Class R Certificates (collectively with the Class C Certificates, the “Certificates”;
the holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of May 23, 2018
(the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee,
and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 





 



 





5       For
Regulation S Global Certificate only.


 


6       For
Certificate sold in reliance on Rule 144A only.


 


7       For
IAI Definitive Certificate only.



 






    Exhibit A-3-4 


     


    

 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in June 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last day of
the calendar month preceding the month in which such Distribution Date occurs or, if such last day is not a Business Day, the
Business Day immediately preceding such date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.


 


All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in the notice
to Certificateholders of such final distribution.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other
purposes whatsoever, and neither the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate
Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate
Registrar shall be affected by any notice to the contrary.


 


The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be


 



    Exhibit A-3-5 


     


    

 


amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the written consent of the holders of Certificates of each Class
affected by such amendment (including, for the avoidance of doubt, any Holder of an RR Interest) evidencing, in each case, not
less than 51% of the aggregate Percentage Interests constituting the Class and any Companion Loan Holder if materially and adversely
affected, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or of modifying in any manner the rights of the holders of the Certificates; provided, however,
that certain specified amendments require the consent of the holders of all Certificates representing all of the Percentage Interests
of the Class or Classes adversely affected thereby and the consent of any affected Companion Loan Holder. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the Loan
Seller under the Trust and Servicing Agreement or under the Loan Purchase Agreement without the consent of the Loan Seller, the
rights of any Initial Purchaser under the Trust and Servicing Agreement without the written consent of such Initial Purchaser,
or that adversely affects the rights and/or obligations, if any, of a Companion Loan Holder under the Trust and Servicing Agreement
without the consent of such Companion Loan Holder, and the Certificate Administrator or Trustee may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Certificate Administrator or Trustee under the Trust and Servicing Agreement. In addition,
no amendment may be made to the Trust and Servicing Agreement unless the Certificate Administrator, the Trustee, the Servicer
and the Special Servicer have first received an Opinion of Counsel (at the expense of the requesting party, if applicable, and
otherwise or if at the Trustee’s or the Certificate Administrator’s request, then at the Trust Fund’s expense)
to the effect that the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent
have been met and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator or any other specified person in accordance with the amendment, will not result in
the imposition of any tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.


 


The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created thereby with respect to the Certificates (other than (i)
the obligation to make certain payments to the Companion Loan Holders, (ii) the obligation of the Certificate Administrator to
make certain payments to Certificateholders after the final Distribution Date and (iii) the indemnification obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan or the liquidation or abandonment of the Property and all other Collateral for the Whole
Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date hereof.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk


 



    Exhibit A-3-6 


     


    

 


Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the
RR Interest, (iii) do not have any duties or liability to the Issuing Entity or to the Holders of any Class of Certificates,
(iv) may take actions that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates
or the RR Interest over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties
hereto, the Certificateholders or any other person (including any Borrower Affiliate) for having acted in accordance with or as
permitted under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing
Holder, the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective
affiliates, directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of
the Certificates in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders
of the Certificates in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms
of and as permitted under the Trust and Servicing Agreement.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.


 




    Exhibit A-3-7 


     


    

 


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


 


Dated: May __, 2018


	 	 
	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, 

                                         not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized
    Officer



 


Certificate
of Authentication


 


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


 


Dated:
May __, 2018

	 	 
	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, 

                                         not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized
    Officer


 


    Exhibit A-3-8 


     


    
 

SCHEDULE
A


 


SCHEDULE
OF EXCHANGES


 


The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:

 


	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 





 


    Exhibit A-3-9 


     


    
 



ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.


 


I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date:
    __________________





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


 



    Exhibit A-3-10 


     


    


 


DISTRIBUTION
INSTRUCTIONS


 


The
Assignee(s) should include the following for purposes of distribution:


 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.


 


Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This
information is provided by _____________________________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.


 







	 	By:	 
	 	 	[Please
    print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer
    Identification Number:




 



    Exhibit A-3-11 


     


    



 


EXHIBIT
A-4


 


FORM
OF CLASS D CERTIFICATES


 


CLASS
D


 


[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


[THIS
CERTIFICATE IS PART OF THE RR INTEREST FOR THE RELATED SECURITIZATION AND IS SUBJECT TO CERTAIN RESTRICTIONS ON


 





 



 


1       Temporary
Regulation S Global Certificate legend.


 


2       Legend
required as long as DTC is the Depository under the Trust and Servicing Agreement.


 


3       Global
Certificate legend.




 






    Exhibit A-4-1


     


    

 


TRANSFERS, HEDGING
AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULE.]4


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER,
THE TRUSTEE, THE INITIAL PURCHASERS, THE LOAN SELLERS, THE CERTIFICATE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE BORROWER AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE UNDERLYING LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, 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 NOT A “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) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS
CLASS D CERTIFICATE IS SUBORDINATED TO THE CLASS A, CLASS B AND CLASS C CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST
AND SERVICING AGREEMENT REFERRED TO HEREIN.


 





 



 


4
Legend required for certificate evidencing any part of the RR Interest.


 






    Exhibit A-4-2


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) 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) SUCH PERSON
IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT OF 1933 AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT
CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR CODE SECTION 4975 (OR A SIMILAR NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.


 






    Exhibit A-4-3


     


    







 


20
TIMES SQUARE TRUST 2018-20TS

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2018-20TS, CLASS D


 


	Pass-Through
    Rate: Variable	 
	First
    Distribution Date: June 15, 2018	 
	Aggregate
    Initial Certificate Balance of the Class D Certificates: $69,630,000	Rated
    Final Distribution Date:

    May 2035
	CUSIP:
    U8881L AD9

    ISIN: USU8881LAD925	Initial
Certificate Balance of this 

        Certificate:
        $[__]

         

	CUSIP:
        90137L AG5

        ISIN: US90137LAG596

         

        CUSIP:
90137L AH3

ISIN: US90137LAH337

No.: D[-1] 
	 


 


This
certifies that [Cede & Co.] [[____], in its capacity as Retaining Party in satisfaction of Regulation RR] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class D Certificates. The Trust Fund consists primarily of eight promissory notes secured by the Collateral held in trust
by the Trustee issued by a special purpose entity evidencing a fixed rate loan (the “Trust Loan”). The Trust
Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The
holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and
Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class B, Class
C, Class E, Class F, Class G, Class H, Class V and Class R Certificates (collectively with the Class D Certificates, the “Certificates”;
the holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of May 23, 2018
(the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee,
and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 





 



 


5       For
Regulation S Global Certificate only.


 


6       For
Certificate sold in reliance on Rule 144A only.


 


7       For
IAI Definitive Certificate only.




 






    Exhibit A-4-4


     


    

 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in June 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last day of
the calendar month preceding the month in which such Distribution Date occurs or, if such last day is not a Business Day, the
Business Day immediately preceding such date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.


 


All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in the notice
to Certificateholders of such final distribution.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other
purposes whatsoever, and neither the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate
Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate
Registrar shall be affected by any notice to the contrary.


 


The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be


 






    Exhibit A-4-5


     


    

 


amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the written consent of the holders of Certificates of each Class
affected by such amendment (including, for the avoidance of doubt, any Holder of an RR Interest) evidencing, in each case, not
less than 51% of the aggregate Percentage Interests constituting the Class and any Companion Loan Holder if materially and adversely
affected, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or of modifying in any manner the rights of the holders of the Certificates; provided, however,
that certain specified amendments require the consent of the holders of all Certificates representing all of the Percentage Interests
of the Class or Classes adversely affected thereby and the consent of any affected Companion Loan Holder. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the Loan
Seller under the Trust and Servicing Agreement or under the Loan Purchase Agreement without the consent of the Loan Seller, the
rights of any Initial Purchaser under the Trust and Servicing Agreement without the written consent of such Initial Purchaser,
or that adversely affects the rights and/or obligations, if any, of a Companion Loan Holder under the Trust and Servicing Agreement
without the consent of such Companion Loan Holder, and the Certificate Administrator or Trustee may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Certificate Administrator or Trustee under the Trust and Servicing Agreement. In addition,
no amendment may be made to the Trust and Servicing Agreement unless the Certificate Administrator, the Trustee, the Servicer
and the Special Servicer have first received an Opinion of Counsel (at the expense of the requesting party, if applicable, and
otherwise or if at the Trustee’s or the Certificate Administrator’s request, then at the Trust Fund’s expense)
to the effect that the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent
have been met and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator or any other specified person in accordance with the amendment, will not result in
the imposition of any tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.


 


The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created thereby with respect to the Certificates (other than (i)
the obligation to make certain payments to the Companion Loan Holders, (ii) the obligation of the Certificate Administrator to
make certain payments to Certificateholders after the final Distribution Date and (iii) the indemnification obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan or the liquidation or abandonment of the Property and all other Collateral for the Whole
Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date hereof.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk


 






    Exhibit A-4-6


     


    

 


Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the RR
Interest, (iii) do not have any duties or liability to the Issuing Entity or to the Holders of any Class of Certificates, (iv)
may take actions that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates or
the RR Interest over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties
hereto, the Certificateholders or any other person (including any Borrower Affiliate) for having acted in accordance with or as
permitted under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing
Holder, the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective
affiliates, directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of
the Certificates in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders
of the Certificates in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms
of and as permitted under the Trust and Servicing Agreement.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.


 






    Exhibit A-4-7


     


    

 

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


 


Dated: May __, 2018


	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized Officer



 


Certificate of Authentication


 


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


 


Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized Officer


 


    Exhibit A-4-8


     


    
 

SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following payments of principal and exchanges
of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 


	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Exhibit A-4-9


     


    
 



ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust.


 


I (we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest
represented by the within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date: __________________





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


 



    Exhibit A-4-10


     


    


 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include the following for purposes of distribution:


 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By:	 
	 	 	[Please print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:




 



    Exhibit A-4-11


     


    


 

EXHIBIT
A-5


 


FORM
OF CLASS E CERTIFICATES


 


CLASS
E


 


[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


[THIS
CERTIFICATE IS PART OF THE RR INTEREST FOR THE RELATED SECURITIZATION AND IS SUBJECT TO CERTAIN RESTRICTIONS ON


 





 



 


1       Temporary
Regulation S Global Certificate legend.


 


2       Legend
required as long as DTC is the Depository under the Trust and Servicing Agreement.


 


3       Global
Certificate legend.




 






    Exhibit A-5-1


     


    

 


TRANSFERS, HEDGING
AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULE.]4


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER,
THE TRUSTEE, THE INITIAL PURCHASERS, THE LOAN SELLERS, THE CERTIFICATE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE BORROWER AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE UNDERLYING LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, 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 NOT A “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) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS
CLASS E CERTIFICATE IS SUBORDINATED TO THE CLASS A, CLASS B, CLASS C AND CLASS D CERTIFICATES AS AND TO THE EXTENT SET FORTH IN
THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.


 





 



 


4
Legend required for certificate evidencing any part of the RR Interest.


 






    Exhibit A-5-2


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) 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) SUCH PERSON
IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT OF 1933 AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT
CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR CODE SECTION 4975 (OR A SIMILAR NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.


 






    Exhibit A-5-3


     


    







 


20
TIMES SQUARE TRUST 2018-20TS,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2018-20TS, CLASS E


 


	Pass-Through
    Rate: Variable	 
	First
    Distribution Date: June 15, 2018	 
	Aggregate
    Initial Certificate Balance of the Class E Certificates: $64,660,000	Rated
    Final Distribution Date:

    May 2035
	 	 
	CUSIP:
    U8881L AE7

    ISIN: USU8881LAE755	Initial
Certificate Balance of this 

        Certificate:
        $[__]

         

	CUSIP:
                                         90137L AJ9

                                         ISIN: US90137LAJ986

         

        CUSIP:
        90137L AK6

        ISIN: US90137LAK617

        No.: E[-1] 
	 


This
certifies that [Cede & Co.] [[____], in its capacity as Retaining Party in satisfaction of Regulation RR] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class E Certificates. The Trust Fund consists primarily of eight promissory notes secured by the Collateral held in trust
by the Trustee issued by a special purpose entity evidencing a fixed rate loan (the “Trust Loan”). The Trust
Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The
holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and
Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class B, Class
C, Class D, Class F, Class G, Class H, Class V and Class R Certificates (collectively with the Class E Certificates, the “Certificates”;
the holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of May 23, 2018
(the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee,
and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 





 



 


5       For
Regulation S Global Certificate only.


 


6       For
Certificate sold in reliance on Rule 144A only.


 


7       For
IAI Definitive Certificate only.




 






    Exhibit A-5-4


     


    

 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in June 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last day of
the calendar month preceding the month in which such Distribution Date occurs or, if such last day is not a Business Day, the
Business Day immediately preceding such date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.


 


All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in the notice
to Certificateholders of such final distribution.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other
purposes whatsoever, and neither the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate
Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate
Registrar shall be affected by any notice to the contrary.


 


The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be


 






    Exhibit A-5-5


     


    

 


amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the written consent of the holders of Certificates of each Class
affected by such amendment (including, for the avoidance of doubt, any Holder of an RR Interest) evidencing, in each case, not
less than 51% of the aggregate Percentage Interests constituting the Class and any Companion Loan Holder if materially and adversely
affected, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or of modifying in any manner the rights of the holders of the Certificates; provided, however,
that certain specified amendments require the consent of the holders of all Certificates representing all of the Percentage Interests
of the Class or Classes adversely affected thereby and the consent of any affected Companion Loan Holder. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the Loan
Seller under the Trust and Servicing Agreement or under the Loan Purchase Agreement without the consent of the Loan Seller, the
rights of any Initial Purchaser under the Trust and Servicing Agreement without the written consent of such Initial Purchaser,
or that adversely affects the rights and/or obligations, if any, of a Companion Loan Holder under the Trust and Servicing Agreement
without the consent of such Companion Loan Holder, and the Certificate Administrator or Trustee may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Certificate Administrator or Trustee under the Trust and Servicing Agreement. In addition,
no amendment may be made to the Trust and Servicing Agreement unless the Certificate Administrator, the Trustee, the Servicer
and the Special Servicer have first received an Opinion of Counsel (at the expense of the requesting party, if applicable, and
otherwise or if at the Trustee’s or the Certificate Administrator’s request, then at the Trust Fund’s expense)
to the effect that the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent
have been met and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator or any other specified person in accordance with the amendment, will not result in
the imposition of any tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.


 


The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created thereby with respect to the Certificates (other than (i)
the obligation to make certain payments to the Companion Loan Holders, (ii) the obligation of the Certificate Administrator to
make certain payments to Certificateholders after the final Distribution Date and (iii) the indemnification obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan or the liquidation or abandonment of the Property and all other Collateral for the Whole
Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date hereof.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk


 






    Exhibit A-5-6


     


    

 


Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the RR
Interest, (iii) do not have any duties or liability to the Issuing Entity or to the Holders of any Class of Certificates, (iv)
may take actions that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates or
the RR Interest over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties
hereto, the Certificateholders or any other person (including any Borrower Affiliate) for having acted in accordance with or as
permitted under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing
Holder, the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective
affiliates, directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of
the Certificates in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders
of the Certificates in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms
of and as permitted under the Trust and Servicing Agreement.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.


 






    Exhibit A-5-7


     


    

 

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


 


Dated: May __, 2018


	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized Officer



 


Certificate of Authentication


 


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


 


Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized Officer


 


    Exhibit A-5-8


     


    
 

SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following payments of principal and exchanges
of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 


	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Exhibit A-5-9


     


    
 



ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust.


 


I (we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest
represented by the within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date: __________________





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


 



    Exhibit A-5-10


     


    


 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include the following for purposes of distribution:


 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By:	 
	 	 	[Please print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:




 



    Exhibit A-5-11


     


    


 


EXHIBIT
A-6


 


FORM
OF CLASS F CERTIFICATES


 


CLASS
F


 


[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


[THIS
CERTIFICATE IS PART OF THE RR INTEREST FOR THE RELATED SECURITIZATION AND IS SUBJECT TO CERTAIN RESTRICTIONS ON


 





 



 


1       Temporary
Regulation S Global Certificate legend.


 


2       Legend
required as long as DTC is the Depository under the Trust and Servicing Agreement.


 


3       Global
Certificate legend.


 






    Exhibit A-6-1


     


    

 


TRANSFERS, HEDGING
AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULE.]4


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER,
THE TRUSTEE, THE INITIAL PURCHASERS, THE LOAN SELLERS, THE CERTIFICATE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE BORROWER AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE UNDERLYING LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, 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 NOT A “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) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS
CLASS F CERTIFICATE IS SUBORDINATED TO THE CLASS A, CLASS B, CLASS C, CLASS D AND CLASS E CERTIFICATES AS AND TO THE EXTENT SET
FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.


 





 



 


4       Legend required for certificate evidencing any part of the RR Interest.






 






    Exhibit A-6-2


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) 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) SUCH PERSON
IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT OF 1933 AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT
CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR CODE SECTION 4975 (OR A SIMILAR NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.


 






    Exhibit A-6-3


     


    







 


20
TIMES SQUARE SECURITIES TRUST 2018-20TS,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2018-20TS, CLASS F


 


	Pass-Through
    Rate: Variable	 
	First
    Distribution Date: June 15, 2018	 
	Aggregate
    Initial Certificate Balance of the Class F Certificates: $85,660,000	Rated
    Final Distribution Date:

    May 2035
	CUSIP:
    U8881L AF4

    ISIN: USU8881LAF415	Initial
Certificate Balance of this 

        Certificate:
        $[__]

         

	CUSIP:
        90137L AL4

        ISIN: US90137LAL456

         

        CUSIP:
90137L AM2

ISIN: US90137LAM287

No.: F[-1] 
	 


 


This
certifies that [Cede & Co.] [[____], in its capacity as Retaining Party in satisfaction of Regulation RR] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class F Certificates. The Trust Fund consists primarily of eight promissory notes secured by the Collateral held in trust
by the Trustee issued by a special purpose entity evidencing a fixed rate loan (the “Trust Loan”). The Trust
Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The
holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and
Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class B, Class
C, Class D, Class E, Class G, Class H, Class V and Class R Certificates (collectively with the Class F Certificates, the “Certificates”;
the holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of May 23, 2018
(the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee,
and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 





 



 


5       For
Regulation S Global Certificate only.


 


6       For
Certificate sold in reliance on Rule 144A only.


 


7       For
IAI Definitive Certificate only.



 






    Exhibit A-6-4


     


    

 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in June 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last day of
the calendar month preceding the month in which such Distribution Date occurs or, if such last day is not a Business Day, the
Business Day immediately preceding such date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class F Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.


 


All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in the notice
to Certificateholders of such final distribution.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other
purposes whatsoever, and neither the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate
Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate
Registrar shall be affected by any notice to the contrary.


 


The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be


 






    Exhibit A-6-5


     


    

 


amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the written consent of the holders of Certificates of each Class
affected by such amendment (including, for the avoidance of doubt, any Holder of an RR Interest) evidencing, in each case, not
less than 51% of the aggregate Percentage Interests constituting the Class and any Companion Loan Holder if materially and adversely
affected, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or of modifying in any manner the rights of the holders of the Certificates; provided, however,
that certain specified amendments require the consent of the holders of all Certificates representing all of the Percentage Interests
of the Class or Classes adversely affected thereby and the consent of any affected Companion Loan Holder. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the Loan
Seller under the Trust and Servicing Agreement or under the Loan Purchase Agreement without the consent of the Loan Seller, the
rights of any Initial Purchaser under the Trust and Servicing Agreement without the written consent of such Initial Purchaser,
or that adversely affects the rights and/or obligations, if any, of a Companion Loan Holder under the Trust and Servicing Agreement
without the consent of such Companion Loan Holder, and the Certificate Administrator or Trustee may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Certificate Administrator or Trustee under the Trust and Servicing Agreement. In addition,
no amendment may be made to the Trust and Servicing Agreement unless the Certificate Administrator, the Trustee, the Servicer
and the Special Servicer have first received an Opinion of Counsel (at the expense of the requesting party, if applicable, and
otherwise or if at the Trustee’s or the Certificate Administrator’s request, then at the Trust Fund’s expense)
to the effect that the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent
have been met and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator or any other specified person in accordance with the amendment, will not result in
the imposition of any tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.


 


The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created thereby with respect to the Certificates (other than (i)
the obligation to make certain payments to the Companion Loan Holders, (ii) the obligation of the Certificate Administrator to
make certain payments to Certificateholders after the final Distribution Date and (iii) the indemnification obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan or the liquidation or abandonment of the Property and all other Collateral for the Whole
Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date hereof.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk


 






    Exhibit A-6-6


     


    

 


Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the RR
Interest, (iii) do not have any duties or liability to the Issuing Entity or to the Holders of any Class of Certificates, (iv)
may take actions that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates or
the RR Interest over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties
hereto, the Certificateholders or any other person (including any Borrower Affiliate) for having acted in accordance with or as
permitted under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing
Holder, the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective
affiliates, directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of
the Certificates in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders
of the Certificates in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms
of and as permitted under the Trust and Servicing Agreement.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.


 






    Exhibit A-6-7


     


    

 

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


 


Dated: May __, 2018


	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized Officer



 


Certificate of Authentication


 


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


 


Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized Officer


 


    Exhibit A-6-8


     


    
 

SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following payments of principal and exchanges
of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 


	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Exhibit A-6-9


     


    
 



ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust.


 


I (we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest
represented by the within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date: __________________





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


 



    Exhibit A-6-10


     


    


 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include the following for purposes of distribution:


 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By:	 
	 	 	[Please print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:




 



    Exhibit A-6-11


     


    




 


EXHIBIT
A-7


 


FORM
OF CLASS G CERTIFICATES


 


CLASS
G


 


[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


[THIS
CERTIFICATE IS PART OF THE RR INTEREST FOR THE RELATED SECURITIZATION AND IS SUBJECT TO CERTAIN RESTRICTIONS ON


 





 



 





1     Temporary
Regulation S Global Certificate legend.


 


2     Legend
required as long as DTC is the Depository under the Trust and Servicing Agreement.


 


3     Global
Certificate legend.


 








    Exhibit A-7-1


    


    

 


TRANSFERS, HEDGING
AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULE.]4


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER,
THE TRUSTEE, THE INITIAL PURCHASERS, THE LOAN SELLERS, THE CERTIFICATE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE BORROWER AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE UNDERLYING LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, 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 NOT A “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) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS
CLASS G CERTIFICATE IS SUBORDINATED TO THE CLASS A, CLASS B, CLASS C, CLASS D, CLASS E AND CLASS F CERTIFICATES AS AND TO THE
EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.


 





 



 


4
     Legend required for certificate evidencing any part of the RR Interest. 


 






    Exhibit A-7-2


    


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF 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 OTHER THAN AN INSURANCE
COMPANY USING ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE
BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA AND CODE
SECTION 4975 UNDER SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER
SIMILAR LAW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.


 




    Exhibit A-7-3


    


    

 


20
TIMES SQUARE TRUST 2018-20TS,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2018-20TS, CLASS G


 


	Pass-Through
    Rate: Variable	 
	First
    Distribution Date: June 15, 2018	 
	Aggregate
    Initial Certificate Balance of the 

Class G Certificates: $94,200,000	Rated
    Final Distribution Date:

    May 2035
	CUSIP:
    U8881L AG2

    ISIN: USU8881LAG245	Initial
Certificate Balance of this

        Certificate:
$[__]

	CUSIP:
        90137L AN0

        ISIN: US90137LAN016

         

        CUSIP:
90137L AP5

ISIN: US90137LAP587

No.: G[-1]
	 


 


This
certifies that [Cede & Co.] [[____], in its capacity as Retaining Party in satisfaction of Regulation RR] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class G Certificates. The Trust Fund consists primarily of eight promissory notes secured by the Collateral held in trust
by the Trustee issued by a special purpose entity evidencing a fixed rate loan (the “Trust Loan”). The Trust
Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The
holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and
Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class B, Class
C, Class D, Class E, Class F, Class H, Class V and Class R Certificates (collectively with the Class G Certificates, the “Certificates”;
the holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of May 23, 2018
(the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee,
and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 





 



 


5
    For Regulation S Global Certificate only.


 


6
    For Certificate sold in reliance on Rule 144A only.


 


7     For
IAI Definitive Certificate only.


 






    Exhibit A-7-4


    


    

 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in June 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last day of
the calendar month preceding the month in which such Distribution Date occurs or, if such last day is not a Business Day, the
Business Day immediately preceding such date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class G Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.


 


All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in the notice
to Certificateholders of such final distribution.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other
purposes whatsoever, and neither the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate
Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate
Registrar shall be affected by any notice to the contrary.


 


The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be


 






    Exhibit A-7-5


    


    

 


amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the written consent of the holders of Certificates of each Class
affected by such amendment (including, for the avoidance of doubt, any Holder of an RR Interest) evidencing, in each case, not
less than 51% of the aggregate Percentage Interests constituting the Class and any Companion Loan Holder if materially and adversely
affected, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or of modifying in any manner the rights of the holders of the Certificates; provided, however,
that certain specified amendments require the consent of the holders of all Certificates representing all of the Percentage Interests
of the Class or Classes adversely affected thereby and the consent of any affected Companion Loan Holder. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the Loan
Seller under the Trust and Servicing Agreement or under the Loan Purchase Agreement without the consent of the Loan Seller, the
rights of any Initial Purchaser under the Trust and Servicing Agreement without the written consent of such Initial Purchaser,
or that adversely affects the rights and/or obligations, if any, of a Companion Loan Holder under the Trust and Servicing Agreement
without the consent of such Companion Loan Holder, and the Certificate Administrator or Trustee may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Certificate Administrator or Trustee under the Trust and Servicing Agreement. In addition,
no amendment may be made to the Trust and Servicing Agreement unless the Certificate Administrator, the Trustee, the Servicer
and the Special Servicer have first received an Opinion of Counsel (at the expense of the requesting party, if applicable, and
otherwise or if at the Trustee’s or the Certificate Administrator’s request, then at the Trust Fund’s expense)
to the effect that the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent
have been met and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator or any other specified person in accordance with the amendment, will not result in
the imposition of any tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.


 


The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created thereby with respect to the Certificates (other than (i)
the obligation to make certain payments to the Companion Loan Holders, (ii) the obligation of the Certificate Administrator to
make certain payments to Certificateholders after the final Distribution Date and (iii) the indemnification obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan or the liquidation or abandonment of the Property and all other Collateral for the Whole
Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date hereof.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk


 






    Exhibit A-7-6


    


    

 


Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the RR
Interest, (iii) do not have any duties or liability to the Issuing Entity or to the Holders of any Class of Certificates, (iv)
may take actions that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates or
the RR Interest over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties
hereto, the Certificateholders or any other person (including any Borrower Affiliate) for having acted in accordance with or as
permitted under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing
Holder, the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective
affiliates, directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of
the Certificates in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders
of the Certificates in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms
of and as permitted under the Trust and Servicing Agreement.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.


 




    Exhibit A-7-7


    


    

 

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


 

Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized Officer



 


Certificate of Authentication


 


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


 


Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized Officer


 


    Exhibit A-7-8


    


    
 

SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following payments of principal and exchanges
of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 





	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Exhibit A-7-9


    


    
 



ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust.


 


I (we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest
represented by the within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date: __________________





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


 



    Exhibit A-7-10


    


    


 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include the following for purposes of distribution:


 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By:	 
	 	 	[Please print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:




 



    Exhibit A-7-11


    


    


 



EXHIBIT
A-8


 


FORM
OF CLASS H CERTIFICATES


 


CLASS
H


 


[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


[THIS
CERTIFICATE IS PART OF THE RR INTEREST FOR THE RELATED SECURITIZATION AND IS SUBJECT TO CERTAIN RESTRICTIONS ON


 





 



 





1
   Temporary Regulation S Global Certificate legend.


 


2   
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.


 


3   
Global Certificate legend.


 






    Exhibit A-8-1


    


    

 


TRANSFERS, HEDGING
AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULE.]4


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER,
THE TRUSTEE, THE INITIAL PURCHASERS, THE LOAN SELLERS, THE CERTIFICATE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE BORROWER AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE UNDERLYING LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, 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 NOT A “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) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS
CLASS H CERTIFICATE IS SUBORDINATED TO THE CLASS A, CLASS B, CLASS C, CLASS D, CLASS E, CLASS F AND CLASS G CERTIFICATES AS AND
TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.


 





 



 


4
   Legend required for certificate evidencing any part of the RR Interest. 


 






    Exhibit A-8-2


    


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF 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 OTHER THAN AN INSURANCE
COMPANY USING ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE
BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA AND CODE
SECTION 4975 UNDER SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER
SIMILAR LAW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.


 




    Exhibit A-8-3


    


    

 


20
TIMES SQUARE TRUST 2018-20TS,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2018-20TS, CLASS H


	Pass-Through
    Rate: Variable	 
	First
    Distribution Date: June 15, 2018	 
	Aggregate
    Initial Certificate Balance of the 

Class H Certificates: $63,950,000	Rated
    Final Distribution Date:

    May 2035
	CUSIP:
    U8881L AH0

    ISIN: USU8881LAH075	Initial
Certificate Balance of this

        Certificate:
$[__]

	CUSIP:
        90137L AQ3

        ISIN: US90137LAQ326

         

        CUSIP:
90137L AR1

ISIN: US90137LAR157

No.: H[-1]
	 


 


This
certifies that [Cede & Co.] [[____], in its capacity as Retaining Party in satisfaction of Regulation RR] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class H Certificates. The Trust Fund consists primarily of eight promissory notes secured by the Collateral held in trust
by the Trustee issued by a special purpose entity evidencing a fixed rate loan (the “Trust Loan”). The Trust
Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The
holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and
Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class B, Class
C, Class D, Class E, Class F, Class G, Class V and Class R Certificates (collectively with the Class H Certificates, the “Certificates”;
the holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of May 23, 2018
(the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee,
and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 


 






 


5     For Regulation S Global Certificate
only.


 


6     For Certificate sold in reliance on
Rule 144A only.


 


7     For
IAI Definitive Certificate only.




 






    Exhibit A-8-4


    


    

 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in June 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last day of
the calendar month preceding the month in which such Distribution Date occurs or, if such last day is not a Business Day, the
Business Day immediately preceding such date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class H Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.


 


All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in the notice
to Certificateholders of such final distribution.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other
purposes whatsoever, and neither the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate
Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate
Registrar shall be affected by any notice to the contrary.


 


The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be


 






    Exhibit A-8-5


    


    

 


amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the written consent of the holders of Certificates of each Class
affected by such amendment (including, for the avoidance of doubt, any Holder of an RR Interest) evidencing, in each case, not
less than 51% of the aggregate Percentage Interests constituting the Class and any Companion Loan Holder if materially and adversely
affected, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or of modifying in any manner the rights of the holders of the Certificates; provided, however,
that certain specified amendments require the consent of the holders of all Certificates representing all of the Percentage Interests
of the Class or Classes adversely affected thereby and the consent of any affected Companion Loan Holder. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the Loan
Seller under the Trust and Servicing Agreement or under the Loan Purchase Agreement without the consent of the Loan Seller, the
rights of any Initial Purchaser under the Trust and Servicing Agreement without the written consent of such Initial Purchaser,
or that adversely affects the rights and/or obligations, if any, of a Companion Loan Holder under the Trust and Servicing Agreement
without the consent of such Companion Loan Holder, and the Certificate Administrator or Trustee may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Certificate Administrator or Trustee under the Trust and Servicing Agreement. In addition,
no amendment may be made to the Trust and Servicing Agreement unless the Certificate Administrator, the Trustee, the Servicer
and the Special Servicer have first received an Opinion of Counsel (at the expense of the requesting party, if applicable, and
otherwise or if at the Trustee’s or the Certificate Administrator’s request, then at the Trust Fund’s expense)
to the effect that the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent
have been met and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator or any other specified person in accordance with the amendment, will not result in
the imposition of any tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.


 


The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created thereby with respect to the Certificates (other than (i)
the obligation to make certain payments to the Companion Loan Holders, (ii) the obligation of the Certificate Administrator to
make certain payments to Certificateholders after the final Distribution Date and (iii) the indemnification obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan or the liquidation or abandonment of the Property and all other Collateral for the Whole
Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date hereof.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk


 






    Exhibit A-8-6


    


    

 


Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the RR
Interest, (iii) do not have any duties or liability to the Issuing Entity or to the Holders of any Class of Certificates, (iv)
may take actions that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates or
the RR Interest over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties
hereto, the Certificateholders or any other person (including any Borrower Affiliate) for having acted in accordance with or as
permitted under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing
Holder, the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective
affiliates, directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of
the Certificates in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders
of the Certificates in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms
of and as permitted under the Trust and Servicing Agreement.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.


 




    Exhibit A-8-7


    


    

 

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


 

Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized Officer



 


Certificate of Authentication


 


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


 


Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized Officer


 


    Exhibit A-8-8


    


    
 

SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following payments of principal and exchanges
of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 





	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Exhibit A-8-9


    


    
 



ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust.


 


I (we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest
represented by the within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date: __________________





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


 



    Exhibit A-8-10


    


    


 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include the following for purposes of distribution:


 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By:	 
	 	 	[Please print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:




 



    Exhibit A-8-11


    


    


 




EXHIBIT
A-9


 


FORM
OF CLASS R CERTIFICATE


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER,
THE TRUSTEE, THE INITIAL PURCHASERS, THE LOAN SELLERS, THE CERTIFICATE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE BORROWER AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE UNDERLYING LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


THIS
CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. EACH TRANSFEREE
OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY
TO DISQUALIFIED ORGANIZATIONS, DISQUALIFIED NON-U.S. PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTION 5.3 OF THE TRUST 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. BECAUSE THIS CERTIFICATE REPRESENTS MULTIPLE “NON-ECONOMIC RESIDUAL INTERESTS”, AS DEFINED
IN TREASURY REGULATIONS SECTION 1.860E-1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.
IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER


 






    Exhibit A-9-1


    


    

 


WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED,
AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM
PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.


 


THIS
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” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, 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 (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT
IF THE TRANSFER IS NOT EXEMPT FROM THE 1933 ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 




    Exhibit A-9-2


    


    

 


20
TIMES SQUARE TRUST 2018-20TS,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2018-20TS, CLASS R


 


	Pass-Through
    Rate: N/A	 
	First
    Distribution Date: June 15, 2018	 
	Percentage
    Interest of the Class R 

Certificates: N/A	Rated
    Final Distribution Date:

    N/A
	CUSIP:
    U8881L AJ6

    ISIN: USU8881LAJ621	 
	CUSIP:
        90137L AS9

        ISIN: US90137LAS972

         

        CUSIP:
90137L AT7

ISIN: US90137LAT703

No.: R-[1]
	 


 


This
certifies that [______] is the registered owner of the percentage interest evidenced by this Certificate in the distributions
to be made from a Trust Fund with respect to the Class R Certificates. The Trust Fund consists primarily of eight promissory notes
secured by a partial interest in the Collateral held in trust by the Trustee issued by a special purpose entity evidencing a fixed
rate loan (the “Trust Loan”). The Trust Fund was created, and the Trust Loan is to be serviced, pursuant to
the Trust and Servicing Agreement (as defined below). The holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby. Also issued under the Trust
and Servicing Agreement are the Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class V Certificates
(collectively with the Class R Certificates, the “Certificates”; the holders of Certificates issued under the
Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of May 23, 2018
(the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee,
and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 





 



 





1    For Regulation S Certificate
only.


 


2    For Certificate sold in reliance
on Rule 144A only.


 


3    For
IAI Definitive Certificate only.




 






    Exhibit A-9-3


    


    

 


This
Class R Certificate represents the sole “residual interest” in two “real estate mortgage investment conduits”,
as those terms are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates
shall be the “tax matters person” pursuant to Treasury Regulations Section 1.860F-4(d) and the “partnership
representative” within the meaning of Section 6223 of the Code (to the extent such provision is applicable to such Trust
REMIC) for the Upper-Tier REMIC and the Lower-Tier REMIC, 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” and/or “partnership
representative” for the Upper-Tier REMIC and the Lower-Tier REMIC.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Trustee.


 


All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last day of the calendar month preceding the month in which such Distribution Date occurs or, if such last day is not a Business
Day, the Business Day immediately preceding such date. Such distributions shall be made on each Distribution Date other than the
Termination Date to each Certificateholder of record on the related Record Date, by wire transfer of immediately available funds
to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
provided that such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business
Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the address set forth therefor in
the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and
surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the
Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.


 


As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Certificate Registrar, and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other
purposes whatsoever, and neither the Certificate


 






    Exhibit A-9-4


    


    

 


Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate
Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate
Registrar shall be affected by any notice to the contrary.


 


The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the written consent of the holders of Certificates of each Class
affected by such amendment (including, for the avoidance of doubt, any Holder of an RR Interest) evidencing, in each case, not
less than 51% of the aggregate Percentage Interests constituting the Class and any Companion Loan Holder if materially and adversely
affected, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or of modifying in any manner the rights of the holders of the Certificates; provided, however,
that certain specified amendments require the consent of the holders of all Certificates representing all of the Percentage Interests
of the Class or Classes adversely affected thereby and the consent of any affected Companion Loan Holder. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the Loan
Seller under the Trust and Servicing Agreement or under the Loan Purchase Agreement without the consent of the Loan Seller, the
rights of any Initial Purchaser under the Trust and Servicing Agreement without the written consent of such Initial Purchaser,
or that adversely affects the rights and/or obligations, if any, of a Companion Loan Holder under the Trust and Servicing Agreement
without the consent of such Companion Loan Holder, and the Certificate Administrator or Trustee may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Certificate Administrator or Trustee under the Trust and Servicing Agreement. In addition,
no amendment may be made to the Trust and Servicing Agreement unless the Certificate Administrator, the Trustee, the Servicer
and the Special Servicer have first received an Opinion of Counsel (at the expense of the requesting party, if applicable, and
otherwise or if at the Trustee’s or the Certificate Administrator’s request, then at the Trust Fund’s expense)
to the effect that the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent
have been met and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator or any other specified person in accordance with the amendment, will not result in
the imposition of any tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.


 


The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created thereby with respect to the Certificates (other than (i)
the obligation to make certain payments to the Companion Loan Holders, (ii) the obligation of the Certificate Administrator to
make certain payments to Certificateholders after the final Distribution Date and (iii) the indemnification obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to


 






    Exhibit A-9-5


    


    

 


Article 10 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan or the liquidation or abandonment of the Property and all other Collateral for the Whole
Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date hereof.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the RR
Interest, (iii) do not have any duties or liability to the Issuing Entity or to the Holders of any Class of Certificates, (iv)
may take actions that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates or
the RR Interest over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties
hereto, the Certificateholders or any other person (including any Borrower Affiliate) for having acted in accordance with or as
permitted under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing
Holder, the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective
affiliates, directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of
the Certificates in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders
of the Certificates in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms
of and as permitted under the Trust and Servicing Agreement.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.


 




    Exhibit A-9-6


    


    

 

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


 

Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized Officer



 


Certificate of Authentication


 


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


 


Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized Officer


 


    Exhibit A-9-7


    


    
 



ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust.


 


I (we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest
represented by the within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date: __________________





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


 



    Exhibit A-9-8


    


    


 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include the following for purposes of distribution:


 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By:	 
	 	 	[Please print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:




 



    Exhibit A-9-9


    


    




 


EXHIBIT
A-10


 


FORM
OF CLASS V CERTIFICATES


 


CLASS
V


 


[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.


 


NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1


 


[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2


 


[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3


 


[THIS
CERTIFICATE IS PART OF THE RR INTEREST FOR THE RELATED SECURITIZATION AND IS SUBJECT TO CERTAIN RESTRICTIONS ON


 





 



 





1     Temporary Regulation S Global Certificate
legend.


 


2     Legend required as long as DTC is
the Depository under the Trust and Servicing Agreement.


 


3     Global
Certificate legend.




 






    Exhibit A-10-1


    


    

 


TRANSFERS, HEDGING
AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULE.]4


 


THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER, THE SERVICER, THE SPECIAL SERVICER,
THE TRUSTEE, THE INITIAL PURCHASERS, THE LOAN SELLERS, THE CERTIFICATE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES (OTHER
THAN THE BORROWER AS SET FORTH IN THE OFFERING CIRCULAR). NEITHER THIS CERTIFICATE NOR THE UNDERLYING LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “U.S.
PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE
904 OF REGULATION S UNDER THE SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY TO AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR AN ENTITY IN
WHICH ALL OF THE EQUITY OWNERS ARE SUCH 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


 





 



 


4    
Legend required for certificate evidencing any part of the
RR Interest. 


 






    Exhibit A-10-2


    


    

 


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 SECTION 406 OF ERISA OR SECTION 4975 OF 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 OTHER THAN AN INSURANCE
COMPANY USING ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE
BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA AND CODE
SECTION 4975 UNDER SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER
SIMILAR LAW.


 


IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE TRUST AND SERVICING AGREEMENT.


 


SUBJECT
TO THE CONDITIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE CERTIFICATES
SET FORTH IN THE TRUST AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V CERTIFICATES, PURSUANT TO THE PROCEDURES SET
FORTH IN THE TRUST AND SERVICING AGREEMENT. 


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN MULTIPLE “REGULAR INTERESTS”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1)
AND 860D.


 




    Exhibit A-10-3


    


    

 


20
TIMES SQUARE TRUST 2018-20TS,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2018-20TS, CLASS V


 


	Pass-Through
    Rate: [__]%. The Class V Certificates will not have a Pass-Through Rate, but will be entitled to receive the Class V Percentage
    Interest of the sum of the interest distributable on the Regular Interests.	 
	First
    Distribution Date: June 15, 2018	Rated
    Final Distribution Date:

    May 2035
	Original
        Aggregate Certificate Balance of the

        Class V Certificates: $600,000,000.

         

        The
original aggregate Certificate Balance of the Class V Certificates is equal to the aggregate of the Regular Interests on the Closing
Date (without giving effect to any exchanges on the Closing Date).
	Aggregate
    Initial Certificate Balance of the Class V Certificates: $0 (subject to exchanges for another Exchangeable Group of Certificates
    pursuant to Section 5.8 of the Trust and Servicing Agreement on or after the Closing Date)
	CUSIP:
    U8881L AK3

    ISIN: USU8881LAK365	Initial
Certificate Balance of this 

        Certificate:
$[__] 

	CUSIP:
        90137L AU4

        ISIN: US90137LAU446

         

        CUSIP:
90137L AV2

ISIN: US90137LAV277

No.: V [-1] 
	 


 


This
certifies that [Cede & Co.] [[____], in its capacity as Retaining Party in satisfaction of Regulation RR] is the registered
owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect
to the Class V Certificates. The Trust Fund consists primarily of eight promissory notes secured by the Collateral held in trust
by the Trustee issued by a special purpose entity evidencing a fixed rate loan (the “Trust Loan”). The Trust
Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The
holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and
Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the


 





 



 





5     For Regulation S Global Certificate
only.


 


6     For Certificate sold in reliance on
Rule 144A only.


 


7     For
IAI Definitive Certificate only.







 






    Exhibit A-10-4


    


    

 


Class A, Class B, Class
C, Class D, Class E, Class F, Class G, Class H and Class R Certificates (collectively with the Class V Certificates, the “Certificates”;
the holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).


 


This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of May 23, 2018
(the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor,
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee,
and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.


 


Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in June 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last day of
the calendar month preceding the month in which such Distribution Date occurs or, if such last day is not a Business Day, the
Business Day immediately preceding such date, an amount equal to such Person’s pro rata share (based on the Percentage
Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest and any Yield Maintenance
Premiums then distributable, if any, allocable to the Class V Certificates for such Distribution Date, all as more fully described
in the Trust and Servicing Agreement.


 


All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in the notice
to Certificateholders of such final distribution.


 


This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.


 


Prior
to due presentation of this Certificate for registration of transfer, the Certificate Administrator, the Trustee, the Servicer,
the Special Servicer, the Certificate Registrar,


 






    Exhibit A-10-5


    


    

 


and any agent of the Certificate Administrator, the Trustee, the Servicer, the
Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of
such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other
purposes whatsoever, and neither the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Certificate
Registrar, nor any agent of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the Certificate
Registrar shall be affected by any notice to the contrary.


 


The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders or the Companion Loan Holders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the written consent of the holders of Certificates of each Class
affected by such amendment (including, for the avoidance of doubt, any Holder of an RR Interest) evidencing, in each case, not
less than 51% of the aggregate Percentage Interests constituting the Class and any Companion Loan Holder if materially and adversely
affected, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust
and Servicing Agreement or of modifying in any manner the rights of the holders of the Certificates; provided, however,
that certain specified amendments require the consent of the holders of all Certificates representing all of the Percentage Interests
of the Class or Classes adversely affected thereby and the consent of any affected Companion Loan Holder. Notwithstanding the
foregoing, no amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the Loan
Seller under the Trust and Servicing Agreement or under the Loan Purchase Agreement without the consent of the Loan Seller, the
rights of any Initial Purchaser under the Trust and Servicing Agreement without the written consent of such Initial Purchaser,
or that adversely affects the rights and/or obligations, if any, of a Companion Loan Holder under the Trust and Servicing Agreement
without the consent of such Companion Loan Holder, and the Certificate Administrator or Trustee may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Certificate Administrator or Trustee under the Trust and Servicing Agreement. In addition,
no amendment may be made to the Trust and Servicing Agreement unless the Certificate Administrator, the Trustee, the Servicer
and the Special Servicer have first received an Opinion of Counsel (at the expense of the requesting party, if applicable, and
otherwise or if at the Trustee’s or the Certificate Administrator’s request, then at the Trust Fund’s expense)
to the effect that the amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent
have been met and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator or any other specified person in accordance with the amendment, will not result in
the imposition of any tax on any portion of the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.


 


The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created thereby with respect to the Certificates (other than (i)
the obligation to


 






    Exhibit A-10-6


    


    

 


make certain payments to the Companion Loan Holders, (ii) the obligation of the Certificate Administrator to
make certain payments to Certificateholders after the final Distribution Date and (iii) the indemnification obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Trust Loan or the liquidation or abandonment of the Property and all other Collateral for the Whole
Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s,
living on the date hereof.


 


By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Holder, the Holders of the
Certificates in the Controlling Class and the Risk Retention Consultation Party (i) may each have special relationships and interests
that conflict with those of Certificateholders of one or more Classes of the Certificates, including owning any interest in the
Mezzanine Loan, (ii) may act solely in its own interests or in the interests of the holders of the Controlling Class or the RR
Interest, (iii) do not have any duties or liability to the Issuing Entity or to the Holders of any Class of Certificates, (iv)
may take actions that favor the interests of the Companion Loans or the interests of one or more Classes of the Certificates or
the RR Interest over other Classes of the Certificates, (v) shall have no liability whatsoever to the Trust, the other parties
hereto, the Certificateholders or any other person (including any Borrower Affiliate) for having acted in accordance with or as
permitted under the terms of this Agreement, and the Certificateholders may not take any action whatsoever against the Directing
Holder, the holders of the Certificates in the Controlling Class, the Risk Retention Consultation Party or any of the respective
affiliates, directors, officers, shareholders, members, partners, agents or principals of the Directing Holder, the holders of
the Certificates in the Controlling Class or the Risk Retention Consultation Party as a result of the Directing Holder, the holders
of the Certificates in the Controlling Class or the Risk Retention Consultation Party having acted in accordance with the terms
of and as permitted under the Trust and Servicing Agreement.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.


 




    Exhibit A-10-7


    


    

 

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


 

Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator



	 	 	 
	 	By:	
	 	 	Authorized Officer



 


Certificate of Authentication


 


This is one of the Class V Certificates referred to in the Trust and Servicing Agreement.


 


Dated: May __, 2018

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent



	 	 	 
	 	By:	
	 	 	Authorized Officer


 


    Exhibit A-10-8


    


    
 

SCHEDULE A


 


SCHEDULE OF EXCHANGES


 


The following payments of principal and exchanges
of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 





	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


    Exhibit A-10-9


    


    
 



ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust.


 


I (we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest
represented by the within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:







	 
	 
	 
	 
	Date: __________________





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


 



    Exhibit A-10-10


    


    


 


DISTRIBUTION INSTRUCTIONS


 


The Assignee(s) should include the following for purposes of distribution:


 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.


 


Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.


 


This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.


 







	 	By:	 
	 	 	[Please print or type name(s)]


 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number




 



    Exhibit A-10-11


    


    




 


EXHIBIT B


 


FORM OF REQUEST FOR RELEASE

(for Custodian)


 


	Loan Information
	 
	 	Name of Mortgagor:	
	 	 	 
	 	[Servicer] [Special Servicer] Loan No.:	
	 	 	 
	Custodian
	 
	 	Name:	Wells Fargo Bank, National Association
	 	 	 
	 	Address:	1055 10th Avenue SE, Minneapolis, Minnesota 55414, Attention: CMBS – 20 Times Square Trust 2018-20TS
	 	 	 
	 	Custodian/Trustee Mortgage File No.:	
	 	 	 
	Depositor
	 
	 	Name:	Natixis Commercial Mortgage Securities LLC
	 	 	 
	 	Address:	
        1251 Avenue of the Americas

        

        New York, New York 10020

        

        Attention: Margaret Lam

        

	 	 	 
	 	Certificates:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates, Series 2018-20TS


 


The undersigned [Servicer]
[Special Servicer] hereby acknowledges that it has received from Wells Fargo Bank, National Association, as custodian (the “Custodian”),
for the Holders of 20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates, Series 2018-20TS, the documents
referred to below (the “Documents”). All capitalized terms not otherwise defined in this Request for Release
shall have the meanings given them in the Trust and Servicing Agreement, dated as of May 23, 2018, by and among Natixis Commercial
Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust,
National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian.


 


	( )	Note [__] dated as of [_______], in the original principal sum of $[_______], made by [_______], payable to, or endorsed to the
order of, the Trustee.




 






    Exhibit B-1 


     


    

 


	( )	Mortgage(s) recorded on ____________ as instrument no. ________ in the County Recorder’s Office of the County of _________,
State of ___________ in book/reel/docket ___________ of official records at page/image ________.




 


	( )	Deed of Trust(s) recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.




 


	( )	Deed to Secure Debt recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.




 


	( )	Other documents, including any amendments, assignments or other assumptions of the Note or the Mortgage.




 





		( )	 	
	 	 		 
		( )		
	 			
		( )	 	 
	 	 	 	 
	 	( )	 	 





 


The undersigned [Servicer]
[Special Servicer] hereby acknowledges and agrees as follows:


 


(1)       The
[Servicer] [Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Custodian, solely
for the purposes provided in the Trust and Servicing Agreement.


 


(2)       The
[Servicer] [Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens,
security interests, charges, writs of attachment or other impositions nor shall the [Servicer] [Special Servicer] assert or seek
to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in the
Trust and Servicing Agreement.


 


(3)       The
[Servicer] [Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless the Whole
Loan has been liquidated or the Whole Loan has been paid in full and the proceeds thereof have been remitted to the Collection
Account except as expressly provided in the Trust and Servicing Agreement.


 


(4)       The
Documents, coming into the possession or control of the [Servicer] [Special Servicer] shall at all times be earmarked for the account
of the Custodian, and the [Servicer] [Special Servicer] shall keep the Documents separate and distinct from all other property
in the [Servicer’s] [Special Servicer’s] possession, custody or control.


 






    Exhibit B-2 


     


    

 





	 	 	 	 	 
		[WELLS FARGO BANK, NATIONAL ASSOCIATION]
	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	Date:  	 	 	 	 


 






    Exhibit B-3 


     


    

 


EXHIBIT C


 


FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE


 


(Exchanges or transfers pursuant to

Section 5.3(c) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar 


600 South
4th Street, 7th Floor MAC N9300-070





Minneapolis,
Minnesota 55479





Attention:
Certificate Transfers – CTS-CMBS – 20 Times Square Trust 2018-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), by and
among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special
Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator
and Custodian. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]) with the
Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested an exchange
or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Global Certificate of such
Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).


 


In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:


 


(1)       the
offer of the Certificates was not made to a person in the United States;


 





 



 


*       Select
appropriate depository.


 






    Exhibit C-1 


     


    

 


[(2)      at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed and believes that the transferee was outside the United States;]**


 


[(2)      the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**


 


(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and


 


(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.


 


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 Servicer, the Special Servicer, the Certificate
Administrator and the Initial Purchasers.








	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 
	 	 	 








cc: Natixis Commercial Mortgage Securities LLC


 








 



**       Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.


 







    Exhibit C-2 


     


    

 


EXHIBIT D


 


FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE


 


(Exchange or transfers pursuant to

Section 5.3(d) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar 


600 South
4th Street, 7th Floor MAC N9300-070 


Minneapolis,
Minnesota 55479 


Attention:
Certificate Transfers – CTS-CMBS – 20 Times Square Trust 2018-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), by and
among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special
Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator
and Custodian. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]) with the
Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested an exchange
or transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such Class (CINS
No. [______], ISIN No. [______], and Common Code No. [______]).


 


In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and, (i) with respect to transfers
made in reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), the Transferor does hereby certify that:


 


(1)       the
offer of the Certificates was not made to a person in the United States,


 






    Exhibit D-1 


     


    

 


[(2)      at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed and believes that the transferee was outside the United States,]*


 


[(2)      the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *


 


(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and


 


(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;


 


or (ii) with respect to transfers
made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates are being transferred
in a transaction permitted by Rule 144 under the Securities Act.**


 


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








	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 
	 	 	 


  


cc: Natixis Commercial Mortgage Securities LLC 


 





 






*         Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.


 





**       Select
(i) or (ii), as applicable.


 







 




    Exhibit D-2 


     


    

 


EXHIBIT E


 


FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD


 


(Exchange or transfers pursuant to

Section 5.3(e) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar 


600 South
4th Street, 7th Floor MAC N9300-070





Minneapolis,
Minnesota 55479





Attention:
Certificate Transfers – CTS-CMBS – 20 Times Square Trust 2018-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), by and
among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special
Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator
and Custodian. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______]
and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______]) through
the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested an
exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global Certificate of such Class
(CUSIP No. [______]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A in each
case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state
of the United States or other applicable jurisdiction.


 





 



*       Select appropriate depository.


 






    Exhibit E-1 


     


    

 


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








	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 
	 	 	 








cc: Natixis Commercial Mortgage Securities LLC


 




    Exhibit E-2 


     


    

 


EXHIBIT F


 


FORM OF CERTIFICATION TO BE GIVEN BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE


 


(Exchanges pursuant to

Section 5.3(f) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar





600 South
4th Street, 7th Floor MAC N9300-070





Minneapolis,
Minnesota 55479





Attention:
Certificate Transfers – CTS-CMBS – 20 Times Square Trust 2018-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), by and
among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special
Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator
and Custodian. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.


 


[For purposes of acquiring
a beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class specified above,]*
the undersigned holder of a beneficial interest in a Temporary Regulation S Global Certificate of the Class specified above
issued under the Trust and Servicing Agreement certifies that it is not a U.S. Person as defined by Regulation S under the
Securities Act of 1933, as amended.


 


We undertake to advise
you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification relating to the
Certificates of the Class specified above held by you for our account if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this certification applies as of such date.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we


 





 



*       Select, as applicable.





 






    Exhibit F-1 


     


    

 


irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator and the Initial Purchasers.








	 	 	 
	 	Dated:______________
	 	 
	 	By:	 
	 	 	as, or as agent for, the holder of a beneficial interest in the
    Certificates to which this certificate relates.


  




    Exhibit F-2 


     


    

 


EXHIBIT G


 


FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE


 


(Exchanges or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar





600 South
4th Street, 7th Floor MAC N9300-070





Minneapolis,
Minnesota 55479





Attention:
Certificate Transfers – CTS-CMBS – 20 Times Square Trust 2018-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), by and
among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special
Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator
and Custodian. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates for
a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:


 


(1)       the
offer of the Certificates was not made to a person in the United States;


 


 






*
   Select appropriate depository.


 






    Exhibit G-1 


     


    

 


[(2)      at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed and believes that the transferee was outside the United States;]**


 


[(2)      the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;] **


 


(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S,
as applicable; and


 


(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.


 


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








	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 
	 	 	 


 


cc: Natixis Commercial Mortgage Securities LLC


 





 



**       Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.


 


 




    Exhibit G-2 


     


    

 


EXHIBIT H


 


FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE


 


(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar





600 South
4th Street, 7th Floor MAC N9300-070





Minneapolis,
Minnesota 55479





Attention:
Certificate Transfers – CTS-CMBS – 20 Times Square Trust 2018-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), by and
among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special
Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator
and Custodian. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates for
a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and Common Code No. [______]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and, (i) with respect to transfers
made in reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), the Transferor does hereby certify that:


 


(1)       the
offer of the Certificates was not made to a person in the United States,


 






    Exhibit H-1 


     


    

 


[(2) at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed and believes that the transferee was outside the United States,]*


 


[(2) the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *


 


(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S,
as applicable, and


 


(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;


 


or (ii) with respect to transfers
made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates are being
transferred in a transaction permitted by Rule 144 under the Securities Act.**


 


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





	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 
	 	 	 











cc: Natixis Commercial Mortgage Securities LLC


 





 



*       Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S. 





**     Select
(i) or (ii), as applicable.


 









    Exhibit H-2 


     


    

 


EXHIBIT I


 


FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE


 


(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


600 South 4th
Street, 7th Floor MAC N9300-070





Minneapolis,
Minnesota 55479





Attention:
Certificate Transfers – CTS-CMBS – 20 Times Square Trust 2018-20TS


 





		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


Reference is hereby made
to the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), by and
among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special
Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator
and Custodian. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.


 


This letter relates to
US $[______] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, and
the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A in each
case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state
of the United States or other applicable jurisdiction.


 


We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we


 






    Exhibit I-1 


     


    

 


irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
and the Initial Purchasers. 





	 	 	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 	 	 
	 	 	 





cc: Natixis Commercial Mortgage Securities LLC


 




    Exhibit I-2 


     


    

 


EXHIBIT J-1


 


FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER
AFFILIATES


 


[Date]


 


Wells Fargo Bank, National
Association,

as Certificate Administrator





9062 Old
Annapolis Road





Columbia,
Maryland 21045





Attention:
Corporate Trust Services (CMBS) – 20 Times Square Trust-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


In accordance with
the Trust and Servicing Agreement dated as of May 23, 2018 (the “Trust Agreement”), by and among Natixis
Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington
Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian,
with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.       The
undersigned is a [Certificateholder] [beneficial owner] [prospective purchaser] of the Class ___ Certificates [the Directing Certificateholder
(to the extent a Subordinate Control Period or a Subordinate Consultation Period is in effect)] [Risk Retention Consultation Party]
[repurchasing Loan Seller].


 


2.       The
undersigned is not the Borrower, the Guarantor (or any replacement guarantor), a general partner or managing member of the Borrower,
the Manager, a Restricted Holder, the Ground Lessee or an agent or Affiliate of the foregoing.


 


3.       The
undersigned is requesting access pursuant to the Trust Agreement to certain information (the “Information”)
on the Certificate Administrator’s website and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Trust Agreement.


 


In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Certificate Administrator, be otherwise disclosed
by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.


 


The undersigned will
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the


 






    Exhibit J-1-1 


     


    

 


“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 Trustee, the Servicer, the Special Servicer, the Certificate Administrator and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.


 


5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust Agreement.


 


BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.


 





	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	[Certificateholder] [Beneficial Owner] [Prospective Purchaser] [Directing Certificateholder] [Risk Retention Consultation Party] [Repurchasing Loan Seller]
	 	 	 	 	 	 	 
	 	By:	 	 	 	 
	 	 	 	 	 	 	 
	 	Name:	 	 
	 	 	 	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 	 	 
	 	Company:	 
	 	 	 	 	 	 	 
	 	Phone:	 	 







  




    Exhibit J-1-2 


     


    

 


EXHIBIT J-2


 


FORM OF INVESTOR CERTIFICATION


 


FOR


 


BORROWER AFFILIATES


 


[Date]


 


Wells Fargo Bank, National
Association,

as Certificate Administrator





9062 Old
Annapolis Road





Columbia,
Maryland 21045





Attention:
Corporate Trust Services-(CMBS) –20 Times Square Trust 2018-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


In accordance with
the requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust
Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association,
as Certificate Administrator and Custodian, with respect to the certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:


 


1.       The
undersigned is a [Certificateholder] [beneficial owner] [prospective purchaser] of the Class ___ Certificates [the Directing Certificateholder
(to the extent a Subordinate Control Period or a Subordinate Consultation Period is in effect)] [the Risk Retention Consultation
Party] [repurchasing loan seller].


 


2.       The
undersigned is a Borrower, the Guarantor (or any replacement guarantor), a general partner or managing member of the Borrower,
the Manager, a Restricted Holder, the Ground Lessee or an agent or Affiliate of the foregoing.


 


3.       The
undersigned is requesting access to the Distribution Date Statement information in accordance with the Trust and Servicing Agreement
(the “Information”) and agrees to keep the Information confidential (except from such outside persons as are
assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
will not, without the prior written consent of the Trustee, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part.


 


 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


 






    Exhibit J-2-1 


     


    

 


“Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


4.       The
undersigned shall be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.


 


5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust Agreement.


 


BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.


 





	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	[Certificateholder] [Beneficial Owner] [Prospective Purchaser] [repurchasing Loan
Seller] 




	 	 	 	 	 	 	 
	 	By:	 	 	 	 
	 	 	 	 	 	 	 
	 	Name:	 	 
	 	 	 	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 	 	 
	 	Company:	 
	 	 	 	 	 	 	 
	 	Phone:	 	 


 







    Exhibit J-2-2 


     


    

EXHIBIT J-3


 


FORM OF CERTIFICATION OF THE RISK RETENTION
CONSULTATION PARTY


 


	Wells Fargo Bank, National Association
 Commercial Mortgage Servicing
 Three Wells Fargo
 401 South Tryon Street, 8th Floor
 MAC D1050-084
 Charlotte, North Carolina 28202
 Attention: 20 Times Square Trust 2018-20TS Asset Manager

                                                                                 
	
        Wells Fargo Bank, National
        Association,

        as Certificate Administrator

        

        9062 Old
        Annapolis Road

        

        Columbia,
        Maryland 21045

        

        Attention: Corporate Trust Services (CMBS) – 

20 Times
        Square Trust-20TS

         

	
        Wells Fargo Bank, National
        Association

        

        Commercial Mortgage Special
        Servicing

        

        Three Wells Fargo

        

        401 South Tryon Street, 8th
        Floor

        

        MAC D1050-084

        

        Charlotte, North Carolina 28202

        

        Attention: 20 Times Square
        Trust 2018-20TS Special Servicing – Dan Marthinsen

         
	
        Wells Fargo Bank, National
        Association,

        as Certificate Registrar

        

        600 South 4th Street,
        7th Floor MAC N9300-070

        

        Minneapolis, Minnesota 55479

        

        Attention: Certificate Transfers – CTS-CMBS – 

20
        Times Square Trust 2018-20TS

         

	
        Natixis Real Estate Capital LLC

        

        1251 Avenue of the Americas

        New York, New York 10020

        Attention: Jerry Tang

        

        E-mail: jerry.tang@natixis.com

         
	
        Wilmington Trust, National Association,

        1100 North Market Street

        

        Wilmington, Delaware 19890

        

        Attention: CMBS Trustee 20
        Times Square Trust 2018-20TS

         



 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


In accordance with
Section 9.5(f) of the Trust and Servicing Agreement, the undersigned hereby certifies and agrees as follows:


 


1.       The
undersigned has been appointed to act as a Risk Retention Consultation Party.


 


2.       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 Trust and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed
by registered mail, postage prepaid.


 


3.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.


 






    Exhibit J-3-1 


     


    

 


BY ITS CERTIFICATION
HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.


 








	 	[RISK RETENTION CONSULTATION
PARTY]
	 	 	 
	 	By:	 
			Name:

Title:


 






Dated: _______


 


cc: Natixis Commercial Mortgage Securities
LLC


 




    Exhibit J-3-2 


     


    

 


EXHIBIT J-4


 


ONLINE MARKET DATA PROVIDER CERTIFICATION


 


Wells Fargo Bank, National
Association,

as Certificate Administrator 


9062 Old
Annapolis Road





Columbia,
Maryland 21045





Attention:
Certificate Transfers – CTS-CMBS – 20 Times Square Trust 2018-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


This Certification
has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction
of the Depositor. If you represent a Market Data Provider not listed herein and would like access to the information, please contact
CTSLink at 866-846-4526, or at ctslink.customerservice@wellsfargo.com.


 


In connection with the
Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust Agreement”), by and among Natixis Commercial
Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust,
National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian, with
respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


		1.	The undersigned is an employee or agent of Bloomberg, L.P., Trepp, LLC or Intex Solutions, Inc.,
a market data provider that has been given access to the Distribution Date Statements, CREFC Reports and supplemental notices on
the Certificate Administrator’s Website by request of the Depositor.



 


		2.	The undersigned agrees that each time it accesses Certificate Administrator’s Website, 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 Certificate Administrator’s Website is for its own use only, and agrees that it will not disseminate or otherwise make
such information available to any other person without the written consent of the Depositor.



 


		4.	The undersigned shall be fully liable for any breach of this agreement by itself or by its officers,
directors, partners, employees, agents or representatives (collectively, the “Representatives”) and shall indemnify
the Depositor, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.



 






    Exhibit J-4-1 


     


    

 


		5.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the Trust and Servicing Agreement.



 




    Exhibit J-4-2 


     


    

 


BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.


 





	 	[_______________________] 
	 	 	 
	 	By:	 
			Name:

Title:


 






    Exhibit J-4-3 


     


    



 


EXHIBIT K


 


APPLICABLE SERVICING CRITERIA


 


The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit K, other than with respect to Item 1122(d)(2)(iii), references to Servicer below shall include any Sub-Servicer engaged
by a Servicer or Special Servicer.


 


	APPLICABLE
    Servicing Criteria 	applicable
    PARTY
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Servicer

        Special Servicer

        Certificate
        Administrator

	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Servicer

        Special Servicer

        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.	Servicer

        Special
        Servicer

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	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.	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.	Servicer
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Servicer

        Special Servicer

        Certificate
        Administrator

	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Servicer

        Special Servicer

        Certificate
        Administrator




 






    Exhibit K-1


     


    

 


	APPLICABLE
    Servicing Criteria 	applicable
    PARTY
	Reference	Criteria	 
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	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.	Servicer

        Special Servicer

         Certificate
        Administrator

	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other
    terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in
    the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Reporting Servicer.	N/A
	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.	N/A
	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.	N/A
	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.	N/A
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Servicer

        Special Servicer

        Custodian

	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	N/A
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Servicer

    Special Servicer
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan
    documents.	Servicer
	1122(d)(4)(v)	The
    Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect
    to an obligor’s unpaid principal balance.	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.	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



 






    Exhibit K-2


     


    

 


	APPLICABLE
    Servicing Criteria 	applicable
    PARTY
	Reference	Criteria	 
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xiv)	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A


 


At all times that the
Servicer and Special Servicer are the same entity, the Servicer and the Special Servicer may provide a combined assessment of compliance
in respect of their combined responsibilities under Section 1122 of Regulation AB.


 






    Exhibit K-3


     


    







 


EXHIBIT L


 


FORM OF CERTIFICATION FOR NRSROs


 


[Date]


 


Wells Fargo Bank, National
Association,

as 17g-5 Information Provider


9062 Old
Annapolis Road


Columbia,
Maryland 21045


Attention:
Corporate Trust Services (CMBS) – 20 Times Square Trust-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


In accordance with
Trust and Servicing Agreement, dated as of May 23, 2018 (the “Agreement”), by and among Natixis Commercial Mortgage
Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National
Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator (solely in such capacity, the
“Certificate Administrator”) and Custodian, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:


 


		[1.	The undersigned is a Rating Agency engaged by the Depositor to rate the Certificates.]



 


		[1.	The undersigned has provided the Depositor with the appropriate certifications under Exchange Act
Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is requesting access pursuant to the
Agreement to certain information (the “Information”) on such 17g-5 website pursuant to the provisions of the
Agreement, and agrees that any confidentiality agreement applicable to the undersigned with respect to the information obtained
from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable to information obtained from the 17g-5
Information Provider’s Website (including without limitation, to any information received by the Depositor for posting on
the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have access to the Depositor’s 17g-5
website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of the confidentiality agreement attached
hereto as Annex A which shall be applicable to it with respect to any information obtained from the 17g-5 Information Provider’s
Website, including any information that is obtained from the section of the 17g-5 Information Provider’s Website that hosts
the Depositor’s 17g-5 website after the Closing Date; and



 


		2.	Agrees that any confidentiality agreement applicable to the undersigned with respect to information
obtained from the Depositor’s 17g-5 website 



 






    Exhibit L-1


     


    

 


		 	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 Trust and Servicing Agreement.


 






    Exhibit L-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.


 





	 	Nationally Recognized Statistical
    Rating Organization



 





	 	Name:	 



 


	 	Title:	 




 



	 	Company:	 



 


	 	Phone:	 



 


Email:


 






    Exhibit L-3


     


    







 


ANNEX A


 


CONFIDENTIALITY AGREEMENT


 


This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with Natixis Commercial Mortgage Securities LLC (together with its affiliates, the
“Furnishing Entities” and each a “Furnishing Entity”) furnishing certain financial, operational,
structural and other information relating to the issuance of the 20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through
Certificates, Series 2018-20TS (the “Certificates”) pursuant to the Trust and Servicing Agreement, dated as
of May 23, 2018 (the “Trust and Servicing Agreement”), between Natixis Commercial Mortgage Securities LLC, as
Depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer and special servicer, Wells
Fargo Bank, National Association, as certificate administrator and Wilmington Trust, National Association, as trustee and the assets
underlying or referenced by the Certificates, including the identity of, and financial information with respect to borrowers, sponsors,
guarantors, managers and lessees with respect to such assets (together, the “Collateral”) to you (the “NRSRO”)
through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Trust 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 Trust 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 Trust 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 L-1


     


    

 


- 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 L-2


     


    

 


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:


 


Natixis Commercial Mortgage Securities LLC

1251 Avenue of the Americas

New York, New York 10020


 






    Exhibit L-3


     


    







 


EXHIBIT M-1


 


FORM OF TRANSFEREE AFFIDAVIT


 


AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED


 





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



 


_______________________, being first duly sworn,
deposes and says:


 


1.       That
he/she is a _______________________ of _______________________ (the “Purchaser”), a duly organized and existing
under the laws of the State of on behalf of _______________________ which he/she makes this affidavit.


 


2.       That
the Purchaser’s Taxpayer Identification Number is .


 


3.       That
the Purchaser is acquiring a 20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificate, Series 2018-20TS, Class
R (the “Residual Certificate”) and, further, that the Purchaser is a Permitted Transferee (as defined in Article
I of the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), entered
into by and among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer
and Special Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate
Administrator and Custodian, or is acquiring the Residual Certificate for the account of, or as agent (including as a broker, nominee,
or other middleman) for, a Permitted Transferee and has received from such person or entity an affidavit substantially in the form
of this affidavit.


 


4.       That
the Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future
and the Purchaser intends to pay taxes associated with holding the Residual Certificate as they become due.


 


5.       That
the Purchaser understands that it may incur tax liabilities with respect to the Residual Certificate in excess of any cash flow
generated by the Residual Certificate.


 


6.       That
the Purchaser will not transfer the Residual Certificate to any person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth in
paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy the
requirements set forth in paragraph 4 hereof.


 


7.       That
the Purchaser is not a Disqualified Non-U.S. Person and is not purchasing the Residual Certificate for the account of, or as an
agent (including as a broker,


 






    Exhibit M-1-1


     


    

 


nominee or other middleman) for, a Disqualified Non-U.S. Person and is otherwise a Permitted Transferee.


 


8.       That
the Purchaser agrees to such amendments of the Trust and Servicing Agreement as may be required to further effectuate the restrictions
on transfer of the Residual Certificate to a “disqualified organization,” an agent thereof, or a person that does not
satisfy the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.


 


9.       That,
if a “tax matters person” or “partnership representative” is required to be designated with respect to
the Upper-Tier REMIC or Lower-Tier REMIC, the Purchaser agrees to act as “tax matters person” and to perform the functions
of “tax matters partner” and “partnership representative” of the Upper-Tier REMIC or Lower-Tier REMIC,
respectively, pursuant to Section 12 of the Trust and Servicing Agreement, and agrees to the irrevocable designation of the Certificate
Administrator as the Purchaser’s agent in performing the function of “tax matters person” and “partnership
representative.”


 


10.       The
Purchaser agrees to be bound by and to abide by the provisions of Section 5.3 of the Trust and Servicing Agreement concerning registration
of the transfer and exchange of the Residual Certificate.


 


11.       The
Purchaser will not cause income from the Residual Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Person.


 


12.       Check
the applicable paragraph:


 


☐        The
present value of the anticipated tax liabilities associated with holding the Residual Certificate, as applicable, does not exceed
the sum of:


 


(i)         the
present value of any consideration given to the Purchaser to acquire such Residual Certificate;


 


(ii)        the
present value of the expected future distributions on such Certificate; and


 


(iii)       the
present value of the anticipated tax savings associated with holding such Residual Certificate as the related REMIC generates losses.


 


For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but the tax rate in Code
Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the Purchaser has been subject to
the alternative minimum tax under Code Section 55 in the preceding two years and will compute its taxable income in the current
taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short
term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the compounding period used by the Purchaser.


 






    Exhibit M-1-2


     


    

 


☐        The
transfer of the Residual Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,


 


(i)       the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Residual Certificate will only be taxed in the United States;


 


(ii)       at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;


 


(iii)       the
Purchaser will transfer the Residual Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and


 


(iv)       the
Purchaser determined the consideration paid to it to acquire the Residual Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.


 


☐        None
of the above.


 


Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Trust and Servicing Agreement.


 


IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be executed on its behalf by its _______________________ this __ day of _______, 20__.





	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


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 __.


 






    Exhibit M-1-3


     


    

____________________________________


NOTARY PUBLIC


 


COUNTY OF _________________________


 


STATE OF     _________________________


 


My commission expires the __ day of ________,
20__.


 






    Exhibit M-1-4


     


    







 


EXHIBIT M-2


 


FORM OF TRANSFEROR LETTER


 


[Date]


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


600 South
4th Street, 7th Floor MAC N9300-070


Minneapolis,
Minnesota 55479


Attention:
Certificate Transfers – CTS-CMBS – 20 Times Square Trust 2018-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


Ladies and Gentlemen:


 


[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Trust and Servicing Agreement defined in the attached affidavit) and has no actual knowledge
or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor] relating to
the transfer of the Class R Certificate by [Transferor] to [Transferee] is or will be to impede the assessment of any tax.





	 	 	 
	 	Very truly yours,
	 	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:











 






    Exhibit M-2-1


     


    

 


EXHIBIT M-3


 


FORM OF ERISA REPRESENTATION LETTER


 


[Date]


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


600 South
4th Street, 7th Floor MAC N9300-070


Minneapolis,
Minnesota 55479


Attention: CTS-CMBS – 20 Times Square Trust 2018-20TS



Wells Fargo Bank, National Association,


as Certificate Administrator


9062 Old Annapolis Road


Columbia, Maryland 21045


Attention: Corporate Trust Services (CMBS) – 20 Times
Square Trust-20TS



Natixis Commercial Mortgage Securities LLC


1251 Avenue of the Americas


New York, New York 10020


Attention: Margaret Lam


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [G] [H] [R] 



 


Ladies and Gentlemen:


 


The undersigned (the
“Purchaser”) proposes to purchase [$[____] Initial
Certificate Balance] [[__]% Percentage Interest] in the Commercial Mortgage Pass-Through Certificates, 2018-20TS, Class [G] [H]
[V] [R], CUSIP No. _____ (the “Certificates”), issued pursuant to the Trust and Servicing Agreement, dated as
of May 23, 2018 (the “Trust and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC,
as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wilmington Trust, National Association,
as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator and Custodian. All capitalized terms used
herein and not otherwise defined shall have the meaning set forth in the Trust and Servicing Agreement. The Purchaser hereby certifies,
represents and warrants to, and covenants with, the Depositor and the Certificate Administrator that:


 


In connection with such
transfer, the undersigned hereby represents and warrants to you that, with respect to the Certificate, the Purchaser is not and
will not become an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”)
or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
or a governmental plan (as defined in Section 3(32) of ERISA) or other plan that is subject to any federal, state or local law
that is, to a


 






    Exhibit M-3-1


     


    

 


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 Certificate, other than, in the case
of the Class G, Class H or Class V Certificates, an insurance company using assets of its general account under circumstances whereby
such purchase and the subsequent holding of such Certificates by such insurance company would be exempt from the prohibited transaction
provisions of Sections 406 and 407 of ERISA and Code Section 4975 under Sections I and III of U.S. Department of Labor Prohibited
Transaction Class Exemption 95-60, or a substantially similar exemption under Similar Law.


 






    Exhibit M-3-2


     


    







 


IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on this __ day of _____, 20 __.





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








 






    Exhibit M-3-3


     


    

 


EXHIBIT M-4


 


Form
of Transferee CERTIFICATE FOR TRANSFERS 

OF RR Interest


 


[Date]


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


600 South
4th Street, 7th Floor MAC N9300-070


Minneapolis,
Minnesota 55479


Attention: Certificate Transfers
- CTS-CMBS – 20 Times Square Trust 2018-20TS


 


Natixis Real Estate Capital LLC,


1251 Avenue of the Americas,


New York, New York 10020


Attention: Real Estate Administration


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] Commercial Mortgage Pass Through Certificates, Series 2018-20TS (the “Certificates”)
issued pursuant to the Trust and Servicing Agreement (the “Trust and Servicing Agreement”), dated as of May
23, 2018, by and among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer
and Special Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate
Administrator



 


[_____] (the “Purchaser”)
hereby certifies, represents and warrants to you, as Certificate Registrar and as “retaining sponsor” as such term
is defined in Regulation RR, that:


 


		1.	The Purchaser is acquiring $[_____] Certificate Balance of the Class [__] Certificates evidencing
the RR Interest from [_____] (the “Transferor”).



 


		2.	The Purchaser is aware that the Certificate Registrar will not register any transfer of a Certificate
evidencing the RR Interest by the Transferor unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate
Registrar, among other things, a certificate in substantially the same form as this certificate. The Purchaser expressly agrees
that it will not consummate any such transfer if it knows or believes that any representation contained in such certificate is
false.



 


		3.	If the Purchaser is (i) a Plan subject to ERISA or Section 4975 of the Code relying on PTE 89-90
or (ii) an insurance company general account relying on Sections I and III of PTCE 95-60, (a) all of the conditions of Prohibited
Transaction Exemption 89-90 or 



 






    Exhibit M-4-1


     


    

 


Sections I and III of PTCE 95-60, as applicable, will be satisfied with respect to the acquisition
of the Certificate evidencing the RR Interest and (b) the acquisition of such Certificate evidencing the RR Interest will be effected
through Natixis Securities Americas LLC, Credit Suisse Securities (USA) LLC or an affiliate thereof.


 


		4.	Check one of the following:



 


☐        The
Purchaser certifies, represents and warrants to you, as Certificate Registrar, that the transfer will occur during the RR Interest
Transfer Restriction Period and that:


 


		A.	The Purchaser is a “majority-owned affiliate”, as such term is defined in Regulation
RR, of the Transferor (a “Majority-Owned Affiliate”).



 


		B.	The Purchaser is not acquiring the Certificate evidencing the RR Interest as a nominee, trustee
or agent for any person that is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the RR Interest,
it will remain a Majority-Owned Affiliate.



 


		C.	The Purchaser will be bound by the Credit Risk Retention Agreement, by and between Natixis Real
Estate Capital LLC and Natixis Commercial Mortgage Securities LLC, dated and effective as of May 9, 2018 (the “Credit
Risk Retention Agreement”) as if it were party to such agreement.



 


		D.	The Purchaser hereby makes each representation set forth in Section 4 of the Credit Risk Retention
Agreement.



 


		E.	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 its ownership of the RR Interest will satisfy the
risk retention requirements of the Transferor, in its capacity as [sponsor][originator] under Regulation RR.



 


☐        The
Purchaser certifies, represents and warrants to you, as Certificate Registrar, that the transfer will occur after the termination
of the RR Interest Transfer Restriction Period.


 


Capitalized terms
used but not defined herein have the meanings assigned thereto in the Trust and Servicing Agreement.


 


IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this [__] day
of [____], 20[__].





	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:








 






    Exhibit M-4-2


     


    

 


The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:


 


Natixis Real Estate Capital LLC





	 	 	 	 
	 	 By:	 	 
	 	 	Name:	 
	 	 	Title:	 



 


[Medallion
Stamp Guarantee]


 






    Exhibit M-4-3


     


    







 


EXHIBIT M-5


 


FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS


OF RR INTEREST


 


[Date]


 


Wells Fargo Bank, National
Association,

as Certificate Registrar


600 South
4th Street, 7th Floor MAC N9300-070


Minneapolis,
Minnesota 55479


Attention: Certificate Transfers
- CTS-CMBS – 20 Times Square Trust 2018-20TS


 


Natixis Real Estate Capital LLC,


1251 Avenue of the Americas,


New York, New York 10020


Attention: Real Estate Administration


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS (the “Certificates”)



 


Ladies and Gentlemen:


 


This is delivered
to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of $[_____] Certificate Balance of the Class [__] Certificates evidencing the RR Interest. The Certificates were issued pursuant
to the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), by and
among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special
Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator.
All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing
Agreement. The Transferor hereby certifies, represents and warrants to you that:


 


		1.	The transfer is in compliance with Sections 5.01, 5.02 and 5.03 of the Trust and Servicing Agreement.



 


		2.	If the Transferee is (i) a Plan subject to ERISA or Section 4975 of the Code relying on PTE 89-90
or (ii) an insurance company general account relying on Sections I and III of PTCE 95-60, (a) all of the conditions of Prohibited
Transaction Exemption 89-90 or Sections I and III of PTCE 95-60, as applicable, will be satisfied with respect to the acquisition
of the Certificate evidencing the RR Interest and (b) the acquisition of such Certificate evidencing the RR Interest will be effected
through Natixis Securities Americas LLC, Credit Suisse Securities (USA) LLC or an affiliate thereof.



 


		3.	Check one of the following:



 






    Exhibit M-5-1


     


    

 


		☐	The Transferor certifies, represents and warrants to you that the transfer will occur during the
RR Interest Transfer Restriction Period and that:



 


		A.	The transfer is in compliance with the Credit Risk Retention Agreement, between Natixis Real Estate
Capital LLC and Natixis Commercial Mortgage Securities LLC, dated and effective as of May 9, 2018 (the “Credit Risk Retention
Agreement”).



 


		B.	The Transferee is a “majority-owned affiliate”, as such term is defined in Regulation
RR, of the Transferor.



 


		C.	All of the representations and warranties made by the Transferor in the Credit Risk Retention Agreements
are true and correct as of the date of the transfer.



 


		☐	The Transferor certifies, represents and warrants to you that the transfer will occur after the
termination of the RR Interest Transfer Restriction Period.



 


		4.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in
the form attached to the Trust and Servicing Agreement as Exhibit D-3. The Transferor does not know or believe that any
representation contained therein is false.



 


IN WITNESS WHEREOF,
the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this [__] day
of [____], 20[__].


	 	 	 
	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:





 


The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:


 


Natixis Real Estate Capital LLC





	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 


 






    Exhibit M-5-2


     


    

 


[Medallion Stamp Guarantee]


 






    Exhibit M-5-3


     


    







 


EXHIBIT M-6


 


FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS


 


[Date]


 




Natixis Commercial Mortgage Securities LLC

1251 Avenue of the Americas

New York, New York 10020

Attention: Margaret Lam


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage
Pass-through Certificates, Series 2018-20TS



 


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 Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust
and Servicing Agreement”) and executed in connection with the 20 Times Square Trust 2018-20TS securitization transaction.
All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing
Agreement. The Transferee 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 with respect to the Mortgage Loan for which _________________
is the Master Servicer (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 M-6-1


     


    

 





	 	 	 
	 	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:	 








 






    Exhibit M-6-2


     


    

 


EXHIBIT M-7


 


FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS


 


[Date]


 


Natixis Commercial Mortgage Securities LLC

1251 Avenue of the Americas

New York, New York 10020

Attention: Margaret Lam


 


Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 S. Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: 20 Times Square 2018-20TS Asset Manager


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-through Certificates, Series 2018-20TS 



 


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 Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust
and Servicing Agreement”) and executed in connection with the 20 Times Square Trust 2018-20TS securitization transaction.
All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust 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 with respect to the Whole Loan as to which __________________
is the applicable Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and
not with a view to or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which
would violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities
laws.


 


2.       The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor


 






    Exhibit M-7-1


     


    

 


substantially in the form attached
as Exhibit P-1 to the Trust 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 P-2 to the Trust 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 3.17 of the Trust 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 Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Whole Loan, 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 are “accredited investors” as defined in any of paragraphs (1),
(2), (3) and (7) of Rule 501(a) under the Securities Act. 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 Trust and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a


 






    Exhibit M-7-2


     


    

 


violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives 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 Trust and Servicing
Agreement except as set forth in Section 3.12(a) of the Trust and Servicing Agreement, and that the Excess Servicing Fee Rate may
be reduced to the extent provided in the Trust and Servicing Agreement.


 


	 	 	 
	 	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:











 






    Exhibit M-7-3


     


    

 


EXHIBIT N


 


Custodial
Certificate


 


[_____], 20[_]


 


Natixis Commercial Mortgage Securities LLC


1251 Avenue of the Americas


New York, New York 10020


Attention: Margaret Lam


 


[Wells Fargo Bank, National Association


Commercial Mortgage Servicing


Three Wells Fargo

401 South Tryon Street, 8th Floor


MAC D1050-084

Charlotte, North Carolina 28202

Attention: 20 Times Square Trust 2018-20TS Asset Manager]


 


[Wells Fargo Bank, National Association

Commercial Mortgage Special Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: 20 Times Square Trust 2018-20TS Special Servicing – Dan Marthinsen]


 


[Wilmington Trust, National Association,


1100 North Market Street


Wilmington, Delaware 19890


Attention: CMBS Trustee 20 Times Square Trust 2018-20TS]


 


		Re:	This Trust and Servicing Agreement (“Agreement”)
is dated as of May 23, 2018, among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association,
as Certificate Administrator and Custodian 



 


Ladies and Gentlemen:


 


In accordance
with the provisions of Section 2.2 (b) of the Trust and Servicing Agreement, dated as of May 23, 2018, please find the required
60 day review exception report. The undersigned hereby certifies that, subject to any exceptions found by it in such review, that
(A) all documents referred to in Section 2.1(b) have been received, and (B) all documents have been executed, appear to
be what they purport to be, purport to be recorded or filed (as


 






    Exhibit N-1


     


    

 


applicable) and have not been torn, mutilated or otherwise defaced,
and appear on their faces to relate to the Whole Loan.


 


The undersigned shall
have no responsibility for reviewing the Mortgage File except as expressly set forth in Section 2.2(b) and shall be under
no duty or obligation to inspect, review, or examine any such documents, instruments or certificates to independently determine
that they are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose, whether
the text of any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the
requirements of Section 2.1(b)), whether any document has been recorded in accordance with the requirements of any applicable
jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office, that
any document is other than what it purports to be on its face, or whether the title insurance policies relate to the Properties.


 


The undersigned makes
no representations as to: (i) the validity, legality, sufficiency, enforceability or genuineness of any such documents contained
in Mortgage File or the Whole Loan, or (ii) the collectability, insurability, effectiveness or suitability of such Whole Loan.


 


Capitalized
words and phrases used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Trust
and Servicing Agreement. This Certificate is subject in all respects to the terms of the Trust and Servicing Agreement.





	 	 	 
	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION,

not in its individual capacity but solely as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:








 






    Exhibit N-2


     


    

 


SCHEDULE OF EXCEPTIONS


 


(See Attached Report)


 






    Exhibit N-3


     


    







 


EXHIBIT O


 


FORM OF FINAL
Custodial Certificate





[_____], 20[_]


 




Natixis Commercial Mortgage Securities LLC


1251 Avenue of the Americas


New York, New York 10020


Attention: Margaret Lam


 


[Wells Fargo Bank, National Association


Commercial Mortgage Servicing


Three Wells Fargo

401 South Tryon Street, 8th Floor


MAC D1050-084

Charlotte, North Carolina 28202

Attention: 20 Times Square Trust 2018-20TS Asset Manager]


 


[Wells Fargo Bank, National Association

Commercial Mortgage Special Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: 20 Times Square Trust 2018-20TS Special Servicing – Dan Marthinsen]


 


[Wilmington Trust, National Association,


1100 North Market Street


Wilmington, Delaware 19890


Attention: CMBS Trustee 20 Times Square Trust 2018-20TS]


 


		Re:	This Trust and Servicing Agreement (“Agreement”)
is dated as of May 23, 2018, among Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association,
as Servicer and Special Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association,
as Certificate Administrator and Custodian 



 


Ladies and Gentlemen:


 


In accordance
with the provisions of Section 2.2 (c) of the Trust and Servicing Agreement, dated as of May 23, 2018, please find the required
final exception report as to any remaining documents that are not in the Mortgage File.


 


The undersigned
makes no representations as to: (i) the validity, legality, sufficiency, enforceability or genuineness of any such documents contained
in Mortgage File or


 






    Exhibit O-1


     


    

 


the Whole Loan, or (ii) the collectability, insurability, effectiveness or suitability of such Whole Loan.


 


Capitalized
words and phrases used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Trust
and Servicing Agreement. This Certificate is subject in all respects to the terms of the Trust and Servicing Agreement.


	 	 	 
	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION,

not in its individual capacity but solely as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:














 






    Exhibit O-2


     


    

 


SCHEDULE OF EXCEPTIONS


 


(See Attached Report)


 






    Exhibit O-3


     


    







 


EXHIBIT P


 


FORM OF NOTICE OF MEZZANINE EQUITY COLLATERAL
FORECLOSURE


 


Wells Fargo Bank, National
Association,

as Certificate Administrator


9062 Old
Annapolis Road


Columbia,
Maryland 21045


Attention:
Corporate Trust Services (CMBS) – 20 Times Square Trust-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


In accordance with
the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), by and among
Natixis Commercial Mortgage Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and Special Servicer,
Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator and
Custodian, with respect to the above-referenced certificates, the undersigned, in its capacity as Special Servicer, hereby notifies
you that (a) an event of default has occurred giving rise to an automatic acceleration of the Mezzanine Loan or the right of the
lender thereunder to accelerate the Mezzanine Loan, (b) as to which foreclosure proceedings against the related Mezzanine Loan
collateral have been initiated or (c) as to which foreclosure proceedings against the related collateral for a Junior Equity Pledge
have been initiated, as described below:


 


[__________________]]
1


 


As set forth in the
Trust and Servicing Agreement, you are required to cause the related Mezzanine Lender, or its Affiliates, to re-submit any Investor
Certification previously delivered by such Mezzanine Lender, prior to allowing it access to the information on the Certificate
Administrator’s Website, to the extent such information is accessible only to Privileged Persons.


 


Capitalized terms used
but not defined herein shall have the meanings ascribed thereto in the Trust and Servicing Agreement.


 





 






1
If this Exhibit P is being submitted with respect to a subordinate mezzanine lender other than a Mezzanine Lender in connection
with another subordinate mezzanine loan secured by equity interests in the Borrower or other owner of the Property, replace the
bracketed text with a description of the applicable subordinate mezzanine financing agreement under which such other subordinate
mezzanine lender is pursuing remedies.


 






    Exhibit P-1


     


    







 


	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Special Servicer
	 	 	 
	 	 	Name:
	 	 	Title:














 






    Exhibit P-2


     


    

 


EXHIBIT Q


 


FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR SERVICER AND 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 Wilmington Trust, National
Association, a national banking association, incorporated and existing under the laws of the United States, having its usual place
of business at 1100 North Market Street, Wilmington, Delaware 19890 as Trustee (the “Trustee”) pursuant to that
Trust and Servicing Agreement dated as of [___] (the “Agreement”) by and among [______________], and the Trustee
hereby constitutes and appoints the [Servicer] [Special Servicer], by and through the [Servicer] [Special Servicer] officers, the
Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit,
in connection with the mortgage loan (the “Mortgage Loan”) serviced by the [Servicer] [Special Servicer] and
the property (“[REO] Property”) administered by the [Servicer] [Special Servicer] pursuant to the Agreement,
to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate
to effectuate the enumerated transactions described in items 1 through 12 below with respect to the Mortgage Loan and [REO] Property;
provided however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact if such documents
are required or permitted under the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings
set forth in the Agreement.


 


		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing the Mortgage Loan.



 


		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting the Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that (i) said modification or re-recording, in either instance,
does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions of
the Agreement.



 


		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company of 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.



 






    Exhibit Q-1


     


    

 


		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real
estate owned, or conveyance of title to real estate owned.



 


		5.	The completion of loan assumption agreements.



 


		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.



 


		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the mortgage
loan secured and evidenced thereby.



 


		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.



 


		9.	The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:



 


		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and the deed of trust;



 


		b.	the preparation and issuance of statements of breach or non-performance;



 


		c.	the preparation and filing of notices of default and/or notices of sale;



 


		d.	the cancellation/rescission of notices of default and/or notices of sale;



 


		e.	the taking of deed in lieu of foreclosure;



 


		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage
Notes, Mortgages or deeds of trust;



 


		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;



 


		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee in quiet title actions; and



 






    Exhibit Q-2


     


    

 


		i.	the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms
of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.



 


		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:



 


		a.	listing agreements;



 


		b.	purchase and sale agreements;



 


		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase same;



 


		d.	escrow instructions; and



 


		e.	any and all documents necessary to effect the transfer of property.



 


		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property or reserves for replacement
of personal property.



 


		12.	The execution and delivery of the following:



 


		a.	any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien
created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related Property and other
related collateral;



 


		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or of partial or full
defeasance, and all other comparable instruments; and



 


		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests
in borrowers, consents to any subordinate financings to be secured by the 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 Property[, REO Property] or otherwise, documents relating to the management, operation,
maintenance, repair, leasing and marketing of the Property (including agreements and requests by any borrower with respect to modifications
of the standards of operation and management of such Property or the replacement of asset managers) [or REO Property], documents
exercising any or all of the rights, powers and privileges granted or provided to the holder of the Mortgage Loan under the related
loan documents, lease subordination agreements, non-disturbance and attornment agreements or other leasing or rental arrangements,
any easements, covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the
Property [or REO Property], instruments



 






    Exhibit Q-3


     


    

 


 relating to the custody of any collateral that now secures or hereafter may secure the
Mortgage Loan and any other consents.


 


The undersigned gives said Attorney-in-Fact full power and authority
to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power
or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do, and hereby does ratify
and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.


 


This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to,
and it is not to be construed as a general power of attorney.


 


Solely to the extent that the [Servicer] [Special Servicer]
has the power to delegate its rights or obligations under the Agreement, the [Servicer] [Special Servicer]also has the power to
delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney,
for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact
as are necessary for such purpose. The [Servicer] [Special Servicer]’s attorneys-in-fact shall have no greater authority
than that held by the [Servicer] [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 [Servicer] [Special Servicer]the power to initiate or defend any suit,
litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein. If the
[Servicer] [Special Servicer] receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association,
then the [Servicer] [Special Servicer] shall promptly forward a copy of same to the Trustee.


 


This limited power of attorney is not intended to extend the
powers granted to the [Servicer] [Special Servicer] under the Agreement or to allow the [Servicer] [Special Servicer] to take any
action with respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.


 


The [Servicer] [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 reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the [Servicer] [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.


 






    Exhibit Q-4


     


    

 


Third parties without actual notice may rely upon the exercise
of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power of Attorney shall continue
in full force and effect and has not been revoked unless an instrument of revocation has been made in writing by the undersigned.


 


IN WITNESS WHEREOF, Wilmington Trust, National Association,
as Trustee for [_____________] has caused its corporate seal to be hereto affixed and these presents to be signed and acknowledged
in its name and behalf by a duly elected and authorized signatory this ___________ day of ____________.





	 	 	 
	 	Wilmington Trust, National Association, 

as
Trustee for [________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:








 






    Exhibit Q-5


     


    

 


State of Delaware}


County of ____}


On ________________________, before me,
_________________________________Notary Public, personally appeared ___________________________, who proved to me on the basis
of 


satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her
signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.


 


I certify under PENALTY OF PERJURY under the laws of the State
of Delaware that the foregoing paragraph is true and correct. 


Witness my hand and official seal.


 


_________________________________ 


Notary signature


 






    Exhibit Q-6


     


    







 


EXHIBIT R


 


FORM OF NOTICE OF EXCHANGE OF THE EXCHANGEABLE
GROUPS OF CERTIFICATES


 


[Date]


 


[Certificateholder Letterhead]


 


Wells Fargo Bank, National Association


9062 Old Annapolis Road

Columbia, Maryland 21045-1951


Attention: Corporate Trust Services (CMBS)–20 Times Square
Trust 2018-20TS


 


		Re:	20 Times Square Trust 2018-20TS, Commercial Mortgage Pass-Through Certificates,
Series 2018-20TS, Class [__] 



 


Ladies and Gentlemen:


 


Pursuant to the terms
of the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust and Servicing Agreement”), entered
into and executed in connection with the above referenced transaction, we hereby (i) certify that as of the date above, the undersigned
is the beneficial owner of the Exchangeable Group of Certificates described on the attached Schedule I, is duly authorized to deliver
this notice to the Certificate Administrator and that such power has not been granted or assigned to any other Person and the Certificate
Administrator may conclusively rely upon this notice and (ii) give notice of our intent to present and surrender the Exchangeable
Group of Certificates specified on Schedule I attached hereto and all of our right, title and interest in and to such Certificates,
including all payments of interest thereon received after [____] [__], 20[__], in exchange for the corresponding Certificates specified
on Schedule I attached hereto. We propose an Exchange Date of [______].


 


We agree that upon such exchange, our interests
in the portions of the Certificates surrendered in exchange shall be reduced and our interest in the portion of the Certificate
received in such exchange shall be increased.


 


[[If Applicable] Our Depository participant
number is [________].]


 


Capitalized terms used in this notice but
not defined herein have the meanings assigned to them in the Trust and Servicing Agreement.


 






    Exhibit R-1


     


    







 


Sincerely,


 


[_____________]





	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 





 


[Medallion Stamp Guarantee]


 






    Exhibit R-2


     


    







 


Schedule I to Exhibit R


 


	
        Certificates
to be Surrendered
	
        Certificates
to be Received 

	
        CUSIP
	
        Outstanding
Certificate Balance
	
        Initial
Certificate Balance
	
        CUSIP




	
         
	
         
	
         
	
         




 






    Exhibit R-3


     


    








 


EXHIBIT
S


 


ADDITIONAL
FORM 10-D DISCLOSURE


 


For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column are obligated pursuant to Section 13.4 of the Trust and Servicing Agreement to disclose
to each Other Exchange Act Reporting Party and each Other Depositor to which the particular Additional Form 10-D Disclosure is
relevant for Exchange Act reporting purposes, any information described in the corresponding Form 10-D Item described in the “Item
on Form 10-D” column to the extent such party has 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 Servicer, the
Special Servicer, each Other Exchange Act Reporting Party and the Other Depositor (in its capacity as such) shall be entitled
to rely on the accuracy of the Offering Circular and the offering materials with respect to any related Other Securitization Trust
(other than information with respect to itself that is set forth in or omitted from such offering materials or the Offering Circular),
in the absence of specific notice to the contrary from the Depositor, Other Depositor or the Trust Loan Seller. Each of the Certificate
Administrator, the Trustee, the Servicer, the Special Servicer, each Other Exchange Act Reporting Party and the Other Depositor
(in its capacity as such) shall be entitled to assume that there is no “significant obligor” other than a party or
property identified as such in the prospectus relating to the Other Securitization and to assume that no other party or property
will constitute a “significant obligor” after the Cut-off Date. In no event shall the 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 Servicer or
the Special Servicer is not the Servicer or the Special Servicer, as the case may be. For this Agreement and any Other Securitization
Trust, each of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, each Other Exchange Act Reporting
Party and the Other Depositor (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Offering Circular and the offering materials with respect to any related Other Securitization Trust.


 


	Item
    on Form 10-D	Party
    Responsible
	Item
                                         1A: Distribution and Pool Performance Information:

         

        ●     Item
1121(a)(13) of Regulation AB 
	●     Certificate
Administrator

	Item
                                         1B: Distribution and Pool Performance Information:

         

        ●     Item
1121(a)(14) of Regulation AB
	●     Certificate
                                         Administrator

         

        ●     Depositor




 






    Exhibit S-1


    


    

 


	Item
    on Form 10-D	Party
    Responsible
	Item
                                         2: Legal Proceedings:

         

        ●     Item
        1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein
        that are material to security holders)

         

         
	●     Servicer
                                         (as to itself)

         

        ●     Special
        Servicer (as to itself)

         

        ●     Certificate
        Administrator (as to itself)

         

        ●     Trustee
        (as to itself)

         

        ●     Depositor
        (as to itself)

         

        ●     Any
        other Reporting Servicer (as to itself)

         

        ●     Trustee/Certificate
        Administrator/Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

         

        ●     The
        Trust 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



 






    Exhibit S-2


    


    

 


	Item
    on Form 10-D	Party
    Responsible
	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 relating to the Companion Loan Securities;

         

        (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 3.18 of this Trust 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. 
	●     Servicer
                                         (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ●     Special
        Servicer (as to REO Properties)

         

	Item
                                         7: Significant Enhancement Provider Information:

         

        ●     Item
1114(b)(2) and Item 1115(b) of Regulation AB 
	●     Depositor



 






    Exhibit S-3


    


    

 


	Item
    on Form 10-D	Party
    Responsible
	Item
    8:  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
    T, (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, 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 U.

         

        ●     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)

         

        ●     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 Trust and Servicing Agreement) and the Collection Account
        as of the related Distribution Date and the preceding Distribution Date)

         

        ●     Special
        Servicer (with respect to the balance of 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: 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 S-4


    


    

 


	Item
    on Form 10-D	Party
    Responsible
	Item
                                         9: 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 Trust
        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
                                         9: Exhibits (no. 10):

         

        Material
        contracts (Exhibit No. 10 of Item 601 of Regulation S-K)

         
	●     Certificate
    Administrator, Trustee, 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
                                         9: Exhibits (no. 22):

         

        Published
Report Regarding Matters Submitted to a Vote of Security Holders (Exhibit No. 22 of Item 601 of Regulation S-K), but only if the
party that is the “Party Responsible” with respect to Item 5 above elects to publish a report containing the information
required by such Item 5 above and also elects to report the information on Form 10-D by means of filing the published report and
answering Item 5 by referencing the published report. 
	●     The
    applicable party that is the “Party Responsible” with respect to Item 5 as set forth above.



 






    Exhibit S-5


    


    

 


	Item
    on Form 10-D	Party
    Responsible
	Item
                                         9: 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: 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
                                         9: Exhibits (no. 99)

         

        Additional
exhibits (Exhibit No. 99 of Item 601 of Regulation S-K) 
	●     Not
    Applicable.
	Item
                                         9: Exhibits (no. 100)

         

        BRL-Related
Documents (Exhibit No. 100 of Item 601 of Regulation S-K). 
	●     Not
    Applicable.
	Item
    9:  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 U,
    (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 U
    (it being acknowledged that none of the Servicer or the Special Servicer constitutes a “Party Responsible”
    under Exhibit U
    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 S-6


    


    

 


EXHIBIT
T


 


ADDITIONAL
FORM 10-K DISCLOSURE


 


For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column are obligated pursuant to Section 13.5 of the Trust and Servicing Agreement to disclose
to each Other Exchange Act Reporting Party and each Other Depositor to which the particular Additional Form 10-K Disclosure is
relevant for Exchange Act reporting purposes, any information described in the corresponding Form 10-K Item described in the “Item
on Form 10-K” column to the extent such party has 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 Servicer, the
Special Servicer, each Other Exchange Act Reporting Party and the Other Depositor (in its capacity as such) shall be entitled
to rely on the accuracy of the Offering Circular and the offering materials with respect to any related Other Securitization Trust
(other than information with respect to itself that is set forth in or omitted from such offering materials or the Offering Circular),
in the absence of specific notice to the contrary from the Depositor, Other Depositor or the Trust Loan Seller. Each of the Certificate
Administrator, the Trustee, the Servicer, the Special Servicer, each Other Exchange Act Reporting Party and the Other Depositor
(in its capacity as such) shall be entitled to assume that there is no “significant obligor” other than a party or
property identified as such in the prospectus relating to the Other Securitization and to assume that no other party or property
will constitute a “significant obligor” after the Cut-off Date. In no event shall the 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 Servicer or
the Special Servicer is not the applicable Servicer or Special Servicer, as the case may be. For this Agreement and any Other
Securitization Trust, each of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, each Other Exchange
Act Reporting Party and the Other Depositor (in its capacity as such) shall be entitled to assume that there is no provider of
credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a
party identified as such in the Offering Circular and the offering materials with respect to any related Other Securitization
Trust.


 


	Item
    on Form 10-K	Party
    Responsible
	Item
1B: Unresolved Staff Comments  

         
	●     Depositor



 






    Exhibit T-1


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	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 T,

         

        (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, 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 U.  
	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
relating to the Companion Loan Securities, (ii) such information was not so set forth and (iii) the applicable Servicer has not
previously reported such information as “Additional Form 10-D Information”.  

         
	●     The
                                         Trust Loan Seller.

         

         

         




 






    Exhibit T-2


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	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 relating to the Companion
Loan Securities and (ii) the applicable Servicer has not previously reported such information or updated versions thereof as “Additional
Form 10-D Information”. 

         
	●     The
    Depositor



 






    Exhibit T-3


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	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 relating to the Companion Loan Securities;

         

        (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 3.18 of this Trust 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”. 

         
	●     Servicer
                                         (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ●     Special
        Servicer (as to REO Properties)

         




 






    Exhibit T-4


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	Instruction
                                         J(2)(c) (Significant Enhancement Provider Information):

         

        ●     Items
1114(b)(2) and 1115(b) of Regulation AB 

         
	●     Depositor
	Instruction
                                         J(2)(d) (Legal Proceedings):

         

        ●     Item
        1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described
        therein that are material to security holders)

         
	●     Servicer
                                         (as to itself)

         

        ●     Special
        Servicer (as to itself)

         

        ●     Certificate
        Administrator (as to itself)

         

        ●     Trustee
        (as to itself)

         

        ●     Depositor
        (as to itself)

         

        ●     Trustee/Certificate
        Administrator /Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

         

        ●     The
        Trust 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) the Trust Loan Seller, (3) the Trust and (4) any other party listed under this 
	●     Servicer
                                         (as to itself) (only as to affiliations under Item 1119(a) with the Trustee, Certificate
                                         Administrator, each Special Servicer or a sub-servicer retained by it meeting any of
                                         the descriptions in Item 1108(a)(3)).

         

        ●     Special
        Servicer

         

        ●     Certificate
        Administrator

         

        ●     Trustee




 






    Exhibit T-5


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	
        

        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 relating to the Companion Loan Securities or if it was previously reported
        as “Additional Form 10-K Disclosure”.

         

        and

         

        ●     1119(b)
        of Regulation AB,

         

        but
        only the existence and (if existent) the general character of any business relationship, agreement, arrangement, transaction
        or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained
        in an arm’s length transaction with an unrelated third party (apart from the Series 201[_]-[_] transaction) between
        itself (that is, the particular “Party Responsible”) or any of its affiliates, on the one hand, and any one
        or more of the following, on the other: (1) the Depositor, (2) the Trust 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 relating to the Companion Loan Securities 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
	
        

        ●     Each
        party (other than the Trust Loan Seller), if any, that is identified in the prospectus relating to the Companion Loan
        Securities as an “originator” of one or more Mortgage Loans, if the prospectus relating to the Companion Loan
        Securities specifically states that the applicable Mortgage Loans were 10% or more of the assets of the Trust at the date
        of the prospectus relating to the Companion Loan Securities (provided that such a party shall no longer constitute a “Party
        Responsible” under this item from and after the date (if any) when the Depositor notifies the parties to this Agreement
        to the effect that such party no longer constitutes an originator of 10% or more of the assets of the Trust).

         

        ●     Each
        party (other than the Trust 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 Trust 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 relating to the Companion Loan Securities as an “other material party
to the securities or transaction” (or substantially similar phrasing); provided, however, that such a party shall no longer
constitute a “Party Responsible” under this item from and after the date (if any) when the Depositor notifies the
parties to this Agreement to the effect that such party no longer constitutes a material party  




 






    Exhibit T-6


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	relationship involving or related to the Series 201[_]-[_] transaction or the Mortgage Loans between itself (that is,
        the particular “Party Responsible”) or any of its affiliates, on the one hand, and any one or more of the
        following, on the other: (1) the Depositor, (2) the Trust Loan Seller, and (3) the Trust; provided, however,
        that a relationship (A) must be reported only if it then exists or existed within the two prior years, (B) need not be
        reported if it is not material to an investor’s understanding of the Certificates and (C) need not be disclosed
        for purposes of the applicable Form 10-K if it was disclosed in the prospectus relating to the Companion Loan Securities
        or if it was previously reported as “Additional Form 10-K Disclosure”.

                                                                                                                                                                                                  
	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 Trust and Servicing Agreement, which notice is delivered not later than
        February 15 of the year in which the Form 10-K is due.

	Instruction
                                         J(2)(e) (Affiliations and Certain Relationships and Related Transactions) – Part
                                         2 of 2 Parts:

         

        1119(a)
        of Regulation AB,

         

        But
        only the existence and (if existent) how there is any affiliation between itself (that is, the particular “Party
        Responsible”), on the one hand, and any one or more of the parties listed under the preceding item as a “Party
        Responsible”, on the other; provided, however, that an affiliation need not be disclosed for purposes
        of the applicable Form 10-K if it was disclosed in the prospectus relating to the Companion Loan Securities 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, 
	●     The
                                         Depositor

         

        ●     The
        Trust Loan Seller

         




 






    Exhibit T-7


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	agreement, arrangement, transaction
        or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained
        in an arm’s length transaction with an unrelated third party (apart from the Series 201[_]-[_] transaction) between
        itself (that is, the particular “Party Responsible”), on the one hand, and any one or more of the parties
        listed under the preceding item as a “Party Responsible”, on the other; provided, however,
        that a relationship, agreement, arrangement, transaction or understanding (A) must be reported only if it then exists
        or existed within the two prior years, (B) need 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 relating to the Companion Loan Securities 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 relating to the Companion Loan Securities
        or if it was

        	 



 






    Exhibit T-8


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	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
	Item
                                         15: Exhibits (no. 4):

         

        With
        respect to instruments defining the rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	●     Trustee

         

        ●     Certificate
        Administrator

         

        ●     Depositor

         

        provided,
        in each case, that this shall in no event be construed to make such party responsible for the initial filing of this Trust
        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. 




 






    Exhibit T-9


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	Item
                                         15: Exhibits (no. 10):

         

        Material
        contracts (Exhibit No. 10 of Item 601 of Regulation S-K)

         
	●     Certificate
    Administrator, Trustee, 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 T-10


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	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 13.8 of this Trust 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 13.8 of this Trust and Servicing Agreement.

         
	●     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. 




 






    Exhibit T-11


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	Item
                                         15: Exhibits (no. 24)

         

        Power
of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K), but only if the name of any party signing the Form 10-D, or the name
of any officer signing the Form 10-D on behalf of a party, is signed pursuant to a power of attorney. 
	●     Certificate
    Administrator
	Item
                                         15: Exhibits (no. 31(i))

         

        Rule
13a-14(a)/15d-14(a) Certifications (Exhibit No. 31(i) of Item 601 of Regulation S-K). 
	●     Not
    Applicable
	Item
                                         15: Exhibits (no. 31(ii))

         

        Rule
13a-14(d)/15d-14(d) Certifications (Exhibit No. 31(ii) of Item 601 of Regulation S-K). 
	●     Delivery
    of this exhibit (Sarbanes-Oxley certification and backup certifications) is governed by Section 13.11) of this Trust 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 13.8) of this Trust 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 13.9 of this Trust 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 13.7 (and Section 13.8) of this Trust and Servicing
    Agreement.



 






    Exhibit T-12


    


    

 


	Item
    on Form 10-K	Party
    Responsible
	Item
                                         15: Exhibits (no. 99)

         

        Additional
exhibits (Exhibit No. 99 of Item 601 of Regulation S-K) 
	●     Not
    Applicable.
	Item
                                         15: Exhibits (no. 100)x

         

        BRL-Related
Documents (Exhibit No. 100 of Item 601 of Regulation S-K). 
	●     Not
    Applicable.
	Item
    15:  Exhibits (By Operation of Item 9B Above), but only to the extent of any document that meets all the following
    conditions:  (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d)
    of Exhibit T, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the
    period to which the Form 10-K relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	●     Certificate
    Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible”
    for the exhibit pursuant to Item 9(d) of Exhibit U (it being acknowledged that none of the Servicer or the Special
    Servicer constitutes a “Party Responsible” under Exhibit U with respect to any exhibits to a Form 10-K).


 




    Exhibit T-13


    


    

 


EXHIBIT
U


 


FORM
8-K DISCLOSURE INFORMATION


 


For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column are obligated pursuant to Section 13.6 of the Trust and Servicing Agreement to report
to each Other Exchange Act Reporting Party and each Other Depositor to which the particular Form 8-K Disclosure Information is
relevant for Exchange Act reporting purposes, the occurrence of any event described in the corresponding Form 8-K Item described
in the “Item on Form 8-K” column to the extent such party has knowledge of such information (other than information
as to itself). Each of the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, each Other Exchange Act
Reporting Party and the Other Depositor (in its capacity as such) shall be entitled to rely on the accuracy of the Offering Circular
and the offering materials with respect to any related Other Securitization Trust (other than information with respect to itself
that is set forth in or omitted from such offering materials or the Offering Circular), in the absence of specific notice to the
contrary from the Depositor, Other Depositor or the Trust Loan Seller. Each of the Certificate Administrator, the Trustee, the
Servicer, the Special Servicer, each Other Exchange Act Reporting Party and the Other Depositor (in its capacity as such) shall
be entitled to assume that there is no “significant obligor” other than a party or property identified as such in
the prospectus relating to the Other Securitization and to assume that no other party or property will constitute a “significant
obligor” after the Cut-off Date. In no event shall the 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 Servicer or the Special Servicer is not the applicable
Servicer or Special Servicer, as the case may be. For this Agreement and any Other Securitization Trust, each of the Certificate
Administrator, the Trustee, the Servicer, the Special Servicer, each Other Exchange Act Reporting Party and the Other Depositor
(in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative
instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular
and the offering materials with respect to any related Other Securitization Trust.


 






    Exhibit U-1


    


    

 


	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, Servicer and/or Special Servicer (it being acknowledged that Instruction 3 to Item 1.01 of Form 8-K
requires disclosure regarding the entry into or an amendment of a definitive agreement that is material to the asset-backed securities
transaction, even if the registrant is not a party to such agreement), in each case to the extent of any amendment or definitive
agreement that satisfies all the following conditions: (a) such amendment or definitive agreement 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 Trust
and Servicing Agreement.




 






    Exhibit U-2


    


    

 


	Item
    on Form 8-K	Party
    Responsible 
	Item
    1.02:  Termination of a Material Definitive Agreement– Part 1 of 2 Parts	●     Certificate
    Administrator, Trustee, 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 Trust
    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

         

	Item
    3.03:  Material Modification to Rights of Security Holders	●     Certificate
    Administrator
	Item
    5.03:  Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year	●     Depositor
	Item
    6.01:  ABS Informational and Computational Material	●     Depositor
	Item
    6.02 (Part 1 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a change in trustee	●     Trustee

         

        ●     Depositor 




 






    Exhibit U-3


    


    

 


	Item
    on Form 8-K	Party
    Responsible 
	Item
    6.02 (Part 2 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a change in Servicer
    or Special Servicer	●     Certificate
                                         Administrator

         

        ●     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 Trust and Servicing Agreement) appointed by the particular “Party Responsible”.	●     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



 






    Exhibit U-4


    


    

 


	Item
    on Form 8-K	Party
    Responsible 
	Item
                                         9.01(d): Exhibits (no. 4):

         

        With
respect to instruments defining the rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K) 
	●     Certificate
                                         Administrator

         

        provided,
in each case, that this shall in no event be construed to make such party responsible for the initial filing of this Trust 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



 






    Exhibit U-5


    


    

 


	Item
    on Form 8-K	Party
    Responsible 
	Item
                                         9.01(d): Exhibits (no. 23):

         

        Consents
of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), where the filing of a written consent is required with
respect to material (in the Form 10-D) that is incorporated by reference in the Depositor’s registration statement. 
	●     Depositor
	Item
                                         9.01(d): Exhibits (no. 24)

         

        Power
of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K), but only if the name of any party signing the Form 10-D, or the name
of any officer signing the Form 10-D on behalf of a party, is signed pursuant to a power of attorney. 
	●     Certificate
    Administrator
	Item
                                         15: Exhibits (no. 99)

         

        Additional
exhibits (Exhibit No. 99 of Item 601 of Regulation S-K) 
	●     Not
    Applicable.
	Item
                                         15: Exhibits (no. 100)

         

        BRL-Related
Documents (Exhibit No. 100 of Item 601 of Regulation S-K). 
	●     Not
    Applicable.



 






    Exhibit U-6


    


    

 







EXHIBIT
V


 


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


Attention:
Corporate Trust Services (CMBS) 20 Times Square Trust 2018-20TS


 


RE:
**Additional Form [10-D][10-K][8-K] Disclosure** Required


 


Ladies
and Gentlemen:


 


In
accordance with Section [13.4] [13.5] [13.6] of the Trust and Servicing Agreement, dated as of May 23, 2018 (the “Trust
and Servicing Agreement”), by and among Natixis Commercial Mortgage Securities LLC, as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as Servicer and Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator, and Wilmington Trust, National Association, as Trustee the undersigned, as [_______], hereby notifies you that
certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].


 


Description
of Additional Form [10-D][10-K][8-K] Disclosure:


 


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 V-1


     


    

 


EXHIBIT
W


 


INITIAL
SUB-SERVICERS


 


None


 




    Exhibit W-1


     


    

 


EXHIBIT
X-1


 


FORM
OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SERVICER


 


Natixis
Commercial Mortgage Securities LLC


1251
Avenue of the Americas


New
York, New York 10020


Attention:
Margaret Lam


 


		Re:	20
                                         Times Square Trust 2018-20TS, Commercial Mortgage Pass Through Certificates, Series 2018-20TS,
                                         issued pursuant to the Trust and Servicing Agreement dated as of May 23, 2018 (the
                                         “Trust and Servicing Agreement”), among Natixis Commercial Mortgage
                                         Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and
                                         Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
                                         and Wilmington Trust, National Association, as Trustee.



 


I,
[identity of certifying individual], hereby certify, with the knowledge and intent that this Certification will be relied upon
by the applicable Certification Parties (as defined in the Trust and Servicing Agreement) (i) in connection with the certification
concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection with the certification concerning
the trust related to an Other Securitization, to be signed by an officer of the Other Depositor, as applicable, and submitted
to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:


 


1.       I
(or Servicing Officers under my supervision) have reviewed the servicing and other information required to be provided by the
Servicer in accordance with the Trust and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended
December 31, 20[__] (“Form 10-K”) and all information required to be provided by the Servicer in accordance
with the Trust and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect
of the period covered by the Form 10-K of the Trust (collectively, with the Form 10-K, the “Reports”) (such
information provided by the Servicer, collectively, the “Servicer Periodic Information”);


 


2.       Based
on my knowledge, and assuming the accuracy of the statements required to be made by each Special Servicer in the special servicer
backup certificate delivered by each Special Servicer relating to the relevant period, the Servicer Periodic Information, taken
as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
the Form 10-K;


 






    Exhibit X-1-1


     


    

 


3.       Based
on my knowledge, and assuming the accuracy of the statements required to be made by each Special Servicer in the special servicer
backup certificate delivered by each Special Servicer relating to the relevant period, all of servicing and other information
required to be provided by the Servicer under the Trust and Servicing Agreement for inclusion in the Reports for the period covered
by the Form 10-K is included in the Servicer Periodic Information;


 


4.       I
(or Servicing Officers under my supervision) am responsible for reviewing the activities performed by the Servicer under the Trust
and Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the Servicer compliance statement
required to be delivered under Article XI of the Trust and Servicing Agreement for inclusion in the Form 10-K under Item 1123
of Regulation AB, and except as disclosed in the Servicer Periodic Information, the Servicer has fulfilled its obligations under
the Trust and Servicing Agreement in all material respects;


 


5.       The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating to
the Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct a review
in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and


 


6.       All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Servicer or any
Servicing Function Participant retained by the Servicer (the “Relevant Servicing Criteria”) and their related
attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Trust and Servicing Agreement
to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
15d-18, have been delivered in accordance with the Trust and Servicing Agreement. All material instances of noncompliance with
the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance is fairly stated in all
material respects.


 


This
Certification is being signed by me as an officer of the Servicer responsible for reviewing the activities performed by the Servicer
under the Trust and Servicing Agreement.


 


Dated:
____________________________


 





	 	 	 
	 	 	Name:
	 	 	Title:


 




    Exhibit X-1-2


     


    

 


EXHIBIT
X-2


 


FORM
OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SPECIAL SERVICER


 


Natixis
Commercial Mortgage Securities LLC


1251
Avenue of the Americas


New
York, New York 10020


Attention:
Margaret Lam


 


		Re:	20
                                         Times Square Trust 2018-20TS, Commercial Mortgage Pass Through Certificates, Series 2018-20TS,
                                         issued pursuant to the Trust and Servicing Agreement dated as of May 23, 2018 (the
                                         “Trust and Servicing Agreement”), among Natixis Commercial Mortgage
                                         Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and
                                         Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
                                         and Wilmington Trust, National Association, as Trustee.



 


I,
[identity of certifying individual], hereby certify, with the knowledge and intent that this Certification will be relied upon
by the applicable Certification Parties (as defined in the Trust and Servicing Agreement) (i) in connection with the certification
concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection with the certification concerning
the trust related to an Other Securitization, to be signed by an officer of the Other Depositor, as applicable, and submitted
to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:


 


1.       I
(or Servicing Officers under my supervision) have reviewed the servicing and other information required to be provided by the
Special Servicer in accordance with the Trust and Servicing Agreement for inclusion in the annual report on Form 10-K for the
period ended December 31, 20[__] (“Form 10-K”) and all information required to be provided by the Special Servicer
in accordance with the Trust and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed
in respect of the period covered by the Form 10-K of the Trust (collectively with the Form 10-K, the “Reports”)
(such information provided by the Special Servicer, collectively, the “Special Servicer Periodic Information”);


 


2.       Based
on my knowledge, the Special Servicer Periodic Information, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Form 10-K;


 


3.       Based
on my knowledge, all servicing and other information required to be provided by the Special Servicer under the Trust and Servicing
Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Special Servicer Periodic Information;


 






    Exhibit X-2-1


     


    

 


4.       I
(or Servicing Officers under my supervision) am responsible for reviewing the activities performed by the Special Servicer under
the Trust and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Special Servicer’s
compliance statement required to be delivered under Article XI of the Trust and Servicing Agreement for inclusion in the Form
10-K under Item 1123 of Regulation AB, and except as disclosed in the Special Servicer Periodic Information, the Special Servicer
has fulfilled its obligations under the Trust and Servicing Agreement in all material respects;


 


5.       The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Special Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and


 


6.       All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Special Servicer
or any Servicing Function Participant retained by the Special Servicer (the “Relevant Servicing Criteria”)
and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Trust
and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Trust and Servicing Agreement. All material instances
of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with
servicing criteria is fairly stated in all material respects.


 


This
Certification is being signed by me as an officer of the Special Servicer responsible for reviewing the activities performed by
the Special Servicer under the Trust and Servicing Agreement.


 


Dated:
____________________________


 





	 	 	 
	 	 	Name:
	 	 	Title:


 




    Exhibit X-2-2


     


    

 


EXHIBIT
X-3


 


FORM
OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY CERTIFICATE ADMINISTRATOR


 


Natixis
Commercial Mortgage Securities LLC


1251
Avenue of the Americas


New
York, New York 10020


Attention:
Margaret Lam


 


		Re:	20
                                         Times Square Trust 2018-20TS, Commercial Mortgage Pass Through Certificates, Series 2018-20TS,
                                         issued pursuant to the Trust and Servicing Agreement dated as of May 23, 2018 (the
                                         “Trust and Servicing Agreement”), among Natixis Commercial Mortgage
                                         Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and
                                         Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
                                         and Wilmington Trust, National Association, as Trustee.



 


I,
[identity of certifying individual], hereby certify, with the knowledge and intent that this Certification will be relied upon
by the applicable Certification Parties (as defined in the Trust and Servicing Agreement) (i) in connection with the certification
concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection with the certification concerning
the trust related to an Other Securitization, to be signed by an officer of the Other Depositor, as applicable, and submitted
to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:


 


1.       I
(or an officer under my supervision) have reviewed the annual report on Form 10-K for the period ended December 31, 20[__] (the
“Form 10-K”) and all reports on Form 10-D and Form 8-K filed in respect of the period covered by the Form 10-K
of the Trust (collectively, with the Form 10-K, the “Reports”);


 


2.       Based
on my knowledge, the Reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by the Form 10-K;


 


3.       Based
on my knowledge, all of the distribution and other information required to be provided by the Certificate Administrator under
the Trust and Servicing Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Reports
and all of the distribution, servicing and other information provided to the Certificate Administrator by the trustee, the custodian,
the Servicer, the special servicer and the operating advisor under the Trust and Servicing Agreement for inclusion in the Reports
for the period covered by the Form 10-K is included in the Reports;


 






    Exhibit X-3-1


     


    

 


4.       I
(or an officer under my supervision) am responsible for reviewing the activities performed by the Certificate Administrator under
the Trust and Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the Certificate Administrator
compliance statement required to be delivered under Article XI of the Trust and Servicing Agreement for inclusion in the Form
10-K under Item 1123 of Regulation AB, and except as disclosed in the Reports, the Certificate Administrator has fulfilled its
obligations under the Trust and Servicing Agreement in all material respects; and


 


5.       All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Certificate Administrator
or any Servicing Function Participant retained by the Certificate Administrator (the “Relevant Servicing Criteria”)
and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required to be included
in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as
an exhibit to the Form 10-K. Any material instances of noncompliance described in such reports have been disclosed in the Form
10-K and such assessment of compliance is fairly stated in all material respects.


 


This
Certification is being signed by me as an officer of the Certificate Administrator responsible for reviewing the activities performed
by the Certificate Administrator under the Trust and Servicing Agreement.


 


Dated:
____________________________


 





	 	 	 
	 	 	Name:
	 	 	Title:


 




    Exhibit X-3-2


     


    

 


EXHIBIT
X-4


 


Form
of Certification to be Provided

to Depositor by Trustee


 


Natixis
Commercial Mortgage Securities LLC


1251
Avenue of the Americas


New
York, New York 10020


Attention:
Margaret Lam


 


		Re:	20
                                         Times Square Trust 2018-20TS, Commercial Mortgage Pass Through Certificates, Series 2018-20TS,
                                         issued pursuant to the Trust and Servicing Agreement dated as of May 23, 2018 (the
                                         “Trust and Servicing Agreement”), among Natixis Commercial Mortgage
                                         Securities LLC, as Depositor, Wells Fargo Bank, National Association, as Servicer and
                                         Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
                                         and Wilmington Trust, National Association, as Trustee.



 


I,
[identity of certifying individual], hereby certify, with the knowledge and intent that this Certification will be relied upon
by the applicable Certification Parties (as defined in the Trust and Servicing Agreement) (i) in connection with the certification
concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection with the certification concerning
the trust related to an Other Securitization, to be signed by an officer of the Other Depositor, as applicable, and submitted
to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:


 


1.       I
(or officers under my supervision) have reviewed the information required to be provided by the Trustee in accordance with the
Trust and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form
10-K”) and all information required to be provided by the Trustee in accordance with the Trust and Servicing Agreement
for inclusion in the reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K
of the Trust (collectively with the Form 10-K, the “Reports”) (such information provided by the Trustee, collectively,
the “Trustee Periodic Information”);


 


2.       Based
on my knowledge, the Trustee Periodic Information, taken as a whole, does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Form 10-K;


 


3.       Based
on my knowledge, all information required to be provided by the Trustee under the Trust and Servicing Agreement for inclusion
in the Reports for the period covered by the Form 10-K is included in the Trustee Periodic Information;


 






    Exhibit X-4-1


     


    

 


4.       I
(or officers under my supervision) am responsible for reviewing the activities performed by the Trustee under the Trust and Servicing
Agreement, and based on my knowledge and the compliance review conducted in preparing the Trustee’s compliance statement
to be delivered under Article XI of the Trust and Servicing Agreement required for inclusion in the Form 10-K under Item 1123
of Regulation AB, and except as disclosed in the Trustee Periodic Information, the Trustee has fulfilled its obligations under
the Trust and Servicing Agreement in all material respects; and


 


5.       All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Trustee or any
Servicing Function Participant retained by the Trustee (the “Relevant Servicing Criteria”) and their related
attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Trust and Servicing Agreement
to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
15d-18, have been delivered in accordance with the Trust and Servicing Agreement. All material instances of noncompliance with
the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria
is fairly stated in all material respects.


 


This
Certification is being signed by me as an officer of the Trustee responsible for reviewing the activities performed by the Trustee
under the Trust and Servicing Agreement.


 


Dated:
____________________________


 





	 	 	 
	 	 	Name:
	 	 	Title:


 






    Exhibit X-4-2