Exhibit 4.5 


 


EXECUTION VERSION


	 	 	 



 


J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES
CORP.,

Depositor,


 


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

Master Servicer,


 


Midland
Loan Services, A Division of PNC Bank, National AssociatioN,

Special Servicer,


 


WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Trustee,


 


and


 


WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator, Paying Agent and Custodian


 





 



 


POOLING
AND SERVICING AGREEMENT

Dated as of May 1, 2020


 





 



 


Benchmark 2020-IG3 Mortgage Trust

Commercial Mortgage Pass-Through Certificates,

Series 2020-IG3





	 	 	 


 




     


     


    

 


TABLE OF CONTENTS


 





 




	 	Page
	Article I DEFINITIONS	8
	Section 1.01	Defined Terms	8
	Section 1.02	Certain Calculations	154
	Section 1.03	Certain Constructions	161
	Section 1.04	Certain Matters Relating to the Non-Serviced Mortgage Loans	162
	Article II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES	164
	Section 2.01	Conveyance of Mortgage Loans and Trust Subordinate Companion Loans; Assignment of Mortgage Loan Purchase Agreements	164
	Section 2.02	Acceptance by Custodian and the Trustee	172
	Section 2.03	Representations, Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans	174
	Section 2.04	Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator and the
Trustee	185
	Section 2.05	Execution and Delivery of Certificates; Issuance of Upper-Tier Regular Interests; Issuance of Lower-Tier Regular Interests
and Issuance of the Trust Subordinate Companion Loan REMIC Regular Interests	190
	Section 2.06	Miscellaneous REMIC and Grantor Trust Provisions	191
	Article III ADMINISTRATION AND SERVICING OF THE TRUST FUND	192
	Section 3.01	The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans,
the Trust Subordinate Companion Loans and the Serviced Companion Loans	192
	Section 3.02	Liability of the Master Servicer and the Special Servicer When Sub-Servicing	198
	Section 3.03	Collection of Mortgage Loan and Serviced Companion Loan Payments	198
	Section 3.04	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	199
	Section 3.05	Collection Accounts; Gain-on-Sale Reserve Account; BX Industrial Portfolio Gain-on-Sale Reserve Account; Tower 333 Gain-on-Sale
Reserve Account; 825 South Hill Gain-on-Sale Reserve Account; Trust Subordinate Companion Loan REMIC Distribution Accounts; Distribution
Accounts; Interest Reserve Account and Serviced Whole Loan Collection Accounts	202
	Section 3.06	Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts;
Trust Ledger	212
	Section 3.07	Investment of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest

                                                                               

                                                                               
	



 






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	 	Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts	234
	Section 3.08	Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage	236
	Section 3.09	Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	242
	Section 3.10	Appraisals; Realization upon Defaulted Loans	248
	Section 3.11	Custodian to Cooperate; Release of Mortgage Files	254
	Section 3.12	Servicing Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation	256
	Section 3.13	Reports to the Certificate Administrator; Collection Account Statements	264
	Section 3.14	Access to Certain Documentation	271
	Section 3.15	Title and Management of REO Properties and REO Accounts	280
	Section 3.16	Sale of Specially Serviced Loans and REO Properties	285
	Section 3.17	Additional Obligations of the Master Servicer and the Special Servicer; Inspections	291
	Section 3.18	Authenticating Agent	292
	Section 3.19	Appointment of Custodians	293
	Section 3.20	Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	294
	Section 3.21	Servicing Advances	294
	Section 3.22	Appointment and Replacement of Special Servicer	299
	Section 3.23	Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report	306
	Section 3.24	Special Instructions for the Master Servicer and/or Special Servicer	313
	Section 3.25	Certain Rights and Obligations of the Master Servicer and/or the Special Servicer	314
	Section 3.26	Modification, Waiver, Amendment and Consents	314
	Section 3.27	Certain Intercreditor Matters Relating to the Whole Loans	320
	Section 3.28	Directing Holder Contact with the Master Servicer and the Special Servicer	325
	Section 3.29	Controlling ClassCertificateholders, the Directing Holder and the Risk Retention Consultation Parties; Certain Rights and
Powers of the Directing Holder and the Risk Retention Consultation Parties	325
	Section 3.30	Rating Agency Confirmation	330
	Section 3.31	[Reserved]	333
	Section 3.32	Delivery of Excluded Information to the Certificate Administrator	333
	Section 3.33	Certain Matters with Respect to Joint Mortgage Loans	333
	Section 3.34	Trust Subordinate Companion Loans	337
	Section 3.35	BX Industrial Portfolio Loan-Specific Directing Holder	339
	Section 3.36	Tower 333 Loan-Specific Directing Holder	340
	Section 3.37	825 South Hill Loan-Specific Directing Holder	341



 






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	Article IV DISTRIBUTIONS TO CERTIFICATEHOLDERS AND RR INTEREST OWNER	342
	Section 4.01	Distributions	342
	Section 4.02	Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	367
	Section 4.03	Compliance with Withholding Requirements	380
	Section 4.04	REMIC Compliance	380
	Section 4.05	Imposition of Tax on the Trust Fund	383
	Section 4.06	Remittances	384
	Section 4.07	P&I Advances	385
	Section 4.08	Appraisal Reductions; Collateral Deficiency Amounts	392
	Section 4.09	Grantor Trust Reporting	398
	Section 4.10	[Reserved]	399
	Article  V THE
    CERTIFICATES	399
	Section 5.01	The Certificates	399
	Section 5.02	Registration, Transfer and Exchange of Certificates	404
	Section 5.03	Mutilated, Destroyed, Lost or Stolen Certificates	417
	Section 5.04	Appointment of Paying Agent	417
	Section 5.05	Access to Certificateholders’ Names and Addresses; Special Notices	417
	Section 5.06	Actions of Certificateholder	418
	Section 5.07	Rule 144A Information	419
	Section 5.08	Voting Procedures	419
	Article VI THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER and THE RISK RETENTION CONSULTATION
PARTies	421
	Section 6.01	Liability of the Depositor, the Master Servicer and the Special Servicer	421
	Section 6.02	Merger or Consolidation of the Master Servicer, the Special Servicer or the Depositor	421
	Section 6.03	Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer and Others	421
	Section 6.04	Limitation on Resignation of the Master Servicer and the Special Servicer; Termination of the Master Servicer and the Special
Servicer	423
	Section 6.05	Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	425
	Section 6.06	The Master Servicer or Special Servicer as Owners of a Certificate	426
	Section 6.07	The Directing Holder and the Risk Retention Consultation Parties	426
	Section 6.08	Rights of Non-Directing Holders	433
	Article VII SERVICER TERMINATION	434
	Section 7.01	Servicer Termination Events	434
	Section 7.02	Trustee to Act; Appointment of Successor	442



 






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	Section 7.03	Notification to Certificateholders and Other Persons	444
	Section 7.04	Other Remedies of Trustee	444
	Section 7.05	Waiver of Past Servicer Termination Events; Termination	445
	Section 7.06	Trustee as Maker of Advances	445
	Article VIII CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR	446
	Section 8.01	Duties of Trustee and Certificate Administrator	446
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	448
	Section 8.03	Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans	451
	Section 8.04	Trustee and Certificate Administrator MayOwn Certificates	453
	Section 8.05	Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	453
	Section 8.06	Eligibility Requirements for Trustee and Certificate Administrator	456
	Section 8.07	Resignation and Removal of Trustee and Certificate Administrator	457
	Section 8.08	Successor Trustee and Certificate Administrator	459
	Section 8.09	Merger or Consolidation of Trustee or Certificate Administrator	460
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	460
	Article IX TERMINATION	462
	Section 9.01	Termination	462
	Article X EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE	463
	Section 10.01	Intent of the Parties; Reasonableness	463
	Section 10.02	Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan	464
	Section 10.03	Information to be Provided by the Master Servicer and the Special Servicer	466
	Section 10.04	Information to be Provided by the Trustee	467
	Section 10.05	Filing Obligations	467
	Section 10.06	Form 10-D Filings	468
	Section 10.07	Form 10-K Filings	469
	Section 10.08	Sarbanes-Oxley Certification	469
	Section 10.09	Form 8-K Filings	470
	Section 10.10	[Reserved]	470
	Section 10.11	Annual Compliance Statements	471
	Section 10.12	Annual Reports on Assessment of Compliance with Servicing Criteria	472
	Section 10.13	Annual Independent Public Accountants’ Servicing Report	474
	Section 10.14	Exchange Act Reporting Indemnification	475
	Section 10.15	Amendments	478
	Section 10.16	[Reserved]	478
	Section 10.17	Termination of the Certificate Administrator	478



 






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	Article XI [Reserved]	479
	Article XII MISCELLANEOUS PROVISIONS	479
	Section 12.01	Counterparts	479
	Section 12.02	Limitation on Rights of Certificateholders and the RR Interest Owner	479
	Section 12.03	Governing Law	480
	Section 12.04	Waiver of Jury Trial; Consent to Jurisdiction	480
	Section 12.05	Notices	481
	Section 12.06	Severability of Provisions	487
	Section 12.07	Notice to the Depositor and Each Rating Agency	487
	Section 12.08	Amendment	489
	Section 12.09	Confirmation of Intent	494
	Section 12.10	No Intended Third-Party Beneficiaries	495
	Section 12.11	Entire Agreement	495
	Section 12.12	Third Party Beneficiaries	495



 



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TABLE OF EXHIBITS


 





	Exhibit A-1	Form of Class A-2 Certificate
	Exhibit A-2	Form of Class A-3 Certificate
	Exhibit A-3	Form of Class A-4 Certificate
	Exhibit A-4	Form of Class A-SB Certificate
	Exhibit A-5	Form of Class X-A Certificate
	Exhibit A-6	Form of Class A-S Certificate
	Exhibit A-7	Form of Class B Certificate
	Exhibit A-8	Form of Class C Certificate
	Exhibit A-9	Form of Class D Certificate
	Exhibit A-10	Form of Class S Certificate
	Exhibit A-11	Form of Class R Certificate
	Exhibit A-12	Form of Class RR Certificate
	Exhibit A-13	Form of Class BX-A Certificate
	Exhibit A-14	Form of Class BX-B Certificate
	Exhibit A-15	Form of Class BX-C Certificate
	Exhibit A-16	Form of BX-VRR Interest Certificate
	Exhibit A-17	Form of Class T333-A Certificate
	Exhibit A-18	Form of Class T333-B Certificate
	Exhibit A-19	Form of Class T333-C Certificate
	Exhibit A-20	Form of Class T333-D Certificate
	Exhibit A-21	Form of T333-VRR Interest Certificate
	Exhibit A-22	Form of Class 825S-A Certificate
	Exhibit A-23	Form of Class 825S-B Certificate
	Exhibit A-24	Form of Class 825S-C Certificate
	Exhibit A-25	Form of Class 825S-D Certificate
	Exhibit A-26	Form of Class 825S-E Certificate
	Exhibit A-27	Form of 825S-VRR Interest Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C-1	Form of Transferee Affidavit
	Exhibit C-2	Form of Transferor Letter
	Exhibit C-3	[Reserved]
	Exhibit C-4	[Reserved]
	Exhibit C-5	Form of Transferee Certificate for Transfers of the Class RR Certificates, the RR Interest, the BX-VRR Interest, the T333-VRR Interest or the 825S-VRR Interest
	Exhibit C-6	Form of Transferor Certificate for Transfers of the Class RR Certificates, the RR Interest, the BX-VRR Interest, the T333-VRR Interest or the 825S-VRR Interest
	Exhibit D-1	Form of Investment Representation Letter
	Exhibit D-2	Form of ERISA Representation Letter
	Exhibit E	Form of Request for Release
	Exhibit F	Securities Legend
	Exhibit G	Form of Regulation S Transfer Certificate
	Exhibit H	Form of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate during the Restricted Period



 






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	Exhibit I	Form of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate after the Restricted Period
	Exhibit J	Form of Transfer Certificate for Exchange or Transfer from Regulation S Global Certificate to Rule 144A Global Certificate during the Restricted Period
	Exhibit K	Form of Distribution Date Statement
	Exhibit L-1A	Form of Investor Certification for Non-Borrower Party and/or Risk Retention Consultation Party (for Persons other than the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder and/or a 825 South Hill Controlling Class Certificateholder)
	Exhibit L-1B	Form of Investor Certification for Non-Borrower Party (for the Directing Holder, a Controlling Class Certificateholder a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder and/or a 825 South Hill Controlling Class Certificateholder)
	Exhibit L-1C	Form of Investor Certification for Borrower Party (for Persons other than the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder, a 825 South Hill Controlling Class Certificateholder and/or a Risk Retention Consultation Party)
	Exhibit L-1D	Form of Investor Certification for Borrower Party (for the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder and/or a 825 South Hill Controlling Class Certificateholder)
	Exhibit L-1E	Form of Notice of Excluded Controlling Class Holder
	Exhibit L-1F	Form of Notice of Excluded Controlling Class Holder to Certificate Administrator
	Exhibit L-1G	Form of Certification of the Directing Holder
	Exhibit L-1H	Form of Certification of a Risk Retention Consultation Party
	Exhibit L-2	Form of Financial Market Publisher Certification
	Exhibit M	Form of Notification from Custodian
	Exhibit N-1	Form of Closing Date Custodian Certification
	Exhibit N-2	Form of Post-Closing Custodian Certification
	Exhibit O	Form of Trustee Backup Certification
	Exhibit P	Form of Custodian Backup Certification
	Exhibit Q	Form of Certificate Administrator Backup Certification
	Exhibit R	[Reserved]
	Exhibit S	[Reserved]
	Exhibit T	Form of Master Servicer Backup Certification
	Exhibit U	Form of Special Servicer Backup Certification
	Exhibit V	Form of Sub-Servicer Backup Certification
	Exhibit W	Form of Sarbanes Oxley Certification
	Exhibit X	Mortgage Loan Seller Sub-Servicers
	Exhibit Y	[Reserved]
	Exhibit Z	Form of NRSRO Certification
	Exhibit AA-1	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit AA-2	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit BB	[Reserved]



 






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	Exhibit CC	Additional Disclosure Notification
	Exhibit DD-1	Form of Power of Attorney by Trustee for Master Servicer
	Exhibit DD-2	Form of Power of Attorney by Trustee for Special Servicer
	Exhibit EE	Form of Non-Serviced Mortgage Loan Notification
	Exhibit FF	Form of Companion Loan Noteholder Certification
	Exhibit GG	[Reserved]
	Exhibit HH	[Reserved]
	Exhibit II	[Reserved]
	Exhibit JJ	[Reserved]
	Exhibit KK	[Reserved]
	Exhibit LL	[Reserved]
	Exhibit MM	Form of Certificate Administrator Receipt of the Retained Certificates
	Exhibit NN	Form of Notice of Purchase of a BX Industrial Portfolio Controlling Class, a Tower 333 Controlling Class and/or a 825 South Hill Controlling Class


 


TABLE OF SCHEDULES 


 


	Schedule I	[Reserved]
	Schedule II	Servicing Criteria to be Addressed in Assessment of Compliance
	Schedule III	Class A-SB Planned Principal Balance
	Schedule IV	Additional Form 10-D Disclosure
	Schedule V	Additional Form 10-K Disclosure
	Schedule VI	Form 8-K Disclosure Information
	Schedule VII	Initial Serviced Companion Loan Noteholders
	Schedule VIII	Contact Information for the Other 17g-5 Information Provider
	Schedule IX	Mortgage Loans With “Performance”, “Earn-Out” or “Holdback” Escrows or Reserves Exceeding 10% of the Stated Principal Balance of the Mortgage Loan or Whole Loan, as Applicable, as of the Cut-off Date










 




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Pooling and Servicing
Agreement, dated as of May 1, 2020, between J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as Master Servicer and as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator, Paying Agent and Custodian, and Wells Fargo Bank, National Association, as Trustee.


 


PRELIMINARY STATEMENT:


 


(Terms used but not defined in this Preliminary
Statement shall have

the meanings specified in Article I hereof)


 


The Depositor intends
to sell pass-through certificates to be issued hereunder in multiple Classes which in the aggregate will evidence the entire beneficial
ownership interest in the Trust Fund consisting primarily of the Mortgage Loans and the Trust Subordinate Companion Loans. For
income tax purposes alone, the Trust Fund will consist of the Mortgage Loans, the Lower-Tier REMIC, the Upper-Tier REMIC, the Trust
Subordinate Companion Loans, the Trust Subordinate Companion Loan REMICs and the Grantor Trust, all as more fully described below.


 


In addition, the parties
intend that the portions of the Trust Fund consisting of the Class S Specific Grantor Trust Assets, the uncertificated regular
interests in the Upper-Tier REMIC corresponding to the VRR Interest (the “VRR Regular Interests”) and the regular
interests in the Upper-Tier REMIC corresponding to the T333-VRR Interest (the “T333-VRR Regular Interests”)
and distributions thereon, shall be treated as a grantor trust under subpart E, part I of subchapter J of the Code
for federal income tax purposes (the “Grantor Trust”). Solely for tax purposes, the Class S Certificates, the
VRR Interest and the T333-VRR Interest shall represent undivided beneficial interests in the portion of the Trust Fund consisting
of the Class S Specific Grantor Trust Assets, the VRR Interest shall represent undivided beneficial interests in the portion of
the Trust Fund consisting of the VRR Regular Interests and distributions thereon and the T333-VRR Interest shall represent an undivided
beneficial interest in the portion of the Trust Fund consisting of the T333-VRR Regular Interests and distributions thereon. As
provided herein, the Certificate Administrator shall take all actions expressly required hereunder to ensure that the portion of
the Trust Fund consisting of the Grantor Trust maintains its status as a grantor trust under federal income tax law and not be
treated as part of the Trust REMICs.


 


TRUST SUBORDINATE COMPANION LOAN REMICS


 


The BX Industrial Portfolio
Trust Subordinate Companion Loan REMIC will hold the BX Industrial Portfolio Trust Subordinate Companion Loan and the proceeds
of such BX Industrial Portfolio Trust Subordinate Companion Loan, together with its allocable share of any related property acquired
by foreclosure or deed-in-lieu of foreclosure and will issue the Class LBXA, Class LBXB, Class LBXC and the LBXVRR Interests as
the “regular interests” in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC (the “BX Industrial
Portfolio Trust Subordinate Companion Loan REMIC Regular Interests”) and the Class LBX-R Interest, which is the sole
class of residual interests in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC and is represented by the Class
R Certificates. Any BX Industrial Portfolio Trust Subordinate Companion Loan Available Funds remaining in the BX


 






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Industrial Portfolio
Trust Subordinate Companion Loan REMIC Distribution Account after all required distributions under this Agreement have been made
to the BX Industrial Portfolio Loan-Specific Certificates will be deemed distributed to the Class BX-R Interest and shall be payable
to the Holders of the Class R Certificates.


 


The Holders of the BX
Industrial Portfolio Loan-Specific Certificates shall only be entitled to receive distributions in respect of, and shall only incur
losses with respect to, the BX Industrial Portfolio Trust Subordinate Companion Loan, which is not part of the Mortgage Pool backing
the Pooled Certificates and the VRR Interest. No Class of Pooled Certificates (other than the BX Industrial Portfolio Loan-Specific
Certificates and the Class R Certificates) or the VRR Interest has an interest in the BX Industrial Portfolio Trust Subordinate
Companion Loan.


 


	BX
    Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interest (Corresponding Upper-Tier Regular Interests)	 	Pass-Through
    Rate	 	Original
    Lower-Tier
 Principal Amount
	Class
    LBXA (Class BX-A)	 	(1)	 	 	$	 	21,576,000
	Class
    LBXB (Class BX-B)	 	(1)	 	 	$	 	40,428,000
	Class
    LBXC (Class BX-C)	 	(1)	 	 	$	 	6,966,000
	LBXVRR
    (BX-VRR Interest)	 	(1)	 	 	$	 	3,630,000





 





 






		(1)	The
                                         pass-through rate for each Class of BX Industrial Portfolio Trust Subordinate Companion
                                         Loan REMIC Regular Interests on any Distribution Date will equal the Net Mortgage Rate
                                         on the BX Industrial Portfolio Trust Subordinate Companion Loan.





 





The Tower 333 Trust Subordinate
Companion Loan REMIC will hold the Tower 333 Trust Subordinate Companion Loan and the proceeds of such Tower 333 Trust Subordinate
Companion Loan, together with its allocable share of any related property acquired by foreclosure or deed-in-lieu of foreclosure
and will issue the Class LT333A, Class LT333B, Class LT333C, Class LT333D and the LT333VRR Interests as the “regular interests”
in the Tower 333 Trust Subordinate Companion Loan REMIC (the “Tower 333 Trust Subordinate Companion Loan REMIC Regular
Interests”) and the uncertificated Class LT333-R Interest, which is the sole class of residual interests in the Tower
333 Trust Subordinate Companion Loan REMIC and is represented by the Class R Certificates. Any Tower 333 Trust Subordinate Companion
Loan Available Funds remaining in the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account after all required
distributions under this Agreement have been made to the Tower 333 Loan-Specific Certificates will be deemed distributed to the
Class T333-R Interest and shall be payable to the Holders of the Class R Certificates.


 


The Holders of the Tower
333 Loan-Specific Certificates shall only be entitled to receive distributions in respect of, and shall only incur losses with
respect to, the Tower 333 Trust Subordinate Companion Loan, which is not part of the Mortgage Pool backing the Pooled Certificates
and the VRR Interest. No Class of Pooled Certificates (other than the Tower 333 Loan-Specific Certificates and the Class R Certificates)
or the VRR Interest has an interest in the Tower 333 Trust Subordinate Companion Loan.


 


	Tower
    333 Trust Subordinate Companion Loan REMIC Regular Interest (Corresponding Upper-Tier Regular Interests)	 	Pass-Through
                                         Rate


	 	 


Original
Lower-Tier

Principal Amount



	Class
    LT333A (Class T333-A)	 	(1)	 	 	$	 	5,717,000
	Class
    LT333B (Class T333-B)	 	(1)	 	 	$	 	25,892,000
	Class
    LT333C (Class T333-C)	 	(1)	 	 	$	 	26,103,000







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	Tower
    333 Trust Subordinate Companion Loan REMIC Regular Interest (Corresponding Upper-Tier Regular Interests)	 	Pass-Through
                                         Rate


	 	 


Original
Lower-Tier

Principal Amount



	Class
    LT333D (Class T333-D)	 	(1)	 	 	$	 	5,232,000
	LT333VRR
    (T333-VRR Interest)	 	(1)	 	 	$	 	3,313,000
	 	 	 	 	 	 	 	 














 









		(1)	The
                                         pass-through rate for each Class of Tower 333 Trust Subordinate Companion Loan REMIC
                                         Regular Interests on any Distribution Date will equal the Net Mortgage Rate on the Tower
                                         333 Trust Subordinate Companion Loan.





 


The 825 South Hill Trust
Subordinate Companion Loan REMIC will hold the 825 South Hill Trust Subordinate Companion Loan and the proceeds of such 825 South
Hill Trust Subordinate Companion Loan, together with its allocable share of any related property acquired by foreclosure or deed-in-lieu
of foreclosure and will issue the Class L825SA, Class L825SB, Class L825SC, Class L825SD, Class L825SE and the L825SVRR Interests
as the “regular interests” in the 825 South Hill Trust Subordinate Companion Loan REMIC (the “825 South Hill
Trust Subordinate Companion Loan REMIC Regular Interests”) and the uncertificated Class L825S-R Interest, which is the
sole class of residual interests in the 825 South Hill Trust Subordinate Companion Loan REMIC and is represented by the Class R
Certificates. Any 825 South Hill Trust Subordinate Companion Loan Available Funds remaining in the 825 South Hill Trust Subordinate
Companion Loan REMIC Distribution Account after all required distributions under this Agreement have been made to the 825 South
Hill Loan-Specific Certificates will be deemed distributed to the Class 825S-R Interest and shall be payable to the Holders of
the Class R Certificates.


 


The Holders of the 825
South Hill Loan-Specific Certificates shall only be entitled to receive distributions in respect of, and shall only incur losses
with respect to, the 825 South Hill Trust Subordinate Companion Loan, which is not part of the Mortgage Pool backing the Pooled
Certificates and the VRR Interest. No Class of Pooled Certificates (other than the 825 South Hill Loan-Specific Certificates and
the Class R Certificates) or the VRR Interest has an interest in the 825 South Hill Trust Subordinate Companion Loan.


 


	825
        South Hill Trust Subordinate Companion Loan REMIC Regular Interest (Corresponding Upper-Tier Regular Interests)

        	 	Pass-Through
                                         Rate


	 	Original
        Lower-Tier

        Principal Amount

        
	Class
    L825SA (Class 825S-A)	 	(1)	 	 	$	 	1,833,000
	Class
    L825SB (Class 825S-B)	 	(1)	 	 	$	 	7,953,000
	Class
    L825SC (Class 825S-C)	 	(1)	 	 	$	 	8,064,000
	Class
    L825SD (Class 825S-D)	 	(1)	 	 	$	 	8,838,000
	Class
    L825SE (Class 825S-E)	 	(1)	 	 	$	 	9,412,000
	L825SVRR
    (825S-VRR Interest)	 	(1)	 	 	$	 	1,900,000



 


 









		(1)	The
                                         pass-through rate for each Class of 825 South Hill Trust Subordinate Companion Loan REMIC
                                         Regular Interests on any Distribution Date will equal the Net Mortgage Rate on the 825
                                         South Hill Trust Subordinate Companion Loan.



 


LOWER-TIER REMIC


 


The Lower-Tier REMIC
will hold the Mortgage Loans (exclusive of Excess Interest) and certain other related assets subject to this Agreement, and will
issue (i) the Lower-Tier Regular Interests set forth in the table below (the “Lower-Tier Regular Interests”),
as classes


 






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of regular interests in the Lower-Tier REMIC and (ii) the Class LTR Interest as the sole class of residual interests
in the Lower-Tier REMIC, which will be evidenced by the Class R Certificates. The Lower-Tier REMIC will not hold the Trust
Subordinate Companion Loan or interests in the Trust Subordinate Companion Loan REMIC.


 


The Lower-Tier Regular
Interests will be held by the Upper-Tier REMIC.


 


The following table sets
forth the Class designation, initial principal balance or notional amount (as applicable) and initial pass-through rate of each
Class of Lower-Tier Regular Interest and its “Corresponding Upper-Tier Regular Interest”:


 


	Lower-Tier
                                         Regular Interests / (Corresponding Upper-Tier Regular Interests)

        	Initial
                                         Principal Balance or Notional Amount

        	Pass-Through
                                         Rate

        
	Class
    LA-2 / (A-2)	 $116,375,000	(1)
	Class
    LA-3 / (A-3)	 $120,334,000	(1)
	Class
    LA-4 / (A-4)	 $153,669,000	(1)
	Class
    LA-SB / (A-SB)	 $14,257,000	(1)
	Class
    LA-S / (A-S)	 $78,440,000	(1)
	Class
    LB / (B) 	 $59,375,000	(1)
	Class
    LC / (C) 	 $22,230,000	(1)
	Class
    LD / (D) 	 $13,371,030	(1)
	LRR/
    (VRR)	$24,048,739	(1)
	LRRI/
    (RR Interest)	$6,375,000	(1)
	LTR	(2)	(2)


 


		(1)	The
                                         pass-through rate for this Class of Lower-Tier Regular Interest is equal to the WAC Rate.



 


		(2)	The
                                         Class LTR is the sole class of residual interest in the Lower-Tier REMIC. It is not entitled
                                         to any principal or interest.



 


UPPER-TIER REMIC


 


The Upper-Tier REMIC
will hold the Lower-Tier Regular Interests, the Trust Subordinate Companion Loan REMIC Regular Interests and certain other related
assets subject to this Agreement and will issue (i) the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D and Class RR Certificates (exclusive of Excess Interest) and the RR Interest (exclusive
of Excess Interest), the Class BX-A, Class BX-B, Class BX-C, the BX-VRR Interest, the Class T333-A, Class T333-B, Class T333-C,
Class T333-D Certificates, the T333-VRR Interest (exclusive of Excess Interest), the Class 825S-A, Class 825S-B, Class 825S-C,
Class 825S-D Certificates, Class 825S-E Certificates and the 825S-VRR Interest, representing “regular interests” in
the Upper-Tier REMIC created hereunder, and (ii) the Class UTR Interest as the sole class of residual interests in the Upper-Tier
REMIC, which will be evidenced by the Class R Certificates.


 


The following table sets
forth the Class designation, initial principal balance or initial Notional Amount (as applicable), and initial Pass-Through Rate
of each Class of Upper-Tier Regular Interests.


 






     -4-


     


    

 


	Upper-Tier
        Regular Interests Represented by Certificates
	Initial
        Principal Balance or Notional Amount

        	Initial
        Pass-Through Rate

        
	Class A-2	$116,375,000	2.4751%
	Class A-3	 $120,334,000	2.4131%
	Class A-4	 $153,669,000	2.4369%
	Class A-SB	 $14,257,000	2.6395%
	Class X-A	 $483,075,000(1)	0.8125%(2)
	Class A-S	 $78,440,000	3.22940%
	Class B	 $59,375,000	3.3874%
	Class C	 $22,230,000	3.3874%
	Class D	 $13,371,030	3.3874%
	Class
    RR	$24,048,739	3.3874%
	 	 	 
	Upper-Tier
        Regular Interests Not Represented by Certificates
	 	 
	RR
    Interest	$6,375,000	3.3874%
	Class
    UTR(3)	 	 











 


 






		(1)	Notional
                                         Amount.



 


		(2)	The
                                         regular interest represented by this certificate is entitled to a specified portion of
                                         the interest payable on each of the Class LA-2, Class LA-3, Class LA-4, Class LA-SB and
                                         Class LA-S Lower-Tier Regular Interests equal to the excess of the WAC Rate over the
                                         interest payable on the Corresponding Upper-Tier Regular Interest as identified on the
                                         table for the Lower-Tier REMIC.



 


		(3)	The
                                         Class UTR Interest is the sole class of residual interest in the Upper-Tier REMIC. It
                                         is not entitled to distributions of principal or interest.



 


None of the Class X-A,
Class S or Class R Certificates have Certificate Balances. Additionally, neither the Class S nor Class R Certificates
have a Notional Amount. (i)(A) The Certificate Balance of any Class of Pooled Principal Balance Certificates and (B) the VRR Interest
Balance outstanding at any time represents the maximum amount which Holders or the VRR Interest Owners, as applicable, thereof
are entitled to receive as distributions allocable to principal from the cash flow on the Mortgage Loans and the other assets in
the Trust Fund and the other assets in the Trust Fund and (ii) the Certificate Balance of any Class of Loan-Specific Certificates
outstanding at any time represents the maximum amount which holders thereof are entitled to receive as distributions allocable
to principal from the cash flow on the related Trust Subordinate Companion Loan and the other assets in the Trust Fund; provided
that if amounts previously allocated as Pooled Realized Losses or VRR Realized Losses, BX Industrial Portfolio Non-VRR Realized
Losses or BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses or Tower 333 T333-VRR Realized Losses,
or 825 South Hill Non-VRR Realized Losses or 825 South Hill 825S-VRR Realized Losses, as applicable, to a Class of Certificates
or the RR Interest, as applicable, in reduction of the Certificate Balance or VRR Interest Balance, as applicable, thereof are
subsequently recovered (including without limitation after the reduction of the Certificate Balance or VRR Interest Balance, as
applicable, of such Class to zero), such Class of Principal Balance Certificates or the VRR Interest, as applicable, may receive
distributions in respect of such recoveries in accordance with the priorities set forth in Section 4.01 of this Agreement.


 






     -5-


     


    

 


GRANTOR TRUST


 


The Class S Certificates,
the Class RR Certificates, the T333-VRR Interest and the RR Interest shall each represent undivided beneficial interests in the
portion of the Trust Fund consisting of the Class S Specific Grantor Trust Assets and the Class RR Certificates and the RR Interest
shall each represent undivided beneficial interests in the VRR Regular Interests and distributions thereon and the T333-VRR Interest
shall represent an undivided beneficial interest in the T333-VRR Regular Interests and distributions thereon. As provided herein,
the Certificate Administrator shall not take any actions that would cause the portions 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.


 


On the Closing Date,
the Depositor is selling, assigning and transferring and otherwise conveying to (i) GACC (or DBNY, as its Majority-Owned Affiliate),
$12,548,739 initial Certificate Balance of the VRR Interest in the form of Class RR Certificates (which assignment, transfer and
conveyance shall, solely for purposes of satisfying the requirements of Section 3(a) and Section 4(a)(1) of the Risk Retention
Rule, be deemed assigned, transferred and conveyed from the Depositor to GACC and from GACC to DBNY), (ii) GS Bank, $6,375,000
initial VRR Interest Balance in the form of the RR Interest (which assignment, transfer and conveyance shall, solely for purposes
of satisfying the requirements of Section 11(a)(1) of the Risk Retention Rule, be deemed assigned, transferred and conveyed from
the Depositor to GACC and from GACC to GSMC and from GMSC to GS Bank), and (iii) JPMCB, $11,500,000 initial Certificate Balance
of the VRR Interest in the form of Class RR Certificates (which assignment, transfer and conveyance shall, solely for purposes
of satisfying the requirements of Section 11(a)(1) of the Risk Retention Rule, be deemed assigned, transferred and conveyed from
the Depositor to GACC and from GACC to JPMCB.


 


The portion of the VRR
Interest (or Class RR Certificates) that JPMCB is so purchasing from the Depositor on the Closing Date is referred to in this Agreement
as the “VRR-A Interest”. The portion of the VRR Interest (or RR Interest) that GSMC (or GS Bank) is so purchasing from
the Depositor on the Closing Date is referred to in this Agreement as the “VRR-B Interest”. The portion of the VRR
Interest (or Class RR Certificates) that DBNY is so purchasing from the Depositor on the Closing Date is referred to in this Agreement
as the “VRR-C Interest”.


 


To the fullest extent
permitted by law, any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved
in a manner that preserves the validity and intended tax treatment of the Trust REMICs, the Grantor Trust and causes the maximum
amounts to be paid with respect to the holders of the Lower-Tier Regular Interests, the Trust Subordinate Companion Loan REMIC
Regular Interests and the Upper-Tier Regular Interests.


 




     -6-


     


    

WHOLE LOANS


 


	Loan
    No.	Whole
    Loan	Type	Non-Serviced
    PSA/TSA	Companion
    Loan Name	Companion
    Loan  Type
	1	BX
    Industrial Portfolio	Serviced	N/A	NoteA-1-A-2


        Note
        A-1-A-3


        Note
        A-1-A-4,


        Note
        A-1-A-5


        Note
        A-1-A-6


        Note
        A-1-A-7


        Note
        A-1-A-8


        Note
        A-1-C-1


        Note
        A-1-C-2


        Note
        A-1-D


        Note
        A-2 (Floating Rate Note)

        	Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Subordinate


        Subordinate


        Subordinate


        Pari
        Passu/Subordinate

        
	2	1633
    Broadway	Non-Serviced	BWAY
    2019-1633	Note
        A-1-S-1


        Note
        A-2-S-1


        Note
        A-3-S-1


        Note
        A-4-S-1


        Note
        A-1-C-1


        Note
        A-1-C-5


        Note
        A-2-C-1-A


        Note
        A-2-C-2-A


        Note
        A-1-C-2


        Note
        A-2-C-5


        Note
        A-1-C-3


        Note
        A-1-C-6


        Note
        A-1-C-4


        Note
        A-2-C-1-B


        Note
        A-3-C-1-B


        Note
        A-2-C-2-B


        Note
        A-2-C-3-A


        Note
        A-2-C-6


        Note
        A-2-C-3-B


        Note
        A-3-C-2


        Note
        A-3-C-3


        Note
        A-3-C-1-A


        Note
        A-3-C-7


        Note
        A-3-C-5


        Note
        A-3-C-6


        Note
        A-4-C-1


        Note
        A-4-C-2


        Note
        A-4-C-6


        Note
        A-4-C-7


        Note
        A-4-C-3


        Note
        A-4-C-4


        Note
        A-4-C-5


        Note
        B-1


        Note
        B-2


        Note
        B-3


        Note
        B-4

        	Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Subordinate


        Subordinate


        Subordinate


        Subordinate

        
	3	City
    National Plaza	Non-Serviced	MSC
    2020-CNP	Note
        A-1


        Note
        A-2


        Note
        A-3


        Note
        A-4


        Note
        A-5


        Note
        A-6


        Note
        A-9

        	Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu

        
	4	Moffett
    Towers Buildings A, B & C	Non-Serviced	MOFT
    2020-ABC	Note
        A-1-C-1


        Note
        A-1-C-2


        Note
        A-1-C-3


        Note
        A-1-C-5


        Note
        A-1-C-6


        Note
        A-1-C-7


        Note
        A-1-C-8


        Note
        A-1-C-9


        Note
        A-1-C-10


        Note
        A-1-S-1


        Note
        A-2-C-2


        Note
        A-2-C-3


        Note
        A-2-C-4


        Note
        A-3-C-1


        Note
        A-3-C-3


        Note
        A-3-C-4


        Note
        A-2-S-1


        Note
        A-3-S-1


        Note
        B

        	Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Pari
        Passu


        Subordinate

        
	5	Tower
    333	Serviced	N/A	Note
        A-1


        Note
        A-2


        


        

        	Pari
        Passu


        Pari
        Passu


        


        

        



 






     -7-


     


    

 


					
        


        Note B


        Note C

        	
        


        


        Subordinate


        Subordinate

        
	6	Chase Center Tower I	Non-Serviced	Benchmark 2020-IG2	
        Note A-1-A


        Note A-1-B


        Note A-1-C


        Note A-1-F


        Note A-1-G


        Note A-1-H


        Note B-1


        Note C-1

        	
        Pari Passu


        Pari Passu


        Pari Passu


        Pari Passu


        Pari Passu


        Pari Passu


        Subordinate


        Subordinate

        
	7	Chase Center Tower II	Non-Serviced	Benchmark 2020-IG2	
        Note A-2-A


        Note A-2-B


        Note A-2-C


        Note A-2-F


        Note A-2-G


        Note A-2-H


        Note B-2


        Note C-2

        	
        Pari Passu


        Pari Passu


        Pari Passu


        Pari Passu


        Pari Passu


        Pari Passu


        Subordinate


        Subordinate

        
	8	825 South Hill	Serviced 	N/A	
        Note 1


        Note 2


        Note 3

        	
        Pari Passu(1)


        Pari Passu(1)


        Pari Passu(1)

        
	9	Stonemont Net Lease Portfolio	Non-Serviced	JPMCC 2020-NNN	
        Senior Floating Rate Component


        Note A-FX-1


        Note A-FX-2


        Note A-FX-3


        Note A-FX-5


        Note B-FX


        Subordinate Floating Rate Component

        	
        Pari Passu


        Pari Passu


        Pari Passu


        Pari Passu


        Pari Passu


        Subordinate


        Subordinate

        
	10	1501 Broadway	Serviced	N/A	
        Note A-1


        Note A-2


        Note A-3


        Note A-4

        	
        Pari Passu


        Pari Passu


        Pari Passu


        Pari Passu

        



 





 











 


		(1)	Note
                                         1, Note 2 and Note 3 are pari passu with the 825 South Hill Mortgage Loan and the 825
                                         South Hill Trust Subordinate Companion Loan (treated as a single note for this purpose). 



 


In consideration of the
mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee and the other parties hereto hereby agree as follows:


 


Article I



DEFINITIONS


 


Section 1.01       
Defined Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires,
shall have the meanings specified in this Article.


 


“825 South Hill
Aggregate Principal Distribution Amount”: For any Distribution Date, an amount equal to the sum of the following amounts:


 


(A)            
the 825 South Hill Scheduled Principal Distribution Amount for such Distribution Date; and


 


(B)             
the 825 South Hill Unscheduled Principal Distribution Amount for such Distribution Date;


 


provided that
the 825 South Hill Aggregate Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by
the amount of any reimbursements of:


 


 






     -8-


     


    

 


(A)            
Nonrecoverable Advances, with interest on such Nonrecoverable Advances at the Reimbursement Rate, that are paid or reimbursed
from principal collections on the Trust Subordinate Companion Loans in a period during which such principal collections would have
otherwise been included in the 825 South Hill Aggregate Principal Distribution Amount for such Distribution Date; and


 


(B)             
Workout Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Trust Subordinate Companion Loans
in a period during which such principal collections would have otherwise been included in the 825 South Hill Aggregate Principal
Distribution Amount for such Distribution Date;


 


provided, further,
that, in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections on the
related Trust Subordinate Companion Loan (including the portion of the REO Loan allocable to the related Trust Subordinate Companion
Loan) are subsequently recovered on the related Trust Subordinate Companion Loan (or the portion of the REO Loan allocable to the
related Trust Subordinate Companion Loan), such recovery will increase the 825 South Hill Aggregate Principal Distribution Amount
for the Distribution Date related to the period in which such recovery occurs.


 


“825 South Hill
Assumed Scheduled Payment”: For any Collection Period and with respect to the related Trust Subordinate Companion Loan
that is delinquent in respect of its Balloon Payment or any REO Loan relating to the related Trust Subordinate Companion Loan (excluding,
for purposes of determining or making P&I Advances, the portion allocable to the 825 South Hill Mortgage Loan), an amount equal
to the sum of (a) the principal portion of the Periodic Payment that would have been due on such Trust Subordinate Companion Loan
or portion of the REO Loan allocable to such Trust Subordinate Companion Loan) on the related Due Date based on the constant Periodic
Payment or the original amortization schedule of the related Trust Subordinate Companion Loan (as calculated with interest at the
related Mortgage Rate) (if any), assuming such Balloon Payment had not become due, after giving effect to any reduction in the
principal balance thereof occurring in connection with a modification of such Trust Subordinate Companion Loan or REO Loan in connection
with a default or a bankruptcy modification (or similar proceeding), and (b) interest on the Stated Principal Balance of such
Trust Subordinate Companion Loan (excluding, for purposes of determining or making P&I Advances, the portion allocable to the
825 South Hill Mortgage Loans) at the applicable Mortgage Rate (net of interest at the related Servicing Fee Rate).


 


“825 South Hill
Available Funds”: With respect to any Distribution Date, an amount equal to the sum of (without duplication) (which,
for the avoidance of doubt, will not include any amounts received in respect of the Mortgage Loans, the BX Industrial Portfolio
Trust Subordinate Companion Loan or the Tower 333 Trust Subordinate Companion Loan):


 


(a)               
the aggregate amount of all cash received on the related Trust Subordinate Companion Loan (including the portion of Loss
of Value Payments deposited into the Collection Account pursuant to Section 3.06(e) of this Agreement) and any related
REO Property (including Compensating Interest Payments with respect to the related Trust Subordinate Companion Loan required to
be deposited by the Master Servicer pursuant to


 






     -9-


     


    




 


Section 3.17(b)) on deposit in or credited to any portion of the Collection
Account (in each case, exclusive of any amount on deposit in or credited to any portion of the Collection Account that is held
for the benefit of the holders of any Mortgage Loan, any other Companion Loan Noteholder or the holders of the Pooled Certificates
or the VRR Interest Owners), as of the close of business on the related Master Servicer Remittance Date, exclusive of (without
duplication):


 


(i)           
all Periodic Payments and Balloon Payments paid by the Borrower related to the Trust Subordinate Companion Loans that are
due on a Due Date after the end of the related Collection Period (without regard to any grace period), excluding Excess Interest
and interest relating to periods prior to, but due after, the Cut-off Date;


 


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


 


(iii)           
all amounts in the Collection Account that are due or reimbursable to any Person other than the related Loan-Specific Certificateholders
or the Class R Certificateholders pursuant to clauses (ii) through (xv), inclusive, of Section 3.06(a) of this Agreement;


 


(iv)           
with respect to any Distribution Date occurring in (1) each February or (2) any January occurring in a year that
is not a leap year (unless such Distribution Date is the final Distribution Date), the related Withheld Amounts related to the
related Trust Subordinate Companion Loan to the extent such amounts are on deposit in the Collection Account pursuant to Section 3.05(e)
of this Agreement;


 


(v)           
all Yield Maintenance Charges and Prepayment Premiums allocable to the related Trust Subordinate Companion Loan;


 


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


 


(vii)           
all Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement and
allocable to the related Trust Subordinate Companion Loan;


 


(b)              
if and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Account
allocable to the related Trust Subordinate


 






     -10-


     


    

 


Companion Loan to the Collection Account for such Distribution Date pursuant to Section 3.15(b);


 


(c)               
P&I Advances on the related Trust Subordinate Companion Loan made by the Master Servicer or the Trustee, as applicable,
for such Distribution Date (net of the related Certificate Administrator/Trustee Fee with respect to such Trust Subordinate Companion
Loan for which such P&I Advances are made);


 


(d)              
with respect to any Distribution Date occurring in each March (or February, if the related Distribution Date is the final
Distribution Date), the Withheld Amounts related to the 825 South Hill Trust Subordinate Companion Loan remitted to the 825 South
Hill Trust Subordinate Companion Loan REMIC Distribution Account pursuant to Section 3.07; and


 


(e)               
the aggregate amount of 825 South Hill Gain-on-Sale Proceeds transferred to the 825 South Hill Trust Subordinate Companion
Loan REMIC Distribution Account from the 825 South Hill Gain-on-Sale Reserve Account for distribution on the subject Distribution
Date pursuant to Section 4.01(k).


 


Notwithstanding the investment
of funds held in the Collection Account or the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account pursuant
to Section 3.07 of this Agreement, for purposes of calculating the 825 South Hill Available Funds, the amounts so invested
shall be deemed to remain on deposit in such account.


 


“825 South Hill
Control Appraisal Period”: With respect to a 825 South Hill Whole Loan, if and for so long as: (a) the initial principal
balance of the related 825 South Hill Trust Subordinate Companion Loan, minus (2) the sum (without duplication) of (x) any payments
of principal (whether as principal prepayments or otherwise) allocated to, and received on, such 825 South Hill Trust Subordinate
Companion Loan after the date of creation of the 825 South Hill Trust Subordinate Companion Loan, (y) any Appraisal Reduction Amount
for the related 825 South Hill Whole Loan that is allocated to such 825 South Hill Trust Subordinate Companion Loan and (z) any
losses realized with respect to the related 825 South Hill Mortgaged Property or the related 825 South Hill Whole Loan that are
allocated to such 825 South Hill Trust Subordinate Companion Loan, is less than (b) 25% of the remainder of (i) the initial principal
balance of such 825 South Hill Trust Subordinate Companion Loan less (ii) any payments of principal (whether as principal prepayments
or otherwise) allocated to, and received by, the related 825 South Hill Trust Subordinate Companion Loan Holder on such 825 South
Hill Trust Subordinate Companion Loan, after the date of creation of such 825 South Hill Trust Subordinate Companion Loan.


 


“825 South Hill
Control Eligible Certificates”: Any of the Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates.


 


“825 South Hill
Controlling Class”: As of any date of determination, the most subordinate Class of 825 South Hill Control Eligible Certificates
then-outstanding that has a then aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts
allocable to such Class in accordance with Section 4.08(a) of this Agreement), at least equal to 25% of the initial
Certificate Balance of that Class; provided that if at any time the


 






     -11-


     


    

 


Certificate Balance of the Class 825S-E Certificates
have been reduced to zero as a result of the allocation of principal payments on the Trust Subordinate Companion Loans, then the
“825 South Hill Controlling Class” shall be the most subordinate class of 825 South Hill Control Eligible Certificates
that has an aggregate Certificate Balance greater than zero without regard to the application of Appraisal Reduction Amounts (or
any Collateral Deficiency Amount) to notionally reduce the Certificate Balance of such Class.


 


“825 South Hill
Controlling Class Certificateholders”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the 825
South Hill Controlling Class as determined by the Certificate Registrar, from time to time, upon request by any party hereto.


 


“825 South Hill
Controlling Class Representative”: Following an AIG Lending Control Termination Event, the 825 South Hill Controlling
Class Representative shall be the 825 South Hill Controlling Class Certificateholder (or a representative thereof) selected by
more than 50% of the 825 South Hill Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate
Registrar from time to time; provided, however, that (i) absent that selection, or (ii) until a 825 South
Hill Controlling Class Representative is so selected, or (iii) upon receipt of a notice from a majority of the 825 South Hill
Controlling Class Certificateholders, by Certificate Balance, that a 825 South Hill Controlling Class Representative is no longer
designated, then the 825 South Hill Controlling Class Certificateholder that represents that it owns the largest aggregate Certificate
Balance of the 825 South Hill Controlling Class (with evidence of ownership) or a representative thereof, will be the 825 South
Hill Controlling Class Representative; provided, however, that (1) in the case of this clause (iii), in the event
that no one Holder owns the largest aggregate Certificate Balance of the 825 South Hill Controlling Class, then there will be no
825 South Hill Controlling Class Representative until appointed in accordance with the terms of this Agreement, and (2) the Certificate
Administrator and the other parties hereto shall be entitled to assume that the identity of the 825 South Hill Controlling Class
Representative has not changed until such parties receive written notice of a replacement of the 825 South Hill Controlling Class
Representative from a party holding the requisite interest in the 825 South Hill Controlling Class, or the resignation of the then-current
825 South Hill Controlling Class Representative.


 


Pursuant to the 825 South
Hill Intercreditor Agreement, prior to the occurrence of an AIG Lending Control Termination Event, AIG Asset Management (U.S.),
LLC has been irrecoverably appointed as the controlling note holder representative and accordingly will exercise the control and
consultation rights on behalf of the 825 South Hill Controlling Class Representative during such period.


 


During the continuance
of a 825 South Hill Control Appraisal Period and following an AIG Lending Control Termination Event, there will be no 825 South
Hill Controlling Class Representative. The Depositor shall promptly provide the name and contact information for the initial 825
South Hill Controlling Class Representative 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 initial 825 South Hill Controlling Class Representative
shall be AIG Asset Management (U.S.), LLC on behalf of its affiliates.


 


“825 South Hill
Future Advance”: Each of two possible future Companion Loans evidenced by promissory notes made by the related Mortgagor
and secured by the Mortgage on


 






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the 825 South Hill Mortgaged Property, which will not be included in the Trust and which are pari
passu  in right of payment to the 825 South Hill Mortgage Loan and the 825 South Hill Trust Subordinate Companion Loan (treated
as a single note for this purpose) to the extent set forth in the related Loan documents and as provided in the related 825 South
Hill Intercreditor Agreement.


 


“825 South Hill
Gain-on-Sale Proceeds”: Any Gain-on-Sale Proceeds collected on or in respect of the related Trust Subordinate Companion
Loan.


 


“825 South Hill
Gain-on-Sale Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account) created and
maintained by the Certificate Administrator, pursuant to Section 3.05(n) on behalf of the Trustee for the benefit of
the 825 South Hill Loan-Specific Certificateholders, which shall initially be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee and for the benefit of the
registered holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, 825 South
Hill Gain-on-Sale Reserve Account”. Any such account shall be an Eligible Account or a subaccount of an Eligible Account
and will be an asset of the 825 South Hill Trust Subordinate Companion Loan REMIC.


 


“825 South Hill
Intercreditor Agreements”: That certain Amended and Restated Agreement between Noteholders and Future Funding Indemnification
Agreement, dated as of May 29, 2020, by and between the holder of the 825 South Hill Mortgage Loan, the holders of the related
Trust Subordinate Companion Loan and the holders of the related 825 South Hill Non-Trust Companion Loans, relating to the relative
rights of such holders of the 825 South Hill Whole Loan, as the same may be further amended in accordance with the terms thereof.


 


“825 South Hill
Interest Accrual Amount”: With respect to any Distribution Date and any Class of 825 South Hill Loan-Specific Certificates,
an amount equal to the interest for the related Interest Accrual Period accrued at the Pass-Through Rate for such Class on the
Certificate Balance for such Class immediately prior to such Distribution Date. Calculations of interest due for each Interest
Accrual Period in respect of such Classes of 825 South Hill Non-VRR Certificates shall be made on the basis of a 360-day year consisting
of twelve 30-day months.


 


“825 South Hill
Interest Distribution Amount”: With respect to any Distribution Date and each Class of 825 South Hill Loan-Specific Certificates,
an amount equal to (A) the sum of (i) the 825 South Hill Interest Accrual Amount with respect to such Class for such
Distribution Date and (ii) the 825 South Hill Interest Shortfall, if any, with respect to such Class for such Distribution
Date, less (B) any Excess Prepayment Interest Shortfall allocated to such Class on such Distribution Date pursuant to
the paragraph below.


 


For purposes of clause (B)
above, the Excess Prepayment Interest Shortfalls allocated to the 825 South Hill Trust Subordinate Companion Loan, if any, for
each Distribution Date shall be allocated to each Class of 825 South Hill Loan-Specific Certificates in an amount equal to the
product of (i) the amount of such Excess Prepayment Interest Shortfalls and (ii) a fraction, the numerator of which is
the Interest Accrual Amount for such Class of related Loan-Specific Certificates for such Distribution Date and the denominator
of which is the aggregate


 






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Interest Accrual Amounts for all Classes of related Loan-Specific Certificates for such Distribution
Date.


 


“825 South Hill
Interest Shortfall”: On any Distribution Date for any Class of 825 South Hill Loan-Specific Certificates, the amount
of interest required to be distributed to the Holders of such Class pursuant to Section 4.01(e) of this Agreement on
such Distribution Date minus the amount of interest actually distributed to such Holders pursuant to such Section, if any.


 


“825 South Hill
Loan-Specific Certificateholder”: A Certificateholder of a 825 South Hill Loan-Specific Certificate.


 


“825 South Hill
Loan-Specific Certificates”: The Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates
and the 825S-VRR Interest, collectively. The Loan-Specific Certificates will be sold by the Depositor to the Loan-Specific Initial
Purchasers.


 


“825 South Hill
Loan-Specific Directing Holder”: With respect to the 825 South Hill Whole Loan, (i) prior to an 825 South Hill Control
Appraisal Period, the 825 South Hill Controlling Class Representative and (ii) following an AIG Lending Control Termination Event
and if a 825 South Hill Control Appraisal Period and an has occurred and is continuing, the Pooled Trust Directing Holder.


 


“825 South Hill
Mortgage Loan”: With respect to the 825 South Hill Whole Loan, the Mortgage Loan that is included in the Trust (identified
as Mortgage Loan No. 8 on the Mortgage Loan Schedule), which is designated as promissory note 4A. The related Trust Subordinate
Companion Loan is subordinate to the 825 South Hill Mortgage Loan.


 


“825 South Hill
Mortgaged Property”: The Mortgaged Property which secures the 825 South Hill Whole Loan.


 


“825 South Hill
Non-Trust Companion Loans” The Companion Loans evidenced by the promissory notes 1, 2, and 3 made by the related Mortgagor
and secured by the Mortgage on the 825 South Hill Mortgaged Property, which are not included in the Trust and which is pari
passu with the 825 South Hill Mortgage Loan and 825 South Hill Trust Subordinate Companion Loan (treated as a single note for
this purpose) to the extent set forth in the related Loan documents and as provided in the related 825 South Hill Intercreditor
Agreement.


 


“825 South Hill
Non-VRR Certificates”: The Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates, collectively.


 


“825 South Hill
Non-VRR Percentage”: An amount expressed as a percentage equal to 100% less the 825S-VRR Percentage. For the avoidance
of doubt, at all times, the sum of the 825S-VRR Percentage and the 825 South Hill Non-VRR Percentage shall equal 100%.


 


“825 South Hill
Non-VRR Realized Loss”: With respect to the 825 South Hill Trust Subordinate Companion Loan and any Distribution Date,
is the amount, if any, by which (i) the product of (A) the 825 South Hill Non-VRR Percentage and (B) the Stated Principal


 






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Balance
of the 825 South Hill Trust Subordinate Companion Loan (including the assumed Stated Principal Balance if the 825 South Hill Trust
Subordinate Companion Loan has become an REO Loan) as of the end of the last day of the related Collection Period, is less than
(ii) the aggregate Certificate Balance of the 825 South Hill Loan-Specific Certificates (other than the 825S-VRR Interest) after
giving effect to distributions of principal on that Distribution Date.


 


“825 South Hill
Principal Distribution Amount”: For any Distribution Date and the 825 South Hill Loan-Specific Certificates, the sum
of (i) the 825 South Hill Principal Shortfall, if any, for the prior Distribution Date and (ii) the 825 South Hill Non-VRR
Percentage of the 825 South Hill Aggregate Principal Distribution Amount for such Distribution Date.


 


“825 South Hill
Principal Shortfall”: For any Distribution Date, the amount, if any, by which (a) the 825 South Hill Principal Distribution
Amount for the preceding Distribution Date exceeds (b) the aggregate amount actually distributed on the preceding Distribution
Date to holders of the 825 South Hill Loan-Specific Certificates in respect of such 825 South Hill Principal Distribution Amount.


 


“825 South Hill
Realized Loss”: With respect to the 825 South Hill Trust Subordinate Companion Loan and any Distribution Date, the amount,
if any, by which (i) the Stated Principal Balance of the 825 South Hill Trust Subordinate Companion Loan, including the assumed
Stated Principal Balance if the 825 South Hill Trust Subordinate Companion Loan has become an REO Loan, as of the end of the last
day of the related Collection Period, is less than (ii) the aggregate Certificate Balance of the related Loan-Specific Certificates
after giving effect to distributions of principal on that Distribution Date. For purposes of this calculation, the Stated Principal
Balance will not be reduced by the amount of principal payments received on the 825 South Hill Trust Subordinate Companion Loan
that were used to reimburse the Master Servicer or the Trustee from general collections of principal on the 825 South Hill Trust
Subordinate Companion Loan for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined
to be Nonrecoverable Advances.


 


“825 South Hill
Scheduled Principal Distribution Amount”: With respect to any Distribution Date and the 825 South Hill Trust Subordinate
Companion Loan, the aggregate of the principal portions of the following: (a) all Periodic Payments (excluding Balloon Payments)
with respect to the 825 South Hill Trust Subordinate Companion Loan due during or, if and to the extent not previously received
or advanced pursuant to Section 4.07 in respect of a preceding Distribution Date (and not previously distributed to
Certificateholders), prior to, the related Collection Period and all 825 South Hill Assumed Scheduled Payments with respect to
the related Trust Subordinate Companion Loan for the related Collection Period, in each case to the extent either (i) paid
by the related Borrower as of the related Determination Date (or, with respect to the 825 South Hill Trust Subordinate Companion
Loan with a Due Date occurring or a grace period ending after the related Determination Date, the related Due Date or last day
of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the related
Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or the Trustee, as applicable, pursuant to Section 4.07
in respect of such Distribution Date, and (b) all Balloon Payments with respect to the 825 South Hill Trust Subordinate Companion
Loan to the extent received on or prior to the related Determination Date (or, with respect to the 825 South Hill Trust Subordinate
Companion Loan with a Due Date occurring, or a grace period ending, after the related Determination Date, the related Due Date
or last day of such grace


 






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period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding
the related Master Servicer Remittance Date), and to the extent not included in clause (a) above.


 


“825 South Hill
Pari Passu Companion Loan”: With respect to the 825 South Hill Whole Loan, each of the senior promissory note A-2.


 


“825 South Hill
Risk Retention Consultation Party”: The party selected by DBNY, as holder of the 825S-VRR Interest. The Certificate Administrator
and the other parties hereto shall be entitled to assume that the identity of the 825 South Hill Risk Retention Consultation Party
has not changed until such parties receive written notice of a replacement of such 825 South Hill Risk Retention Consultation Party
from DBNY, as confirmed by the Certificate Registrar. The initial 825 South Hill Risk Retention Consultation Party shall be DBNY.


 


“825 South Hill
Trust Subordinate Companion Loan”: The Companion Loan evidenced by the promissory note 4B made by the related Mortgagor
and secured by the Mortgage on the 825 South Hill Mortgaged Property, which are included in the Trust and which are subordinate
in right of payment to the 825 South Hill Mortgage Loan to the extent set forth in the related Loan documents and as provided in
the related 825 South Hill Intercreditor Agreement.


 


“825 South Hill
Trust Subordinate Companion Loan REMIC”: One of five separate REMICs comprising a portion of the Trust Fund, which consist
of the 825 South Hill Trust Subordinate Companion Loan and the proceeds thereof, any allocable portion of REO Property with respect
thereto, the related portions of the REO Account, and the related Trust Subordinate Companion Loan REMIC Distribution Account.


 


“825 South Hill
Trust Subordinate Companion Loan REMIC Distribution Account”: With respect to the 825 South Hill Trust Subordinate Companion
Loan, the segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator
pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders
of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2020-IG3, 825 South Hill Trust Subordinate
Companion Loan REMIC Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account.
The 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account shall be an asset of the 825 South Hill Trust Subordinate
Companion Loan REMIC.


 


“825 South Hill
Trust Subordinate Companion Loan REMIC Principal Balance”: With respect to any Class of 825 South Hill Trust Subordinate
Companion Loan REMIC Regular Interests, initially will equal the original principal balance set forth in the Preliminary Statement
herein, and from time to time will equal such amount reduced by the amount of distributions of the 825 South Hill Trust Subordinate
Companion Loan REMIC Distribution Amount allocable to principal and 825 South Hill Realized Losses, as applicable, allocable thereto
in all prior periods as described in Section 4.01(l) of this Agreement, such that at all times the 825 South Hill Trust
Subordinate Companion Loan REMIC Principal Balance of a 825 South Hill Trust Subordinate


 






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Companion Loan REMIC Regular Interest
shall equal the Certificate Balance of the Corresponding Certificates.


 


“825 South Hill
Trust Subordinate Companion Loan REMIC Regular Interests”: Any of the Class L825SA, Class L825SB, Class L825SC, Class
L825SD, Class L825SE and L825SVRR Interests, as applicable.


 


“825 South Hill
Unscheduled Principal Distribution Amount”: With respect to any Distribution Date and the 825 South Hill Trust Subordinate
Companion Loan, the aggregate of the following: (a) all Principal Prepayments received on the 825 South Hill Trust Subordinate
Companion Loan on or prior to the Determination Date and (b) the principal portion of any other collections (exclusive of
payments by the related Borrower) received on the 825 South Hill Trust Subordinate Companion Loan and any REO Properties on or
prior to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds,
net income, rents, and profits from REO Property or otherwise, that were identified and applied by the master servicer as recoveries
of principal of the 825 South Hill Trust Subordinate Companion Loan for which no Advance was previously made; provided that
all such Liquidation Proceeds and Insurance Proceeds and Condemnation Proceeds will be reduced by any unpaid Special Servicing
Fees, Liquidation Fees, any amount related to the Loss of Value Payments to the extent that such amount was transferred into the
Collection Account during the related Collection Period, accrued interest on Advances and other additional trust fund expenses
incurred in connection with the 825 South Hill Trust Subordinate Companion Loan, thus reducing the 825 South Hill Unscheduled Principal
Distribution Amount.


 


“825 South Hill
Whole Loan”: The 825 South Hill Mortgage Loan, the related 825 South Hill Pari Passu Companion Loans, the related Trust
Subordinate Companion Loan and the related Non-Trust Junior Subordinate Companion Loans, each of which is secured by the same Mortgage
on the 825 South Hill Mortgaged Property. References herein to the 825 South Hill Whole Loan shall be construed to refer to the
aggregate indebtedness under the 825 South Hill Mortgage Loan and the related Trust Subordinate Companion Loan.


 


“825S-VRR Allocation
Percentage”: A fraction, expressed as a percentage, equal to the 825S-VRR Percentage divided by the 825 South Hill Non-VRR
Percentage.


 


“825S-VRR Available
Funds”: With respect to each Distribution Date, an amount equal to the product of the 825S-VRR Percentage multiplied
by the 825 South Hill Available Funds for such Distribution Date.


 


“825S-VRR Interest
Certificate”: Any one of the Certificates with a “825S-VRR Interest” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.


 


“825S-VRR Interest”:
An interest in the Trust representing the right to receive the 825S-VRR Interest Percentage of all amounts collected on the 825
South Hill Trust Subordinate Companion Loan, net of all expenses of the Trust, and distributable on each Distribution Date to Holders
of the related Loan-Specific Certificates and allocated to the 825S-VRR Interest. The 825S-VRR Interest evidences beneficial ownership
of a “regular interest” in


 






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the 825 South Hill Trust Subordinate Companion Loan REMIC for purposes of the REMIC Provisions.
For the avoidance of doubt, the parties hereto agree not to treat the 825S-VRR Interest as a security under applicable law.


 


“825S-VRR Interest
Distribution Amount”: With respect to each Distribution Date and the 825S-VRR Interest, an amount equal to the product
of (A) the 825S-VRR Allocation Percentage and (B) the aggregate amount of interest distributed on the related Loan-Specific Certificates
according to clauses First, Fourth, Seventh, Tenth and Thirteenth of Section 4.01(e).


 


“825S-VRR Principal
Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the 825S-VRR Allocation
Percentage and (B) the aggregate amount of principal distributed on the related Loan-Specific Certificates according to clauses
Second, Fifth, Eighth, Eleventh and Fourteenth of Section 4.01(e).


 


“825S-VRR Interest
Owner”: The Person who owns the 825S-VRR Interest, as identified to the Certificate Administrator in writing. At any
time, there shall be only one 825S-VRR Interest Owner. DBNY is the 825S-VRR Interest Owner as of the Closing Date.


 


“825S-VRR Percentage”:
As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the initial interest balance
of the 825S-VRR Interest, and the denominator of which is the aggregate initial Certificate Balance of all of the related Classes
of Loan-Specific Certificates and the initial interest balance of the 825S-VRR Interest.


 


“825 South Hill
825S-VRR Realized Loss”: With respect to the 825 South Hill Trust Subordinate Companion Loan and each Distribution Date,
the amount, if any, by which (i) the aggregate Certificate Balance of the 825S-VRR Interest, after giving effect to distributions
of principal on such Distribution Date, exceeds (ii) the product of (A) the 825S-VRR Percentage and (B) the aggregate Stated Principal
Balance of the related Trust Subordinate Companion Loan, including any REO Loan (but in each case, excluding the 825 South Hill
Non-Trust Companion Loans and the 825 South Hill Future Advance, if applicable), as of the end of the last day of the related Collection
Period.


 


“825S-VRR Realized
Loss Interest Distribution Amount”: With respect to any Distribution Date and the 825S-VRR Interest, an amount equal
to the product of (A) the 825S-VRR Allocation Percentage and (B) the aggregate amount of interest on unreimbursed Realized Losses
distributed to the Holders of the 825 South Hill Non-VRR Certificates pursuant to Section 4.01(e)(iii), (vi),
(ix), (xii) and (xv) on such Distribution Date.


 


“8-K Filing
Deadline”: As defined in Section 10.09 of this Agreement.


 


“10-K Filing
Deadline”: As defined in Section 10.07 of this Agreement.


 


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


 


“17g-5 Information
Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at “www.ctslink.com”,
under the “NRSRO” tab or other


 






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applicable tab of the respective transaction, access to which is limited to the Depositor
and to NRSROs who have provided an NRSRO Certification to the 17g-5 Information Provider.


 


“AB Modified
Loan”: Any Corrected Mortgage Loan (1) that became a Corrected Mortgage Loan (which includes for purposes of this definition
any Non-Serviced Mortgage Loan that became a “corrected loan” (or any term substantially similar thereto) pursuant
to the related Other Pooling and Servicing Agreement) due to a modification thereto that resulted in the creation of an A/B note
structure (or similar structure) and as to which the new junior note(s) did not previously exist or the principal amount of the
new junior note(s) was previously part of either an A note held by the Trust or the original unmodified Mortgage Loan or Trust
Subordinate Companion Loan and (2) as to which an Appraisal Reduction Amount is not in effect.


 


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


 


“Acceptable
Insurance Default”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any Default arising
by reason of the failure of the related Borrower to maintain standard extended coverage casualty insurance or other insurance that
covers acts of terrorism, as to which the Master Servicer or the Special Servicer, as applicable, has determined, in accordance
with the Servicing Standard (and (i) unless a Control Termination Event is continuing, with the consent of the Directing Holder
(or, if a Control Termination Event is continuing, but other than during the continuance of a Consultation Termination Event, after
consulting with the Directing Holder as provided in Section 6.07) and (ii) with respect to any Specially Serviced Loan,
after non-binding consultation with the Risk Retention Consultation Parties pursuant to Section 6.07 (but, in either
case, other than with respect to any Mortgage Loan that is an Excluded Loan as to any such party)), that either (x) such insurance
is not available at commercially reasonable rates and the subject hazards are not at the time commonly insured against for properties
similar to the Mortgaged Property and located in or around the geographic region in which such Mortgaged Property is located (but
only by reference to such insurance that has been obtained by such owners at current market rates), or (y) such insurance
is not available at any rate; provided that the Directing Holder and the Risk Retention Consultation Parties, as applicable,
will not have more than 30 days to respond to the Master Servicer’s or the Special Servicer’s, as applicable,
request for such consent or consultation, as applicable; provided, further, that upon the Master Servicer’s
or the Special Servicer’s, as applicable, determination, consistent with the Servicing Standard, that exigent circumstances
do not allow the Master Servicer or the Special Servicer, as applicable, to consult with the Directing Holder or the Risk Retention
Consultation Parties, as applicable, the Master Servicer or the Special Servicer, as applicable, will not be required to do so.
In making this determination, the Master Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion
of an insurance consultant.


 


“Accrued AB
Loan Interest”: With respect to any AB Modified Loan and any date of determination, accrued and unpaid interest that
remains unpaid with respect to the junior note(s) of such AB Modified Loan.


 


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


 






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

 

“Actual/360
Loans”:  The Mortgage Loans indicated as such in the Mortgage Loan Schedule, the Trust Subordinate Companion Loans
and any related Serviced Companion Loan.

 

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

 

“Additional
Form 10-D Disclosure”:  The information described in the Form 10-D items set forth under the “Item on Form
10-D” column on Schedule IV hereto.

 

“Additional
Form 10-K Disclosure”:  The information described in the Form 10-K items set forth under the “Item on Form
10-K” column on Schedule V hereto.


 


“Additional
Servicer”:  Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee
or the Mortgage Loan Sellers (other than an Affiliate of any such party acting in the capacity of a Mortgage Loan Seller Sub-Servicer),
that Services any of the Mortgage Loans, and each Person, other than the Special Servicer, who is not an Affiliate of any of the
Master Servicer, the Certificate Administrator, the Trustee or the Mortgage Loan Sellers, who Services 10% or more of the Mortgage
Loans (based on their Stated Principal Balance).

 

“Additional
Trust Fund Expense”:  Any expense incurred with respect to the Trust Fund and not otherwise included in the calculation
of a Realized Loss and VRR Realized Loss, as applicable, that would result in the Holders of Non-VRR Certificates, Loan-Specific
Certificates or VRR Interest Owners receiving less than the full amount of principal and/or the Interest Accrual Amount to which
they are entitled on any Distribution Date.

 

 “Administrative
Cost Rate”:  As of any date of determination and with respect to each Mortgage Loan or Trust Subordinate Companion
Loan, a per annum rate equal to the sum of the Servicing Fee Rate, the Certificate Administrator/Trustee Fee Rate and the
CREFC® Intellectual Property Royalty License Fee Rate.  For the avoidance of doubt, the Administrative Cost
Rate includes any related Non-Serviced Mortgage Loan Primary Servicing Fee Rate.

 



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


“Advance
Interest Amount”:  Interest at the Reimbursement Rate on the aggregate amount of P&I Advances and Servicing
Advances for which the Master Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the
date on which such Advance was made to the date of payment or reimbursement of the related Advance or other such amount, less
any amount of interest previously paid on such Advance; provided that if, during any Collection Period in which an Advance
was made, the related Borrower makes payment of an amount in respect of which such Advance was made with interest at the Default
Rate, the Advance Interest Amount payable to the Master Servicer or the Trustee shall be paid


 






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first, from the amount of Default Interest on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances) actually paid by such Borrower, second, from late payment fees on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances) actually paid by the related Borrower, and third, upon determining in accordance with the Servicing Standard that such Advance Interest Amount is not recoverable from the amounts described in first or second, from other amounts on deposit in the Collection Account or the Serviced Whole Loan Collection Account, as applicable.

 

“Adverse REMIC Event”:  Any action, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause any Trust REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a tax upon any Trust REMIC or the Trust Fund (including but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure property”).

 

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

 

“Affiliate Ethical Wall”:  Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Master Servicer, any Special Servicer, the Certificate Administrator or the Trustee, as applicable, taking into account the nature of its business, to ensure (1) that such Affiliate will not use Confidential Information received from the Depositor, the Master Servicer, such Special Servicer, the Certificate Administrator or the Trustee, as applicable, in a manner that violates any applicable law including, but not limited to, any securities laws and (2) that such Affiliate will not provide to the Depositor, the Master Servicer, such Special Servicer, the Certificate Administrator or the Trustee, as applicable, information regarding its decisions relating to Investments in the Certificates from such Affiliate.  Under such policies and procedures maintained by such Affiliate, (i) policies and procedures restricting the flow of information exist, and shall be maintained by such Affiliate, between such Affiliate, on the one hand and the Depositor, the Master Servicer, such Special Servicer, the Certificate Administrator or the Trustee, as applicable, on the other; (ii) such policies and procedures restricting the flow of information operate in both directions so as to include (a) policies and procedures against the disclosure of Confidential Information from the Depositor, the Master Servicer, such Special Servicer, the Certificate Administrator or the Trustee, as applicable, to such Affiliate, except as such disclosure is expressly allowed under this Agreement in such affiliate’s capacity as a Controlling Class Certificateholder or a Directing Holder or otherwise and (b) policies and procedures restricting the disclosure by such Affiliate of information regarding its decisions relating to Investments in Certificates to the Depositor, the Master Servicer, such Special Servicer, the Certificate Administrator or the Trustee, as applicable; (iii) the senior management personnel of such Affiliate who have obtained Confidential Information in the course of their exercise of general managerial responsibilities may not use that

 

 




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information to influence Investment Decisions with respect to the Certificates, nor may they pass that information to others for use in such activities, to the extent the use of such Confidential Information violates the securities laws; and (iv) such senior management personnel who have obtained information regarding Investments in the course of their exercise of general managerial responsibilities may not use that information to influence servicing recommendations.

 

“Affiliated Person”:  Any Person (other than a Rating Agency) involved in the organization or operation of the Depositor or an affiliate, as defined in Rule 405 of the Act, of such Person.

 

“Agent Member”:  Members of, or Depository Participants in, the Depository.

 

“Aggregate Principal Distribution Amount”:  For any Distribution Date, an amount equal to the sum of the following amounts (which, for the avoidance of doubt, will not include the Trust Subordinate Companion Loans):

 

(A)           the Scheduled Principal Distribution Amount for such Distribution Date; and

 

(B)           the Unscheduled Principal Distribution Amount for such Distribution Date;

 

provided that the Aggregate Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of any reimbursements of:

 

(A)           Nonrecoverable Advances (including any servicing advance with respect to a Non-Serviced Mortgage Loan under the related Other Pooling and Servicing Agreement reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable Advances at the Reimbursement Rate that are paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution Date; and

 

(B)          Workout Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution Date;

 

provided, further, that, in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections on the Mortgage Loans (including REO Loans) are subsequently recovered on the related Mortgage Loan (or REO Loan), such recovery will increase the Aggregate Principal Distribution Amount for the Distribution Date related to the period in which such recovery occurs.

 

 




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The principal component of the amounts set forth above shall be determined in accordance with Section 1.02 hereof.

 

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

 

“AIG Lending Control Termination Event”: With respect to the 825 South Hill Whole Loan, if at any date of determination, the aggregate outstanding principal balance of Note 1, Note 2 and Note 3 related to the 825 South Hill Whole Loan that are collectively held by American General Life Insurance Company, The United States Life Insurance Company In the City of New York and the Variable Annuity Life Insurance Company and any of their affiliates is less than $75,000,000.

 

“Control Termination Event”:  Will occur (a) with respect to any Mortgage Loan or Serviced Whole Loan (other than any Serviced AB Whole Loan) when the Certificate Balance of the Class D Certificates (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section 4.08(a) hereof) is reduced to less than 25% of the initial Certificate Balance of such Class; provided that prior to the applicable Servicing Shift Securitization Date, no Control Termination Event may occur with respect to the Loan-Specific Directing Holder of such Servicing Shift Mortgage Loan and the term “Control Termination Event” shall not be applicable to such Loan-Specific Directing Holder; provided, further, that a Control Termination Event shall not be deemed to be continuing in the event the Certificate Balances of all Classes of Pooled Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero, and (b) with respect to each Serviced AB Whole Loan, when a related Control Appraisal Period is continuing and the events in clause (a) are occurring.  With respect to Excluded Loans related to the Pooled Trust Directing Holder, a Control Termination Event shall be deemed to exist.

 

“Allocated Loan Amount”:  (A) With respect to any single Mortgaged Property that is the only real property collateral for the related Mortgage Loan, the total outstanding principal balance of such Mortgage Loan; and (B) with respect to each Mortgaged Property that is one of multiple Mortgaged Properties securing a Mortgage Loan, the portion of the total outstanding principal balance of the related Mortgage Loan allocated to such Mortgaged Property in accordance with net cash flow, appraised value or otherwise in accordance with or as set forth in the applicable Mortgage, Loan Agreement or the Mortgage Loan Schedule.

 

“A.M. Best”:  A.M. Best Company, Inc., or its successor in interest.

 

“Anticipated Repayment Date”:  With respect to any Mortgage Loan that is indicated on the Mortgage Loan Schedule as having a Revised Rate, the date upon which such Mortgage Loan commences accruing interest at such Revised Rate.

 

“Applicable DBRS Morningstar Permitted Investment Rating”: In the case of any such investment, the short-term debt obligations of which are rated in the highest short-term rating category by DBRS Morningstar (if then rated by DBRS Morningstar).

 

 




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“Applicable Fitch Permitted Investment Rating”: (A) in the case of such investments with maturities of thirty (30) days or less, the short-term debt obligations of which are rated at least “F1” by Fitch or the long-term debt obligations of which are rated at least “A” by Fitch, and (B) in the case of such investments with maturities of more than thirty (30) days, the short-term obligations of which are rated at least “F1+” by Fitch or the long-term obligations of which are rated at least “AA-” by Fitch.

 

“Applicable Law”:  As defined in Section 8.02(f) of this Agreement.

 

“Applicable Moody’s Permitted Investment Rating”: in the case of such investments, the short-term debt obligations of which are rated at least “P-1” by Moody’s or the long-term debt obligations of which are rated at least “A2” by Moody’s.

 

“Applicable Procedures”:  As defined in Section 5.02(c)(ii)(A) of this Agreement.

 

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

 

“Appraisal”:  An appraisal prepared by an Independent MAI appraiser with at least five years’ experience in properties of like kind and in the same area.

 

“Appraisal Reduction Amount”:  For any Distribution Date and for any Serviced Mortgage Loan and any related Serviced Companion Loan as to which any Appraisal Reduction Event has occurred, an amount calculated by the Master Servicer (and, if no Consultation Termination Event is continuing, in consultation with the Directing Holder) as of the first Determination Date that is at least 10 Business Days following the later of (i) the date the Master Servicer receives from the Special Servicer the related Appraisal (and any information reasonably requested by the Master Servicer from the Special Servicer, to the extent such information is in the possession of the Special Servicer, necessary to calculate the Appraisal Reduction Amount) or the Special Servicer’s Small Loan Appraisal Estimate (and thereafter by the first Determination Date following any material change in the amounts set forth in the following equation) and (ii) the occurrence of such Appraisal Reduction Event equal to the excess, if any, of (a) the Stated Principal Balance of such Mortgage Loan or the Stated Principal Balance of the applicable Serviced Whole Loan, as the case may be, over (b) the excess of (i) the sum of: (A) 90% of the appraised value of the related Mortgaged Property as determined (1) by one or more Appraisals obtained by the Special Servicer with respect to that Mortgage Loan or Serviced Whole Loan with an outstanding principal balance equal to or in excess of $2,000,000 (the costs of which shall be paid by the Master Servicer as a Servicing Advance), minus such downward adjustments as the Special Servicer may make (without implying any obligation to do so) based upon its review of the Appraisals and any other information it deems relevant, or (2) by an internal valuation performed by the Special Servicer with respect to any Mortgage Loan or Serviced Whole Loan with an outstanding principal balance less than $2,000,000, plus (B) all escrows, letters of credit and reserves (other than escrows, letters of credit and reserves for taxes and insurance), plus (C) all insurance and casualty proceeds and condemnation awards that constitute collateral for the related Mortgage Loan or Serviced Whole Loan (whether paid or

 

 




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then payable by any insurance company or government authority), over (ii) the sum as of the Due Date occurring in the month of the date of determination of (without duplication) (A) to the extent not previously advanced by the Master Servicer or the Trustee, all unpaid interest on such Mortgage Loan or Serviced Whole Loan at a per annum rate equal to the Mortgage Rate (or with respect to the applicable Serviced Whole Loan, the weighted average of the Mortgage Rates for the related Mortgage Loan and related Serviced Companion Loans) (and any accrued and unpaid interest on any Subordinate Companion Loan), (B) all unreimbursed Servicing Advances and the principal portion of all unreimbursed P&I Advances, and all unpaid interest on Advances at the Reimbursement Rate, in respect of such Mortgage Loan or Serviced Whole Loan, (C) any other unpaid Additional Trust Fund Expenses in respect of such Mortgage Loan or Serviced Whole Loan (but subject to the provisions of Section 1.02(e)), (D) all currently due and unpaid real estate taxes, ground rents and assessments and insurance premiums (net of any escrows or reserves therefor) that have not been the subject of an Advance by the Master Servicer or the Trustee, as applicable, and (E) all other amounts due and unpaid with respect to such Mortgage Loan or Serviced Whole Loan that, if not paid by the related Borrower, would result in a shortfall in distributions to the Certificateholders, except for Prepayment Premiums and Yield Maintenance Charges payable due to an acceleration of such Mortgage Loan or Serviced Whole Loan following a default thereunder; provided that, without limiting the Special Servicer’s obligation to order and obtain such Appraisal, if the Special Servicer has not obtained an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate, as applicable, referred to above within 60 days of the Appraisal Reduction Event, the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated Principal Balance of the related Mortgage Loan or the applicable Serviced Whole Loan until such time as such Updated Appraisal or Small Loan Appraisal Estimate referred to above is received and the Appraisal Reduction Amount is recalculated.

 

Notwithstanding anything herein to the contrary, the aggregate Appraisal Reduction Amount related to a Serviced Mortgage Loan and any related Serviced Companion Loan or the related REO Property will be reduced to zero as of the date the related Mortgage Loan or Serviced Whole Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust Fund.  In addition, with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan as to which an Appraisal Reduction Event has occurred, such Serviced Mortgage Loan or related Serviced Companion Loan shall no longer be subject to the Appraisal Reduction Amount if (a) such Serviced Mortgage Loan or Serviced Companion Loan has become a Corrected Mortgage Loan (if a Servicing Transfer Event had occurred with respect to the related Mortgage Loan) and (b) no other Appraisal Reduction Event is continuing.

 

Each Serviced Whole Loan will be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction Amount with respect to the mortgage loans and companion loans, as applicable, that comprise such Serviced Whole Loan.  Any Appraisal Reduction Amount in respect of a Serviced Whole Loan (other than a Serviced Whole Loan with a related Subordinate Companion Loan) with a Serviced Pari Passu Companion Loan shall be allocated in accordance with the related Intercreditor Agreement or, if no allocation is specified in the related Intercreditor Agreement, then, pro rata, between the related Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loan that is pari passu in right of payment with such Mortgage Loan, if any, based upon their respective Stated Principal Balances.  Any Appraisal Reduction Amount in respect of a Serviced Whole Loan with a related Subordinate

 

 




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Companion Loan (including the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan) shall be allocated first, to the Subordinate Companion Loan (until its principal balance is notionally reduced to zero by such related Appraisal Reduction Amounts) and second, in accordance with the related Intercreditor Agreement or, if no allocation is specified in the related Intercreditor Agreement, then, pro rata, between the related Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loans based upon their respective Stated Principal Balances.

 

For any Distribution Date and for any Non-Serviced Mortgage Loan as to which an Appraisal Reduction Event has occurred, the Appraisal Reduction Amount shall be an amount calculated by the applicable servicer in accordance with and pursuant to the terms of the related Other Pooling and Servicing Agreement.

 

Any Appraisal Reduction Amount with respect to the BX Industrial Portfolio Whole Loan will be allocated first between the BX Industrial Portfolio Floating Rate Loan and the BX Industrial Portfolio Fixed Rate Loan, pro rata. Any Appraisal Reduction Amounts allocated to the BX Industrial Portfolio Fixed Rate Loan will be notionally allocated, first, to the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D (until its principal balance is notionally reduced to zero by such related Appraisal Reduction Amounts), then to the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C (until its principal balance is notionally reduced to zero by such related Appraisal Reduction Amounts), then to the BX Industrial Portfolio Trust Subordinate Companion (until its principal balance is notionally reduced to zero by such related Appraisal Reduction Amounts), and then, pro rata, among the notes comprising the BX Industrial Portfolio Mortgage Loan and the BX Industrial Portfolio Fixed Rate Pari Passu Companion Loans.

 

Any Appraisal Reduction Amount with respect to the Tower 333 Whole Loan will be allocated first to the Tower 333 Non-Trust Junior Subordinate Companion Loan (until its principal balance is notionally reduced to zero by such related Appraisal Reduction Amounts), then to the Tower 333 Trust Subordinate Companion Loan (until its principal balance is notionally reduced to zero by such related Appraisal Reduction Amounts) and then, pro rata, among the notes comprising the Tower 333 Mortgage Loan and the Tower 333 Pari Passu Companion Loans.

 

Any Appraisal Reduction Amount with respect to the 825 South Hill Whole Loan will be allocated first between the 825 South Hill Mortgage Loan and 825 South Hill Trust Subordinate Companion Loan (as a collective whole) and the 825 South Hill Non-Trust Companion Loans, pro rata. Appraisal Reduction Amounts allocated between the 825 South Hill Mortgage Loan and the 825 South Hill Trust Subordinate Companion Loan will be allocated first to the 825 South Hill Trust Subordinate Companion Loan (until its principal balance is notionally reduced to zero by such related Appraisal Reduction Amounts) and then to the 825 South Hill Mortgage Loan.

 

“Appraisal Reduction Event”:  With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, the earliest of (i) the date on which such Mortgage Loan or Serviced Whole Loan becomes a Modified Mortgage Loan, (ii) the 120th day following the occurrence of any uncured Delinquency in Periodic Payments with respect to such Mortgage Loan or Serviced Whole Loan, (iii) (x) the 30th day following the date on which the related

 

 




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Borrower has filed a bankruptcy petition, (y) the 30th day following the date on which a receiver is appointed and continues in such capacity in respect of a Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, or (z) the 60th day following the related Borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed in respect of a Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, (iv) the date on which the Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan becomes an REO Property and (v) with respect to a Balloon Loan, a payment default shall have occurred with respect to the related Balloon Payment; provided, however, that if (a) the related Borrower is diligently seeking a refinancing or sale of the related Mortgaged Property or Mortgaged Properties and delivers, on or prior to the related maturity date or extended maturity date, a statement to that effect, and delivers, within 30 days following the related maturity date or extended maturity date, a refinancing commitment, letter of intent or otherwise binding application for refinancing from an acceptable lender or a signed purchase agreement reasonably acceptable to the Master Servicer (who shall promptly deliver a copy to the Special Servicer and the Directing Holder (but only if no Consultation Termination Event is continuing)), (b) the related Borrower continues to make its Assumed Scheduled Payment, and (c) no other Appraisal Reduction Event has occurred with respect to such Mortgage Loan or Serviced Whole Loan, then an Appraisal Reduction Event will not occur until the earlier of (1) 120 days beyond the related Maturity Date (or extended maturity date) and (2) the termination of the refinancing commitment, letter of intent, otherwise binding application for refinancing or signed purchase agreement.  The Special Servicer shall notify the Master Servicer promptly upon the occurrence of any of the foregoing events with respect to any Specially Serviced Loan.

 

Notwithstanding anything to the contrary in the definition of Appraisal Reduction Event, no event, circumstance or action that has occurred or will occur with respect to a COVID Modified Loan (other than an event described in clauses (iii) or (iv) of the definition of Appraisal Reduction Event) or the entry into of a COVID Modification Agreement shall constitute an Appraisal Reduction Event, but only if, and for so long as, the related borrower and each related obligor is in compliance with the terms of the related COVID Modification Agreement.

 

“Appraised-Out Class”:  As defined in Section 4.08(b) of this Agreement.

 

“ARD Loan”:  Any Mortgage Loan the terms of which provide that if, after an Anticipated Repayment Date, the related Borrower has not prepaid such Mortgage Loan in full, any principal outstanding on that date will accrue interest at the Revised Rate rather than the Initial Rate.

 

“Asset Status Report”:  As defined in Section 3.23(e) of this Agreement.

 

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

 

 




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

 

“Assumed Scheduled Payment”:  For any Collection Period and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan) that is delinquent in respect of its Balloon Payment or any REO Loan (excluding, for purposes of determining or making P&I Advances, the portion allocable to any related Companion Loan (other than the Trust Subordinate Companion Loans)), is an amount equal to the sum of (a) the principal portion of the Periodic Payment that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant Periodic Payment or the original amortization schedule of such Mortgage Loan (as calculated with interest at the related Mortgage Rate) (if any), if applicable, assuming such Balloon Payment had not become due, after giving effect to any reduction in the principal balance occurring in connection with a prior modification, a default or a bankruptcy modification (or similar proceeding), and (b) interest on the Stated Principal Balance of such Mortgage Loan or REO Loan (excluding, for purposes of determining or making P&I Advances, the portion allocable to any related Companion Loan (other than the Trust Subordinate Companion Loans)) at its applicable Mortgage Rate (net of interest at the related Servicing Fee Rate (other than, in the case of any Non-Serviced Mortgage Loan, the servicing fee rate pursuant to the related Other Pooling and Servicing Agreement)).

 

“Assumption Fees”:  Any fees (other than assumption application fees) collected by the Master Servicer or the Special Servicer in connection with an assumption of a Serviced Mortgage Loan or Serviced Companion Loan or related substitution of a Borrower (or an interest therein) thereunder (in each case, as permitted or set forth in the related Loan Documents or under the provisions of this Agreement).

 

“Authenticating Agent”:  Any authenticating agent appointed by the Certificate Administrator pursuant to Section 3.18 of this Agreement.

 

“Available Funds”:  With respect to any Distribution Date, will equal (i) with respect to distributions to be made on the Pooled Certificates, the VRR Interest and the Class R Certificates, the Pooled Aggregate Available Funds, (ii) with respect to distributions to be made on the BX Industrial Portfolio Loan-Specific Certificates and the Class R certificates, the BX Industrial Portfolio Available Funds, (iii) in the case of distributions to be made on the Tower 333 Loan-Specific Certificates and the Class R certificates, the Tower 333 Available Funds and (iv) in the case of distributions to be made on the 825 South Hill Loan-Specific Certificates and the Class R certificates, the 825 South Hill Available Funds.

 

“Balloon Loan”:  Any Mortgage Loan or Serviced Whole Loan that requires a payment of principal on the maturity date in excess of its constant Periodic Payment.

 

“Balloon Payment”:  With respect to each Balloon Loan, the scheduled payment of principal due on the Maturity Date (less principal included in the applicable amortization schedule or scheduled Periodic Payment).

 

 




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“Base Interest Fraction”:  With respect to any Principal Prepayment on any Mortgage Loan and for:

 

(A) any of the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates with a Pass-Through Rate equal to either the WAC Rate or the WAC Rate less a specified rate, a fraction (not greater than one) (a) whose numerator is the greater of zero and the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield Maintenance Charge, as applicable, with respect to such Principal Prepayment and (b) whose denominator is the amount, if any, by which (i) the Net Mortgage Rate on such Mortgage Loan during the related Interest Accrual Period exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield Maintenance Charge, as applicable, with respect to such Principal Prepayment; provided, however, that if such yield rate is greater than or equal to the Net Mortgage Rate on such Mortgage Loan during the related Interest Accrual Period, then the respective Base Interest Fraction shall be zero; provided, further, that if such yield rate is greater than or equal to the Net Mortgage Rate on such Mortgage Loan during the related Interest Accrual Period, but less than the Pass-Through Rate described in clause (a)(i) above, then the respective Base Interest Fraction shall be one; and

 

(B) any of the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates with a Pass-Through Rate equal to a fixed per annum rate, a fraction (not greater than one)(a) whose numerator is the greater of zero and the amount, if any, by which (i) the Pass-Through Rate on such class of certificates exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield Maintenance Charge, as applicable, with respect to such principal prepayment and (b) whose denominator is the amount, if any, by which (i) the Mortgage Rate on such Mortgage Loan (without regard to any increase in the interest rate of any ARD Loan after the related Anticipated Repayment Date, and net of the Administrative Cost Rate) during the related Interest Accrual Period multiplied by 365/360 exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield Maintenance Charge, as applicable, with respect to such Principal Prepayment; provided, however, that if such yield rate is greater than or equal to the amount set forth in clause (b)(i) above, then the respective Base Interest Fraction shall be zero; provided, further, that if such yield rate is greater than or equal to the amount set forth in clause (b)(i) above, but less than the Pass-Through Rate described in clause (a)(i) above, then the respective Base Interest Fraction shall be one.

 

To the extent that the “yield rate” referred to in the immediately preceding paragraph to be provided by the Master Servicer is not provided in the related Loan Documents, such “yield rate” shall be, when compounded monthly, equivalent to the yield, on the U.S. Treasury primary issue with a maturity date closest to the Maturity Date or the related Anticipated Repayment Date, as applicable, for the prepaid Mortgage Loan.  In the event that there are:  (a) two or more U.S. Treasury issues with the same coupon, the issue with the lower yield shall be selected and (b) two or more U.S. Treasury issues with maturity dates equally close to the Maturity Date or the related Anticipated Repayment Date, as applicable, for such prepaid Mortgage Loan, the issue with the earlier maturity date shall be selected.

 

 




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“Bid Allocation”:  With respect to the Master Servicer and each Sub-Servicer therefor and the proceeds of any bid pursuant to Section 7.01(a) of this Agreement, the amount of such proceeds (net of any expenses incurred in connection with such bid and the transfer of servicing), multiplied by a fraction equal to (a) the Servicing Fee Amount for the Master Servicer or such Sub-Servicer therefor, as the case may be, as of such date of determination, over (b) the aggregate of the Servicing Fee Amounts for the Master Servicer and all Sub-Servicers therefor as of such date of determination.

 

“Book-Entry Certificate” shall mean any Certificate registered in the name of the Depository or its nominee.

 

“Borrower”:  With respect to any Mortgage Loan, Companion Loan or Serviced Whole Loan, any obligor or obligors on any related Mortgage Note or Mortgage Notes, including in connection with a Mortgage Loan, Companion Loan or Serviced Whole Loan that utilizes an indemnity deed of trust structure, the borrower and the Mortgaged Property owner / payment guarantor / mortgagor, individually and collectively, as the context may require.

 

“Borrower Accounts”:  As defined in Section 3.07(a) of this Agreement.

 

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

 

“Borrower Party Affiliate”:  With respect to a borrower, a mortgagor, a manager of a Mortgaged Property or an Accelerated Mezzanine Loan Lender, (a) any other Person controlling or controlled by or under common control with such borrower, mortgagor, manager or Accelerated Mezzanine Loan Lender, as applicable, (b) solely with respect to the 10 largest Mortgage Loans by Stated Principal Balance, any other Person owning, directly or indirectly, 25% or more of the beneficial interests in such borrower, mortgagor or manager, as applicable, or (c) any other Person owning, directly or indirectly, 25% or more of the beneficial interests in such Accelerated Mezzanine Loan Lender.  For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

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

 

“Business Day”:  Any day other than a Saturday, a Sunday or a day on which banking institutions in North Carolina, California, Minnesota, New York, Kansas, Pennsylvania or any of the jurisdictions in which the respective primary servicing offices of either the Master Servicer or the Special Servicer or the Corporate Trust Offices of either the Certificate Administrator or the Trustee are located, or the New York Stock Exchange or the Federal Reserve System of the United States of America, are authorized or obligated by law or executive order to remain closed.

 

“BX Industrial Portfolio Aggregate Principal Distribution Amount”:  For any Distribution Date, an amount equal to the sum of the following amounts:

 

 




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(A)           the BX Industrial Portfolio Scheduled Principal Distribution Amount for such Distribution Date; and

 

(B)           the BX Industrial Portfolio Unscheduled Principal Distribution Amount for such Distribution Date;

 

provided that the BX Industrial Portfolio Aggregate Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of any reimbursements of:

 

(A)         Nonrecoverable Advances, with interest on such Nonrecoverable Advances at the Reimbursement Rate, that are paid or reimbursed from principal collections on the Trust Subordinate Companion Loans in a period during which such principal collections would have otherwise been included in the BX Industrial Portfolio Aggregate Principal Distribution Amount for such Distribution Date; and

 

(B)      Workout Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Trust Subordinate Companion Loans in a period during which such principal collections would have otherwise been included in the BX Industrial Portfolio Aggregate Principal Distribution Amount for such Distribution Date;

 

provided, further, that, in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections on the related Trust Subordinate Companion Loan (including the portion of the REO Loan allocable to the related Trust Subordinate Companion Loan) are subsequently recovered on the related Trust Subordinate Companion Loan (or the portion of the REO Loan allocable to the related Trust Subordinate Companion Loan), such recovery will increase the BX Industrial Portfolio Aggregate Principal Distribution Amount for the Distribution Date related to the period in which such recovery occurs.

 

“BX Industrial Portfolio Assumed Scheduled Payment”:  For any Collection Period and with respect to the related Trust Subordinate Companion Loan that is delinquent in respect of its Balloon Payment or any REO Loan relating to the related Trust Subordinate Companion Loan (excluding, for purposes of determining or making P&I Advances, the portion allocable to the BX Industrial Portfolio Mortgage Loan), an amount equal to the sum of (a) the principal portion of the Periodic Payment that would have been due on such Trust Subordinate Companion Loan or portion of the REO Loan allocable to such Trust Subordinate Companion Loan) on the related Due Date based on the constant Periodic Payment or the original amortization schedule of the related Trust Subordinate Companion Loan (as calculated with interest at the related Mortgage Rate) (if any), assuming such Balloon Payment had not become due, after giving effect to any reduction in the principal balance thereof occurring in connection with a modification of such Trust Subordinate Companion Loan or REO Loan in connection with a default or a bankruptcy modification (or similar proceeding), and (b) interest on the Stated Principal Balance of such Trust Subordinate Companion Loan (excluding, for purposes of determining or making P&I Advances, the portion allocable to the BX Industrial Portfolio Mortgage Loans) at the applicable Mortgage Rate (net of interest at the related Servicing Fee Rate).

 

 




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“BX Industrial Portfolio Available Funds”:  With respect to any Distribution Date, an amount equal to the sum of (without duplication) (which, for the avoidance of doubt, will not include any amounts received in respect of the Mortgage Loans, the Tower 333 Trust Subordinate Companion Loan or the 825 South Hill Trust Subordinate Companion Loan):

 

(a)                 the aggregate amount of all cash received on the related Trust Subordinate Companion Loan (including the portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.06(e) of this Agreement) and any related REO Property (including Compensating Interest Payments with respect to the related Trust Subordinate Companion Loan required to be deposited by the Master Servicer pursuant to Section 3.17(b)) on deposit in or credited to any portion of the Collection Account (in each case, exclusive of any amount on deposit in or credited to any portion of the Collection Account that is held for the benefit of the holders of any Mortgage Loan, any other Companion Loan Noteholder or the holders of the Pooled Certificates or the VRR Interest Owners), as of the close of business on the related Master Servicer Remittance Date, exclusive of (without duplication):

 

(i)    all Periodic Payments and Balloon Payments paid by the Borrower related to the Trust Subordinate Companion Loans that are due on a Due Date after the end of the related Collection Period (without regard to any grace period), excluding Excess Interest and interest relating to periods prior to, but due after, the Cut-off Date;

 

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

 

(iii)  all amounts in the Collection Account that are due or reimbursable to any Person other than the related Loan-Specific Certificateholders or the Class R Certificateholders pursuant to clauses (ii) through (xv), inclusive, of Section 3.06(a) of this Agreement;

 

(iv)   with respect to any Distribution Date occurring in (1) each February or (2) any January occurring in a year that is not a leap year (unless such Distribution Date is the final Distribution Date), the related Withheld Amounts related to the related Trust Subordinate Companion Loan to the extent such amounts are on deposit in the Collection Account pursuant to Section 3.05(e) of this Agreement;

 

(v)    all Yield Maintenance Charges and Prepayment Premiums allocable to the related Trust Subordinate Companion Loan;

 

 




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

 

(vii)   all Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement and allocable to the related Trust Subordinate Companion Loan;

 

(b)            if and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Account allocable to the related Trust Subordinate Companion Loan to the Collection Account for such Distribution Date pursuant to Section 3.15(b);

 

(c)                P&I Advances on the related Trust Subordinate Companion Loan made by the Master Servicer or the Trustee, as applicable, for such Distribution Date (net of the related Certificate Administrator/Trustee Fee with respect to such Trust Subordinate Companion Loan for which such P&I Advances are made);

 

(d)            with respect to any Distribution Date occurring in each March (or February, if the related Distribution Date is the final Distribution Date), the Withheld Amounts related to the BX Industrial Portfolio Trust Subordinate Companion Loan remitted to the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account pursuant to Section 3.07; and

 

(e)            the aggregate amount of BX Industrial Portfolio Gain-on-Sale Proceeds transferred to the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account from the BX Industrial Portfolio Gain-on-Sale Reserve Account for distribution on the subject Distribution Date pursuant to Section 4.01(k).

 

Notwithstanding the investment of funds held in the Collection Account or the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account pursuant to Section 3.07 of this Agreement, for purposes of calculating the BX Industrial Portfolio Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

“BX Industrial Portfolio Control Appraisal Period”:  With respect to the BX Industrial Portfolio Whole Loans, a BX Industrial Portfolio Note B Holder Control Appraisal Period, a BX Industrial Portfolio Note C Holder Control Appraisal Period or a BX Industrial Portfolio Note D Holder Control Appraisal Period, as applicable.

 

“BX Industrial Portfolio Control Eligible Certificates”: Any of the Class BX-A, Class BX-B and Class BX-C Certificates.

 

“BX Industrial Portfolio Controlling Class”:  As of any date of determination, the most subordinate Class of BX Industrial Portfolio Control Eligible Certificates then-outstanding that has a then aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to such Class in accordance with Section 4.08(a) of this Agreement), at least equal to 25% of the initial Certificate Balance of that Class; provided that if at any time the Certificate Balance of the Class BX-C Certificates have been reduced to zero as a result of the allocation of principal payments on the Trust Subordinate Companion Loans, then

 

 




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the “BX Industrial Portfolio Controlling Class” shall be the most subordinate class of BX Industrial Portfolio Control Eligible Certificates that has an aggregate Certificate Balance greater than zero without regard to the application of Appraisal Reduction Amounts (or any Collateral Deficiency Amount) to notionally reduce the Certificate Balance of such Class. 

 

“BX Industrial Portfolio BX-VRR Realized Loss”: With respect to the BX Industrial Portfolio Trust Subordinate Companion Loan and each Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of the BX-VRR Interest, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product of (A) the BX-VRR Percentage and (B) the aggregate Stated Principal Balance of the related Trust Subordinate Companion Loan, including any REO Loan (but in each case, excluding the BX Industrial Portfolio Fixed Rate Pari Passu Companion Loans, the related Non-Trust Junior Subordinate Companion Loans and the BX Industrial Portfolio Floating Rate Loan, as of the end of the last day of the related Collection Period.

 

“BX Industrial Portfolio Controlling Class Certificateholders”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the BX Industrial Portfolio Controlling Class as determined by the Certificate Registrar, from time to time, upon request by any party hereto.

 

“BX Industrial Portfolio Controlling Class Representative”:  The BX Industrial Portfolio Controlling Class Representative shall be the BX Industrial Portfolio Controlling Class Certificateholder (or a representative thereof) selected by more than 50% of the BX Industrial Portfolio Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from time to time; provided, however, that (i) absent that selection, or (ii) until a BX Industrial Portfolio Controlling Class Representative is so selected, or (iii) upon receipt of a notice from a majority of the BX Industrial Portfolio Controlling Class Certificateholders, by Certificate Balance, that a BX Industrial Portfolio Controlling Class Representative is no longer designated, then the BX Industrial Portfolio Controlling Class Certificateholder that represents that it owns the largest aggregate Certificate Balance of the BX Industrial Portfolio Controlling Class (with evidence of ownership) or a representative thereof, will be the BX Industrial Portfolio Controlling Class Representative; provided, however, that (1) in the case of this clause (iii), in the event that no one Holder owns the largest aggregate Certificate Balance of the BX Industrial Portfolio Controlling Class, then there will be no BX Industrial Portfolio Controlling Class Representative until appointed in accordance with the terms of this Agreement, and (2) the Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of the BX Industrial Portfolio Controlling Class Representative has not changed until such parties receive written notice of a replacement of the BX Industrial Portfolio Controlling Class Representative from a party holding the requisite interest in the BX Industrial Portfolio Controlling Class, or the resignation of the then-current BX Industrial Portfolio Controlling Class Representative.

 

During the continuance of a BX Industrial Portfolio Note B Control Appraisal Period, a BX Industrial Portfolio Note C Control Appraisal Period and a BX Industrial Portfolio Note D Control Appraisal Period, there will be no BX Industrial Portfolio Controlling Class Representative.  The Depositor shall promptly provide the name and contact information for the initial BX Industrial Portfolio Controlling Class Representative 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.

 

 




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“BX Industrial Portfolio Fixed Rate Loan”:  The BX Industrial Portfolio Mortgage Loan, the related BX Industrial Portfolio Fixed Rate Pari Passu Companion Loans, the related Trust Subordinate Companion Loan and the related Non-Trust Junior Subordinate Companion Loans, each of which is secured by the same Mortgage on the BX Industrial Portfolio Mortgaged Property.

 

“BX Industrial Portfolio Fixed Rate Pari Passu Companion Loans”: Notes A-1-A-2, A-1-A-3, A-1-A-4, A-1-A-5, A-1-A-6, A-1-A-7 and A-1-A-8 with respect to the BX Industrial Portfolio Whole Loan.

 

“BX Industrial Portfolio Floating Rate Companion Loan”: Note A-2 with respect to the BX Industrial Portfolio Whole Loan.

 

“BX Industrial Portfolio Gain-on-Sale Proceeds”:  Any Gain-on-Sale Proceeds collected on or in respect of the related Trust Subordinate Companion Loan.

 

“BX Industrial Portfolio Gain-on-Sale Reserve Account”:  A custodial account or accounts (or subaccount of the Distribution Account) created and maintained by the Certificate Administrator, pursuant to Section 3.05(n) on behalf of the Trustee for the benefit of the BX Industrial Portfolio Loan-Specific Certificateholders, which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee and for the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, BX Industrial Portfolio Gain-on-Sale Reserve Account”. Any such account shall be an Eligible Account or a subaccount of an Eligible Account and will be an asset of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC.

 

“BX Industrial Portfolio Intercreditor Agreements”:  That certain Agreement between Noteholders, dated as of May 15, 2020, by and between the holder of the BX Industrial Portfolio Mortgage Loan, the holders of the related Trust Subordinate Companion Loan and the holders of the related BX Industrial Portfolio Fixed Rate Pari Passu Companion Loans, the related Non-Trust Junior Subordinate Companion Loans and the BX Industrial Portfolio Floating Rate Loan, relating to the relative rights of such holders of the BX Industrial Portfolio Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“BX Industrial Portfolio Interest Accrual Amount”:  With respect to any Distribution Date and any Class of BX Industrial Portfolio Loan-Specific Certificates, an amount equal to the interest for the related Interest Accrual Period accrued at the Pass-Through Rate for such Class on the Certificate Balance for such Class immediately prior to such Distribution Date.  Calculations of interest due for each Interest Accrual Period in respect of such Classes of BX Industrial Portfolio Non-VRR Certificates shall be made on the basis of a 360-day year consisting of twelve 30-day months.

 

“BX Industrial Portfolio Interest Distribution Amount”:  With respect to any Distribution Date and each Class of BX Industrial Portfolio Loan-Specific Certificates, an amount equal to (A) the sum of (i) the BX Industrial Portfolio Interest Accrual Amount with respect to such Class for such Distribution Date and (ii) the BX Industrial Portfolio Interest Shortfall, if any, with respect to such Class for such Distribution Date, less (B) any Excess

 

 




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Prepayment Interest Shortfall allocated to such Class on such Distribution Date pursuant to the paragraph below.

 

For purposes of clause (B) above, the Excess Prepayment Interest Shortfalls allocated to the BX Industrial Portfolio Trust Subordinate Companion Loan, if any, for each Distribution Date shall be allocated to each Class of BX Industrial Portfolio Loan-Specific Certificates in an amount equal to the product of (i) the amount of such Excess Prepayment Interest Shortfalls and (ii) a fraction, the numerator of which is the Interest Accrual Amount for such Class of related Loan-Specific Certificates for such Distribution Date and the denominator of which is the aggregate Interest Accrual Amounts for all Classes of related Loan-Specific Certificates for such Distribution Date.

 

“BX Industrial Portfolio Interest Shortfall”: On any Distribution Date for any Class of BX Industrial Portfolio Loan-Specific Certificates, the amount of interest required to be distributed to the Holders of such Class pursuant to Section 4.01(c) of this Agreement on such Distribution Date minus the amount of interest actually distributed to such Holders pursuant to such Section, if any.

 

“BX Industrial Portfolio Loan-Specific Certificateholder”:  A Certificateholder of a BX Industrial Portfolio Loan-Specific Certificate.

 

“BX Industrial Portfolio Loan-Specific Certificates”: The Class BX-A, Class BX-B and Class BX-C Certificates and the BX-VRR Interest, collectively.  The Loan-Specific Certificates will be sold by the Depositor to the Loan-Specific Initial Purchasers.

 

“BX Industrial Portfolio Loan-Specific Directing Holder”: With respect to the BX Industrial Portfolio Whole Loan, (i) prior to a BX Industrial Portfolio Note D Control Appraisal Period, the holder of the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D, (ii) if a BX Industrial Portfolio Note D Control Appraisal Period has occurred and is continuing and prior to a BX Industrial Portfolio Note C Control Appraisal Period, the holder of the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C, (iii) if a BX Industrial Portfolio Note D Control Appraisal Period and a BX Industrial Portfolio Note C Control Appraisal Period have occurred and are continuing and prior to a BX Industrial Portfolio Note B Control Appraisal Period, the BX Industrial Portfolio Controlling Class Representative and (iv) if a BX Industrial Portfolio Note D Control Appraisal Period, a BX Industrial Portfolio Note C Control Appraisal Period and a BX Industrial Portfolio Note B Control Appraisal Period have occurred and are continuing, the Pooled Trust Directing Holder.

 

“BX Industrial Portfolio Mortgage Loan”:  With respect to the BX Industrial Portfolio Whole Loan, the Mortgage Loan that is included in the Trust (identified as Mortgage Loan No. 1 on the Mortgage Loan Schedule), which is designated as promissory note A-1-A-1. The related Trust Subordinate Companion Loan is subordinate to the BX Industrial Portfolio Mortgage Loan.  

 

“BX Industrial Portfolio Mortgaged Properties”:  The Mortgaged Properties which secure the BX Industrial Portfolio Whole Loan.

 

 




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“BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C”:  With respect to the BX Industrial Portfolio Whole Loan, the Companion Loans evidenced by the promissory notes A-1-C-1 and A-1-C-2 made by the related Mortgagor and secured by the Mortgage on the BX Industrial Portfolio Mortgaged Property, which are not included in the Trust and which are subordinate in right of payment to the BX Industrial Portfolio Mortgage Loan and the related Trust Subordinate Companion Loan to the extent set forth in the related Mortgage Loan documents and as provided in the related BX Industrial Portfolio Intercreditor Agreement.

 

“BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C”:  With respect to the BX Industrial Portfolio Whole Loan, the Companion Loans evidenced by the promissory note A-1-D made by the related Mortgagor and secured by the Mortgage on the BX Industrial Portfolio Mortgaged Property, which are not included in the Trust and which is subordinate in right of payment to the BX Industrial Portfolio Mortgage Loan, the related Trust Subordinate Companion Loan and the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C, to the extent set forth in the related Mortgage Loan documents and as provided in the related BX Industrial Portfolio Intercreditor Agreement.

 

“BX Industrial Portfolio Non-VRR Certificates”: The Class BX-A, Class BX-B and Class BX-C Certificates, collectively.

 

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

 

“BX Industrial Portfolio Non-VRR Realized Loss”:  With respect to the BX Industrial Portfolio Trust Subordinate Companion Loan and any Distribution Date, is the amount, if any, by which (i) the product of (A) the BX Industrial Portfolio Non-VRR Percentage and (B) the Stated Principal Balance of the BX Industrial Portfolio Trust Subordinate Companion Loan (including the assumed Stated Principal Balance if the BX Industrial Portfolio Trust Subordinate Companion Loan has become an REO Loan) as of the end of the last day of the related Collection Period, is less than (ii) the aggregate Certificate Balance of the BX Industrial Portfolio Loan-Specific Certificates (other than the BX-VRR Interest) after giving effect to distributions of principal on that Distribution Date.

 

“BX Industrial Portfolio Note B Control Appraisal Period”:   With respect to a BX Industrial Portfolio Whole Loan, if and for so long as: (a) the initial principal balance of the related BX Industrial Portfolio Trust Subordinate Companion Loan, minus (2) the sum (without duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received on, such BX Industrial Portfolio Trust Subordinate Companion Loan after the date of creation of the BX Industrial Portfolio Trust Subordinate Companion Loan, (y) any Appraisal Reduction Amount for the related BX Industrial Portfolio Whole Loan that is allocated to such BX Industrial Portfolio Trust Subordinate Companion Loan and (z) any losses realized with respect to the related BX Industrial Portfolio Mortgaged Property or the related BX Industrial Portfolio Whole Loan that are allocated to such BX Industrial Portfolio Trust Subordinate Companion Loan, is less than (b) 25% of the remainder of (i) the initial principal balance of such BX Industrial Portfolio Trust Subordinate Companion Loan less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received

 

 




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by, the related BX Industrial Portfolio Trust Subordinate Companion Loan Holder on such BX Industrial Portfolio Trust Subordinate Companion Loan, after the date of creation of such BX Industrial Portfolio Trust Subordinate Companion Loan.

 

“BX Industrial Portfolio Note C Control Appraisal Period”:  With respect to a BX Industrial Portfolio Whole Loan, if and for so long as: (a) the initial principal balance of the related BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C, minus (2) the sum (without duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received on, such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C after the date of creation of such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C, (y) any Appraisal Reduction Amount for such BX Industrial Portfolio Whole Loan that is allocated to such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C and (z) any losses realized with respect to the related BX Industrial Portfolio Mortgaged Property or the related BX Industrial Portfolio Whole Loan that are allocated to such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C, is less than (b) 25% of the remainder of (i) the initial principal balance of such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the related holder of the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C on such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C, after the date of creation of such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C.

 

“BX Industrial Portfolio Note D Control Appraisal Period”:  With respect to a BX Industrial Portfolio Whole Loan, if and for so long as: (a) the initial principal balance of the related BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D, minus (2) the sum (without duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received on, such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D after the date of creation of such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D, (y) any Appraisal Reduction Amount for such BX Industrial Portfolio Whole Loan that is allocated to such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D and (z) any losses realized with respect to the related BX Industrial Portfolio Mortgaged Property or the related BX Industrial Portfolio Whole Loan that are allocated to such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D, is less than (b) 25% of the remainder of (i) the initial principal balance of such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the related holder of the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D on such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D, after the date of creation of such BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D.

 

“BX Industrial Portfolio Principal Distribution Amount”:  For any Distribution Date and the BX Industrial Portfolio Loan-Specific Certificates, the sum of (i) the BX Industrial Portfolio Principal Shortfall, if any, for the prior Distribution Date and (ii) the BX Industrial Portfolio Non-VRR Percentage of the BX Industrial Portfolio Aggregate Principal Distribution Amount for such Distribution Date.

 

 




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“BX Industrial Portfolio Principal Shortfall”:  For any Distribution Date, the amount, if any, by which (a) the BX Industrial Portfolio Principal Distribution Amount for the preceding Distribution Date exceeds (b) the aggregate amount actually distributed on the preceding Distribution Date to holders of the BX Industrial Portfolio Loan-Specific Certificates in respect of such BX Industrial Portfolio Principal Distribution Amount.

 

“BX Industrial Portfolio Realized Loss”:  With respect to the BX Industrial Portfolio Trust Subordinate Companion Loan and any Distribution Date, the amount, if any, by which (i) the Stated Principal Balance of the BX Industrial Portfolio Trust Subordinate Companion Loan, including the assumed Stated Principal Balance if the BX Industrial Portfolio Trust Subordinate Companion Loan has become an REO Loan, as of the end of the last day of the related Collection Period, is less than (ii) the aggregate Certificate Balance of the related Loan-Specific Certificates after giving effect to distributions of principal on that Distribution Date. For purposes of this calculation, the Stated Principal Balance will not be reduced by the amount of principal payments received on the BX Industrial Portfolio Trust Subordinate Companion Loan that were used to reimburse the Master Servicer or the Trustee from general collections of principal on the BX Industrial Portfolio Trust Subordinate Companion Loan for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable Advances. 

 

“BX Industrial Portfolio Scheduled Principal Distribution Amount”:  With respect to any Distribution Date and the BX Industrial Portfolio Trust Subordinate Companion Loan, the aggregate of the principal portions of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the BX Industrial Portfolio Trust Subordinate Companion Loan due during or, if and to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution Date (and not previously distributed to Certificateholders), prior to, the related Collection Period and all BX Industrial Portfolio Assumed Scheduled Payments with respect to the related Trust Subordinate Companion Loan for the related Collection Period, in each case to the extent either (i) paid by the related Borrower as of the related Determination Date (or, with respect to the BX Industrial Portfolio Trust Subordinate Companion Loan with a Due Date occurring or a grace period ending after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the related Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon Payments with respect to the BX Industrial Portfolio Trust Subordinate Companion Loan to the extent received on or prior to the related Determination Date (or, with respect to the BX Industrial Portfolio Trust Subordinate Companion Loan with a Due Date occurring, or a grace period ending, after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the related Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

“BX Industrial Portfolio Risk Retention Consultation Party”:  The party selected by DBNY, as holder of the BX-VRR Interest.  The Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of the BX Industrial Portfolio Risk Retention Consultation Party has not changed until such parties receive written notice of a replacement of such BX Industrial Portfolio Risk Retention Consultation Party from DBNY, as

 

 




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confirmed by the Certificate Registrar.  The initial BX Industrial Portfolio Risk Retention Consultation Party shall be DBNY.

 

“BX Industrial Portfolio Trust Subordinate Companion Loan” The Companion Loan evidenced by the promissory note A-1-B made by the related Mortgagor and secured by the Mortgage on the BX Industrial Portfolio Mortgaged Property, which are included in the Trust and which are subordinate in right of payment to the BX Industrial Portfolio Mortgage Loan to the extent set forth in the related Loan documents and as provided in the related BX Industrial Portfolio Intercreditor Agreement.

 

“BX Industrial Portfolio Trust Subordinate Companion Loan REMIC”:  One of five separate REMICs comprising a portion of the Trust Fund, which consist of the BX Industrial Portfolio Trust Subordinate Companion Loan and the proceeds thereof, any allocable portion of REO Property with respect thereto, the related portions of the REO Account, and the related Trust Subordinate Companion Loan REMIC Distribution Account.

 

“BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account”:  With respect to the BX Industrial Portfolio Trust Subordinate Companion Loan, the segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2020-IG3, BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account.  The BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account shall be an asset of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC.

 

“BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Principal Balance”:  With respect to any Class of BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests, initially will equal the original principal balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Amount allocable to principal and BX Industrial Portfolio Realized Losses, as applicable, allocable thereto in all prior periods as described in Section 4.01(l) of this Agreement, such that at all times the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Principal Balance of a BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interest shall equal the Certificate Balance of the Corresponding Certificates.

 

“BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests”:  Any of the Class LBXA, Class LBXB, Class LBXC and LBXVRR Interests, as applicable.

 

“BX Industrial Portfolio Unscheduled Principal Distribution Amount”:  With respect to any Distribution Date and the BX Industrial Portfolio Trust Subordinate Companion Loan, the aggregate of the following:  (a) all Principal Prepayments received on the BX Industrial Portfolio Trust Subordinate Companion Loan on or prior to the Determination Date and (b) the principal portion of any other collections (exclusive of payments by the related

 

 




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Borrower) received on the BX Industrial Portfolio Trust Subordinate Companion Loan and any REO Properties on or prior to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds, net income, rents, and profits from REO Property or otherwise, that were identified and applied by the master servicer as recoveries of principal of the BX Industrial Portfolio Trust Subordinate Companion Loan for which no Advance was previously made; provided that all such Liquidation Proceeds and Insurance Proceeds and Condemnation Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation Fees, any amount related to the Loss of Value Payments to the extent that such amount was transferred into the Collection Account during the related Collection Period, accrued interest on Advances and other additional trust fund expenses incurred in connection with the BX Industrial Portfolio Trust Subordinate Companion Loan, thus reducing the BX Industrial Portfolio Unscheduled Principal Distribution Amount.

 

“BX Industrial Portfolio Whole Loan”:  The BX Industrial Portfolio Mortgage Loan, the BX Industrial Portfolio Fixed Rate Pari Passu Companion Loans, the BX Industrial Portfolio Floating Rate Companion Loan, the related Trust Subordinate Companion Loan and the related Non-Trust Junior Subordinate Companion Loans, each of which is secured by the same Mortgage on the BX Industrial Portfolio Mortgaged Property.  References herein to the BX Industrial Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness under the BX Industrial Portfolio Mortgage Loan, the BX Industrial Portfolio Fixed Rate Pari Passu Companion Loans, the BX Industrial Portfolio Floating Rate Companion Loan, the related Trust Subordinate Companion Loan and the related Non-Trust Junior Subordinate Companion Loans.

 

“BX-VRR Allocation Percentage”: A fraction, expressed as a percentage, equal to the BX-VRR Percentage divided by the BX Industrial Portfolio Non-VRR Percentage.

 

“BX-VRR Available Funds”:  With respect to each Distribution Date, an amount equal to the product of the BX-VRR Percentage multiplied by the BX Industrial Portfolio Available Funds for such Distribution Date.

 

“BX-VRR Interest Certificate”:  Any one of the Certificates with a “BX-VRR Interest” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“BX-VRR Interest”:  An interest in the Trust representing the right to receive the BX-VRR Interest Percentage of all amounts collected on the BX Industrial Portfolio Trust Subordinate Companion Loan, net of all expenses of the Trust, and distributable on each Distribution Date to Holders of the related Loan-Specific Certificates and allocated to the BX-VRR Interest. The BX-VRR Interest evidences beneficial ownership of a “regular interest” in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC for purposes of the REMIC Provisions.  For the avoidance of doubt, the parties hereto agree not to treat the BX-VRR Interest as a security under applicable law.

 

“BX-VRR Interest Distribution Amount”: With respect to each Distribution Date and the BX-VRR Interest, an amount equal to the product of (A) the BX-VRR Allocation Percentage and (B) the aggregate amount of interest distributed on the related Loan-Specific Certificates according to clauses First, Fourth and Seventh of Section 4.01(c).

 

 




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“BX-VRR Interest Owner”:  The Person who owns the BX-VRR Interest, as identified to the Certificate Administrator in writing.  At any time, there shall be only one BX-VRR Interest Owner.  DBNY is the BX-VRR Interest Owner as of the Closing Date.

 

“BX-VRR Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the BX-VRR Allocation Percentage and (B) the aggregate amount of principal distributed on the related Loan-Specific Certificates according to clauses Second, Fifth and Eighth of Section 4.01(c).

 

“BX-VRR Percentage”: As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the initial interest balance of the BX-VRR Interest, and the denominator of which is the aggregate initial Certificate Balance of all of the related Classes of Loan-Specific Certificates and the initial interest balance of the BX-VRR Interest.

 

“BX-VRR Realized Loss Interest Distribution Amount”:  With respect to any Distribution Date and the BX-VRR Interest, an amount equal to the product of (A) the BX-VRR Allocation Percentage and (B) the aggregate amount of interest on unreimbursed Realized Losses distributed to the Holders of the BX Industrial Portfolio  Non-VRR Certificates pursuant to Section 4.01(c)(iii), (vi) and (ix) on such Distribution Date.

 

“Calculation Rate”:  A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest payment on the Mortgage Loan or Serviced Companion Loan or sale of a Defaulted Loan, the highest of (1) the rate determined by the Master Servicer or Special Servicer, as applicable, that approximates the market rate that would be obtainable by the Borrowers on similar non-defaulted debt of the Borrowers as of such date of determination, (2) the applicable Mortgage Rate and (3) the yield on 10-year U.S. treasuries as of such date of determination and (ii) for all other cash flows, including property cash flow, the “discount rate” set forth in the most recent related Appraisal (or Updated Appraisal).

 

“Cash Collateral Account”:  With respect to any Mortgage Loan or Serviced Whole Loan that has a Lock-Box Account, any account or accounts created pursuant to the related Mortgage, Loan Agreement, Cash Collateral Account Agreement or other Loan Document into which the Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee, on behalf of the Certificateholders, as successor to the related Mortgage Loan Seller.  Any Cash Collateral Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive all reinvestment income or gain thereon in accordance with the terms and provisions of the related Loan Documents and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon in accordance with the terms of the related Mortgage Loan or Serviced Whole Loan.  The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable.  To the extent not inconsistent with the terms of the related Loan Documents, each such Cash Collateral Account shall be an Eligible Account.

 

“Cash Collateral Account Agreement”:  With respect to any Mortgage Loan or Serviced Whole Loan, the cash collateral account agreement, if any, between the related Originator and the related Borrower, pursuant to which the related Cash Collateral Account, if any, may have been established.

 

 




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“Certificate”:  Any of Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, BX-VRR Interest, Class T333-A, Class T333-B, Class T333-C, Class T333-D, T333-VRR Interest, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D, Class 825S-E and 825S-VRR Interest Certificates issued, authenticated and delivered hereunder.

 

“Certificate Administrator”:  Wells Fargo Bank, National Association, a national banking association, in its capacity as Certificate Administrator, or its successor in interest, or any successor Certificate Administrator appointed as herein provided.  Wells Fargo Bank, National Association will perform its obligations as Certificate Administrator hereunder through its Corporate Trust Services division (including, as applicable, any agents or affiliates utilized thereby).

 

“Certificate Administrator Personnel”:  The divisions and individuals of the Certificate Administrator who are involved in the performance of the duties of the Certificate Administrator under this Agreement.

 

“Certificate Administrator/Trustee Fee”:  With respect to each Mortgage Loan, REO Loan and Trust Subordinate Companion Loan and for any Distribution Date, an amount per Interest Accrual Period equal to the product of (i) the Certificate Administrator/Trustee Fee Rate (computed on the same accrual basis as interest accrues on the related Mortgage Loan, REO Loan and Trust Subordinate Companion Loan) multiplied by (ii) the Stated Principal Balance of such Mortgage Loan, REO Loan or Trust Subordinate Companion Loan as of the Due Date in the immediately preceding Collection Period (without giving effect to payments of principal on such Mortgage Loan on such Due Date).  The Certificate Administrator/Trustee Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement.  For the avoidance of doubt, the Certificate Administrator/Trustee Fee with respect to each Mortgage Loan, REO Loan and Trust Subordinate Companion Loan shall be payable from the Lower-Tier REMIC, or related Trust Subordinated Companion Loan REMIC, as applicable.

 

“Certificate Administrator/Trustee Fee Rate”:  A rate equal to 0.01070% per annum.

 

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

 

“Certificate Balance”:  With respect to any Class of Pooled Principal Balance Certificates, the Class RR Certificates and  any Class of Loan-Specific Certificates, (a) on or prior to the first Distribution Date, an amount equal to the aggregate initial Certificate Balance of such Class as specified in the Preliminary Statement to this Agreement and (b) as of any date of determination after the first Distribution Date, an amount equal to the Certificate Balance of such Class on the Distribution Date immediately prior to such date of determination less any distributions allocable to principal and any allocations of Pooled Realized Losses, VRR Realized Losses, BX Industrial Portfolio BX-VRR Realized Losses, BX Industrial Portfolio Non-VRR Realized Losses, Tower 333 T333-VRR Realized Losses, Tower 333 Non-VRR Realized Losses, 825 South Hill 825S-VRR Realized Losses, or 825 South Hill Non-VRR Realized Losses, as applicable, made thereon on such prior Distribution Date.

 

 




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“Certificate Custodian”:  Initially, the Certificate Administrator; thereafter, any other Certificate Custodian acceptable to the Depository and selected by the Certificate Administrator.

 

“Certificate 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) with respect to such Classes.  Each of the Trustee, the Certificate Administrator and the Master Servicer shall have the right to require, as a condition to acknowledging the status of any Person as a Certificate Owner under this Agreement, that such Person executes an Investor Certification.

 

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

 

“Certificateholder”:  The Person in whose name a Certificate (including the Class RR Certificates) is registered in the Certificate Register or any beneficial owner thereof; provided, however, that solely for the purposes of giving any consent, approval, waiver or taking any action pursuant to this Agreement, any Certificate (including the Class RR Certificates) registered in the name of or beneficially owned by (i) the Master Servicer, the Special Servicer, any Excluded Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of such Persons or (ii) any Borrower Party, in each case shall be deemed not to be outstanding (provided that notwithstanding the foregoing, any Controlling Class Certificates owned by an Excluded Controlling Class Holder shall not be deemed to be outstanding as to such Excluded Controlling Class Holder solely with respect to any related Excluded Controlling Class Loan; and provided, further, that any Controlling Class Certificates owned by the Special Servicer or an Affiliate thereof shall not be deemed to be outstanding as to the Special Servicer or such Affiliate solely with respect to any related Excluded Special Servicer Loan), and the Voting Rights to which it is entitled shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent, approval, waiver or take any such action has been obtained; provided, however, that the foregoing restrictions shall not apply in the case of the Master Servicer, the Special Servicer, any Excluded Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of such Persons unless such consent, approval or waiver sought from such party would in any way increase its compensation or limit its obligations in the named capacities hereunder or waive a Servicer Termination Event; provided, further, that so long as there is no Servicer Termination Event with respect to the Master Servicer or the Special Servicer, the Master Servicer and the Special Servicer or such Affiliate of either shall be entitled to exercise such Voting Rights with respect to any issue which could reasonably be believed to adversely affect such party’s compensation or increase its obligations or liabilities hereunder; and provided, further, that such restrictions shall not apply to (i) the exercise of the Special Servicer’s, the Master Servicer’s or any Mortgage Loan Seller’s rights, if any, or any of their Affiliates as a member of the Controlling Class or (ii) any Affiliate of the Depositor, the Master Servicer, any Special Servicer, the Trustee or the Certificate Administrator that has provided an Investor Certification in which it has certified as to the existence of an Affiliate Ethical Wall between it and the Depositor, the Master Servicer, such Special Servicer, the Trustee or the Certificate Administrator, as applicable, and any Certificates

 

 




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beneficially owned by such Affiliate shall be deemed to be outstanding.  The Trustee and the Certificate Administrator shall each be entitled to request and rely upon a certificate of the Master Servicer, the Special Servicer or the Depositor in determining whether a Certificate is registered in the name of an Affiliate of such Person.  All references herein to “Holders” or “Certificateholders” shall reflect the rights of Certificate Owners as they may indirectly exercise such rights through the Depository and the Depository Participants, except as otherwise specified herein; provided, however, that the parties hereto shall be required to recognize as a “Holder” or “Certificateholder” only the Person in whose name a Certificate is registered in the Certificate Register.

 

“Certification Parties”:  As defined in Section 10.08 of this Agreement.

 

“Certifying Certificateholder”:  A Certificateholder or Certificate Owner that has provided the Trustee or the Certificate Administrator with an executed Investor Certification.

 

“Certifying Person”:  As defined in Section 10.08 of this Agreement.

 

“Certifying Servicer”:  As defined in Section 10.11 of this Agreement.

 

“Class”:  All of the Certificates that collectively bear the same alphabetical or alphanumeric Class designation, each designated Trust Subordinate Companion Loan REMIC Regular Interest, each separately designated Lower-Tier Regular Interest.

 

“Class 825S-A Certificate”:  Any one of the Certificates with a “Class 825S-A” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class 825S-A Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the 825 South Hill Trust Subordinate Companion Loan.

 

“Class 825S-B Certificate”:  Any one of the Certificates with a “Class 825S-B” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class 825S-B Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the 825 South Hill Trust Subordinate Companion Loan.

 

“Class 825S-C Certificate”:  Any one of the Certificates with a “Class 825S-C” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class 825S-C Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the 825 South Hill Trust Subordinate Companion Loan.

 

“Class 825S-D Certificate”:  Any one of the Certificates with a “Class 825S-D” designation on the face thereof, executed and authenticated by the Certificate Administrator or

 

 




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the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class 825S-D Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the 825 South Hill Trust Subordinate Companion Loan.

 

“Class 825S-E Certificate”:  Any one of the Certificates with a “Class 825S-E” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class 825S-E Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the 825 South Hill Trust Subordinate Companion Loan.

 

“Class A-2 Certificate”:  Any one of the Certificates with a “Class A-2” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-2 Pass-Through Rate”:  A per annum rate equal to 2.4751%.

 

“Class A-3 Certificate”:  Any one of the Certificates with a “Class A-3” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-3 Pass-Through Rate”:  A per annum rate equal to 2.4131%.

 

“Class A-4 Certificate”:  Any one of the Certificates with a “Class A-4” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-4 Pass-Through Rate”:  A per annum rate equal to 2.4369%.

 

“Class A-S Certificate”:  Any one of the Certificates with a “Class A-S” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-S Pass-Through Rate”:  A per annum rate equal to the WAC Rate minus 0.1580%.

 

“Class A-SB Certificate”:  Any one of the Certificates with a “Class A-SB” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-SB Pass-Through Rate”:  A per annum rate equal to 2.6395%.

 

 




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

 

“Class B Certificate”:  Any one of the Certificates with a “Class B” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class B Pass-Through Rate”:  A per annum rate equal to the  WAC Rate.

 

“Class BX-A Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the BX Industrial Portfolio  Trust Subordinate Companion Loan.

 

“Class BX-B Certificate”:  Any one of the Certificates with a “Class BX-B” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class BX-B Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the BX Industrial Portfolio Trust Subordinate Companion Loan.

 

“Class BX-C Certificate”:  Any one of the Certificates with a “Class BX-C” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class BX-C Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the BX Industrial Portfolio Trust Subordinate Companion Loan.

 

“Class C Certificate”:  Any one of the Certificates with a “Class C” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class C Pass-Through Rate”:  A per annum rate equal to the WAC Rate.

 

“Class D Certificate”:  Any one of the Certificates with a “Class D” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class D Pass-Through Rate”:  A per annum rate equal to the WAC Rate.

 

“Class L825SA Interest”, “Class L825SB Interest”, “Class L825SC Interest”, “Class L825SD Interest”, “Class L825SE Interest” and “L825SVRR Interest”: Each, a regular interest in the 825 South Hill Trust Subordinate Companion Loan REMIC entitled to monthly distributions payable thereto pursuant to Section 4.01 of this Agreement.

 

 




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“Class L825S-R Interest”: The uncertificated residual interest in the 825 South Hill Trust Subordinate Companion Loan REMIC, represented by the Class R Certificates.

 

 “Class LA-2 Interest”, “Class LA-3 Interest”, “Class LA-4 Interest”, “Class LA-SB Interest”, “Class LA-S Interest”, “Class LB Interest”, “Class LC Interest”, “Class LD Interest” and “Class LVRR Interest”:  Each, a regular interest in the Lower-Tier REMIC entitled to monthly distributions payable thereto pursuant to Section 4.01 of this Agreement.

 

“Class LBXA Interest”, “Class LBXB Interest”, “Class LBXC Interest” and “LBXVRR Interest”: Each, a regular interest in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC entitled to monthly distributions payable thereto pursuant to Section 4.01 of this Agreement.

 

“Class LBX-R Interest”: The uncertificated residual interest in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC, represented by the Class R Certificates.

 

“Class LT333A Interest”, “Class LT333B Interest”, “Class LT333C Interest”, “Class LT333D Interest” and the “LT333VRR Interest”: Each, a regular interest in the Tower 333 Trust Subordinate Companion Loan REMIC entitled to monthly distributions payable thereto pursuant to Section 4.01 of this Agreement.

 

“Class LT333-R Interest”: The uncertificated residual interest in the Tower 333 Trust Subordinate Companion Loan REMIC, represented by the Class R Certificates.

 

“Class LTR Interest”: The sole class of “residual interest” in the Lower-Tier REMIC, which will be represented by the Class R Certificates.

 

“Class R Certificate”:  Any one of the Certificates with a “Class R” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.  The Class R Certificates have no Pass-Through Rate, Certificate Balance or Notional Amount.

 

“Class RR Certificates”:  Any one of the Certificates with a “Class RR” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class S Certificate”:  Any one of the Certificates with a “Class S” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.  The Class S Certificates represent undivided beneficial interests in the Class S Specific Grantor Trust Assets.

 

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

 

 




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“Class T333-A Certificate”:  Any one of the Certificates with a “Class T333-A” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class T333-A Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the Tower 333 Trust Subordinate Companion Loan.

 

“Class T333-B Certificate”:  Any one of the Certificates with a “Class T333-B” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class T333-B Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the Tower 333 Trust Subordinate Companion Loan.

 

“Class T333-C Certificate”:  Any one of the Certificates with a “Class T333-C” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class T333-C Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the Tower 333 Trust Subordinate Companion Loan.

 

“Class T333-D Certificate”:  Any one of the Certificates with a “Class T333-D” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class T333-D Pass-Through Rate”:  A per annum rate equal to the Net Mortgage Rate applicable to the Tower 333 Trust Subordinate Companion Loan.

 

“Class UTR Interest”: The sole class of “residual interest” in the Upper-Tier REMIC, which will be represented by the Class R Certificate.

 

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

 

“Class X Component”:  The Class X-A Components.

 

“Class X Component Notional Amount”:  With respect to each Class X Component and any date of determination, an amount equal to the then Lower-Tier Principal Balance of its Corresponding Lower-Tier Regular Interest.

 

“Class X Notional Amount”:  The Class X-A Notional Amount.

 

“Class X-A Certificate”:  Any one of the Certificates with a “Class X-A” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 



 




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“Class X-A Components”:  Each of Component XA-2, Component XA-3, Component XA-4, Component XA-SB and Component XA-S.

 

“Class X-A Notional Amount”:  As of any date of determination, the sum of the then Class X Component Notional Amounts of all of the Class X-A Components.

 

“Class X-A Pass-Through Rate”:  With respect to any Distribution Date, the weighted average of the Class X-A Strip Rates for the respective Class X-A Components for such Distribution Date, weighted on the basis of the respective Class X Component Notional Amounts of such Components outstanding immediately prior to such Distribution Date.  The Class X-A Pass-Through Rate for the initial Distribution Date is 0.8125% per annum.

 

“Class X-A Strip Rate”:  With respect to any Class of Class X-A Components for any Distribution Date, the excess, if any, of (i) the WAC Rate for such Distribution Date over (ii) the Pass-Through Rate for such Distribution Date for the Corresponding Certificates.

 

“Clearstream”:  Clearstream Banking Luxembourg, a division of Clearstream International, société anonyme.

 

“Closing Date”:  May 29, 2020.

 

“Code”:  The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations of the United States Department of the Treasury promulgated pursuant thereto.

 

“Collateral Deficiency Amount”  With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum of (in the case of a Whole Loan, solely to the extent allocable to the subject Mortgage Loan or Trust Subordinate Companion Loan, as applicable) (x) the most recent appraised value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in such appraised value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related Borrower at the time the Mortgage Loan or Trust Subordinate Companion Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided that in the case of a Non-Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to the extent relevant information is received by the Master Servicer), plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date of such determination.  The Certificate Administrator shall be entitled to conclusively rely on the Master Servicer’s calculation or determination of any Collateral Deficiency Amount.

 

“Collection Account”:  The trust account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a) of this Agreement, which shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of J.P. Morgan Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage

 

 




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Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 and the RR Interest Owner Collection Account” and which must be an Eligible Account.

 

“Collection Period”:  With respect to any Distribution Date and each Mortgage Loan or Trust Subordinate Companion Loans (including any related Companion Loan), the period that begins on the day immediately following the Due Date for such Mortgage Loan or Trust Subordinate Companion Loans, as applicable (including any related Companion Loan) in the month preceding the month in which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan or Trust Subordinate Companion Loans, as applicable (including any related Companion Loan) had a Due Date in such preceding month and ending on and including the Due Date for such Mortgage Loan or Trust Subordinate Companion Loans, as applicable (including any related Companion Loan) occurring in the month in which that Distribution Date occurs. Notwithstanding the foregoing, in the event that the last day of a Collection Period (or applicable grace period) is not a business day, any Periodic Payments received with respect to the Mortgage Loans or the Trust Subordinate Companion Loans, as applicable (including any related Companion Loan) relating to such Collection Period on the business day immediately following such day shall be deemed to have been received during such Collection Period and not during any other Collection Period.

 

“Commission”:  The Securities and Exchange Commission.

 

“Communication Request”: As defined in Section 5.05(a) of this Agreement.

 

“Companion Loan”:  A Serviced Companion Loan or Non-Serviced Companion Loan, as applicable and as the context may require.

 

“Companion Loan Noteholder”:  A holder of a Companion Loan.

 

“Compensating Interest Payment”:  An amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment Interest Shortfalls incurred in connection with voluntary Principal Prepayments received in respect of the Serviced Mortgage Loans, Serviced Pari Passu Companion Loans or Trust Subordinate Companion Loans (in each case, other than (a) a Non-Serviced Mortgage Loan, (b) a Specially Serviced Loan or (c) a Mortgage Loan, any related Serviced Companion Loan or any Trust Subordinate Companion Loans with respect to which the Special Servicer has waived or amended the prepayment restrictions such that the related Borrower is not required to prepay on a Due Date or pay interest that would have accrued on the amount prepaid through and including the last day of the interest accrual period occurring following the date of such prepayment) for the related Distribution Date, and (ii) the aggregate of (A) the portion of its Master Servicing Fee (calculated for this purpose at 0.00125% (0.125 basis points per annum)) that is being paid in such Collection Period with respect to the Mortgage Loans, Serviced Pari Passu Companion Loans or REO Loans serviced by it, (B) all Prepayment Interest Excess received by the Master Servicer during the related Collection Period on the Mortgage Loans (and, for so long as a Whole Loan is serviced under this Agreement, any related Pari Passu Companion Loan) and (C) to the extent earned on principal prepayments, net investment earnings payable to the Master Servicer for such Collection Period received by the Master Servicer during such Collection Period with respect to the Mortgage Loan or any related Pari Passu Companion Loan, as applicable, subject to such prepayment; provided that if any Prepayment Interest Shortfall occurs with respect to any Mortgage Loan as a result of the Master

 

 




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Servicer’s failure to enforce the related Loan Documents (a “Prohibited Prepayment”) regarding principal prepayments (other than in connection with (a) a Non-Serviced Mortgage Loan, (b) subsequent to a default under the related Loan Documents (provided that the Master Servicer reasonably believes that acceptance of such prepayment is consistent with the Servicing Standard) or if the Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, (c) at the request of or with the consent of the Special Servicer or, so long as a Control Termination Event has not occurred or is not continuing (other than with respect to the Mortgage Loans other than an Excluded Loan), the Directing Holder, (d) pursuant to applicable law or a court order, (e) in connection with the payment of Insurance and Condemnation Proceeds unless the Master Servicer did not apply the proceeds thereof in accordance with the terms of the related Loan Documents and such failure caused the shortfall or (f) a previously Specially Serviced Loan with respect to which the Special Servicer has waived or amended the prepayment restriction such that the related Borrower is not required to prepay on a Due Date or pay interest that would have accrued on the amount prepaid through and including the last day of the interest accrual period occurring following the date of such prepayment), then for purposes of calculating the Compensating Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii) above, the aggregate amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan or Serviced Companion Loan, otherwise described in clause (i) above in connection with such Prohibited Prepayments.  The Master Servicer’s obligation to pay the Compensating Interest Payment, and the rights of the Certificateholders or the RR Interest Owner to offset of the aggregate Prepayment Interest Shortfalls against those amounts, shall not be cumulative.  With respect to the Trust Subordinate Companion Loans, the Master Servicer shall be required to make Compensating Interest Payments in an amount calculated in the same manner applicable to the Mortgage Loans and the related Serviced Whole Loan.

 

“Component XA-2”:  One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LA-2 Interest as of any date of determination.

 

“Component XA-3”:  One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LA-3 Interest as of any date of determination.

 

“Component XA-4”:  One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LA-4 Interest as of any date of determination.

 

“Component XA-S”:  One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LA-S Interest as of any date of determination.

 

“Component XA-SB”:  One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal Balance of the Class LA-SB Interest as of any date of determination.

 

“Condemnation Proceeds”:  Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance in lieu or in anticipation thereof with respect to a Mortgaged Property by or to any governmental, quasi-governmental

 

 




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authority or private entity with condemnation powers (other than (i) amounts to be applied to the restoration, preservation or repair of such Mortgaged Property or released to the related Borrower in accordance with the terms of the REMIC Provisions and the applicable Loan Documents for the related Mortgage Loan or Serviced Whole Loan, (ii) in the case of the BX Industrial Whole Loan, the extent to which any portion of such proceeds are received by the Master Servicer or Certificate Administrator in connection with the BX Industrial Portfolio Whole Loan, and are not allocable to the related Mortgage Loan and the related Trust Subordinate Companion Loan, as applicable, pursuant to the related BX Industrial Portfolio Intercreditor Agreement), (iii) in the case of the Tower 333 Whole Loan, the extent to which any portion of such proceeds are received by the Master Servicer or Certificate Administrator in connection with the Tower 333 Whole Loan, and are not allocable to the related Mortgage Loan and the related Trust Subordinate Companion Loan, as applicable, pursuant to the related Tower 333 Intercreditor Agreement), (iv) in the case of the 825 South Hill Whole Loan, the extent to which any portion of such proceeds are received by the Master Servicer or Certificate Administrator in connection with the 825 South Hill Whole Loan, and are not allocable to the related Mortgage Loan and the related Trust Subordinate Companion Loan, as applicable, pursuant to the related 825 South Hill Intercreditor Agreement) or, if applicable, with respect to the Mortgaged Property securing a Serviced Whole Loan, any portion of such amounts payable to the holders of the applicable Mortgage Loan.  With respect to the Mortgaged Property securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion of such amounts payable to the holder of the related Non-Serviced Mortgage Loan shall be included in Condemnation Proceeds.

 

“Confidential Information”:  With respect to each of the Depositor, the Master Servicer, any Special Servicer, the Certificate Administrator, and the Trustee, all material non-public information obtained in the course of and as a result of such Person’s performance of its duties under this Pooling and Servicing Agreement with respect to any Mortgage Loan (or Serviced Whole Loan), any Borrower and any Mortgaged Property, unless such information (i) was already in the possession of such Person prior to being disclosed to such Person, (ii) is or becomes available to such Person from a source other than its activities as the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, or (iii) is or becomes generally available to the public other than as a result of a disclosure by the Master Servicer Servicing Personnel, applicable Special Servicer Servicing Personnel, the Certificate Administrator Personnel or the Trustee Personnel.

 

“Consultation Termination Event”:  Will occur (a) with respect to any Mortgage Loan or Serviced Whole Loan (other than the Servicing Shift Mortgage Loan and Serviced AB Mortgage Loan) when no class of Control Eligible Certificates that has a then-outstanding Certificate Balance (without regard to the application of any Cumulative Appraisal Reduction Amounts) equal to at least 25% of the initial Certificate Balance of that Class; provided that prior to the applicable Servicing Shift Securitization Date, no Consultation Termination Event may occur with respect to the Loan-Specific Directing Holder of such Servicing Shift Mortgage Loan, and the term “Consultation Termination Event” shall not be applicable to the Loan-Specific Directing Holder; provided, further, that a Consultation Termination Event shall not be deemed to be continuing in the event the Certificate Balances of all Classes of Pooled Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero; and (b) with respect to any Serviced AB Whole Loan, when a related Control Appraisal Period is continuing

 

 




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and when the events in clause (a) above are occurring.  With respect to Excluded Loans related to the Directing Holder, a Consultation Termination Event shall be deemed to exist.

 

“Control Appraisal Period”: With respect to the AB Whole Loans, shall have the meaning assigned to the term “Control Appraisal Period” in the related Intercreditor Agreement.

 

“Control Eligible Certificates”:  The Class D Certificates.

 

“Control Termination Event”:  Will occur (a) with respect to any Mortgage Loan or Serviced Whole Loan (other than any Serviced AB Whole Loan) when the Certificate Balance of the Class D Certificates (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section 4.08(a) hereof) is reduced to less than 25% of the initial Certificate Balance of such Class; provided that prior to the applicable Servicing Shift Securitization Date, no Control Termination Event may occur with respect to the Loan-Specific Directing Holder of such Servicing Shift Mortgage Loan and the term “Control Termination Event” shall not be applicable to such Loan-Specific Directing Holder; provided, further, that a Control Termination Event shall not be deemed to be continuing in the event the Certificate Balances of all Classes of Pooled Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero, and (b) with respect to each Serviced AB Whole Loan, when a related Control Appraisal Period has occurred and is continuing and when the events in clause (a) are occurring.  With respect to Excluded Loans related to the Pooled Trust Directing Holder, a Control Termination Event shall be deemed to exist.

 

“Controlling Class”:  As of any date of determination, Control Eligible Certificates so long as such class has a Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to such Class in accordance with Section 4.08(a) of this Agreement) equal to at least 25% of the initial Certificate Balance of such Class or if no Class of Control Eligible Certificates meets the preceding requirement, the most senior Class of Control Eligible Certificates.  The Controlling Class as of the Closing Date will be the Class D Certificates; provided that if at any time the Certificate Balance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B and Class C Certificates have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then the “Controlling Class” shall be the Control Eligible Certificates so long as such Class has a Certificate Balance greater than zero without regard to the application of Appraisal Reduction Amounts (or any Collateral Deficiency Amount) to notionally reduce the Certificate Balance of such Class.

 

“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 to this Agreement.

 

“Controlling Companion Loan”:  With respect to each Servicing Shift Whole Loan, the related Pari Passu Companion Loan which, in accordance with the Intercreditor Agreement, will be the “Lead Note”, “Controlling Note” or similarly defined term as identified in the related Intercreditor Agreement. 

 

 




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

 

“COVID Modification”:  A modification of, or forbearance or waiver in respect of, a Mortgage Loan that satisfies the following conditions: 

 

(i)        prior to the modification or forbearance or waiver, the related borrower certified to the Master Servicer that it is seeking limited relief from the terms of the related Mortgage Loan documents because it is experiencing a financial hardship due, directly or indirectly, to the COVID Emergency;

 

(ii)       the related modification or forbearance or waiver provides for (a) the temporary forbearance, waiver or deferral with respect to payment obligations or operating covenants, (b) the temporary alternative use of funds on deposit in any reserve account or escrow account for any purpose other than the explicit purpose provided for in the related Mortgage Loan documents, or (c) such other modifications, forbearance or waiver as may be reasonably determined by the Master Servicer in accordance with the Servicing Standard to address a financial hardship due, directly or indirectly, to the COVID Emergency;

 

(iii)      the related COVID Modification Agreement is entered into prior to December 31, 2020;

 

(iv)      if a default or event of default existed under the Mortgage Loan prior to the modification or forbearance or waiver, the related COVID Modification Agreement provides that such default or event of default is cured or deemed no longer outstanding;

 

(v)       any COVID Modification Agreement (a) does not defer more than 3 monthly debt service payments under the Mortgage Loan, and (b) requires that any payments deferred in accordance with clause (ii)(a) above or reserve or escrow amounts used for alternate purposes in accordance with clause (ii)(b) above are repaid or restored in full within 21 months of the date of the first COVID Modification Agreement with respect to such Mortgage Loan; and

 

(vi)      the related COVID Modification Agreement may (but will not be required to) provide that (a) the Mortgage Loan will be full recourse to the borrower (and that such recourse obligation is a guaranteed obligation under the related borrower sponsor guaranty) if the certification described in clause (i) is false or misleading, and/or (b) that a cash trap or sweep event will be deemed to have occurred under the terms of the Mortgage Loan documents.

 

“COVID Modification Agreement”:  The agreement or agreements pursuant to which a COVID Modification is effected.

 

“COVID Modified Loan”:  A Serviced Mortgage Loan and, if applicable, any related Serviced Companion Loan, that is subject to a COVID Modification. 

 

“Corporate Trust Office”:  The offices of the Trustee and Certificate Administrator are located, (i) with respect to the Trustee, at 9062 Old Annapolis Road,

 

 




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Columbia, Maryland 21045-1951, Attention: Corporate Trust Services – BMARK 2020-IG3, (ii) with respect to the Certificate Administrator, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services – BMARK 2020-IG3, and (iii) in the case of any surrender, transfer or exchange, at Wells Fargo Center, 600 South 4th Street, 7th Floor, MAC N9300-070, Minneapolis, Minnesota 55479, Attention: CTS – Certificate Transfers Services – BMARK 2020-IG3, or the principal trust office of any successor certificate administrator qualified and appointed pursuant to this Agreement.

 

“Corrected Mortgage Loan”:  As defined under the definition of Specially Serviced Loan.

 

“Corresponding Certificates”:  As defined in the Preliminary Statement with respect to any Corresponding Lower-Tier Regular Interest or Corresponding Component.

 

“Corresponding Components”:  As defined in the Preliminary Statement with respect to any Corresponding Certificates or any Corresponding Lower-Tier Regular Interest.

 

“Corresponding Lower-Tier Regular Interests”:  As defined in the Preliminary Statement with respect to any Corresponding Certificates or Corresponding Component.

 

“CREFC®”:  Commercial Real Estate Finance Council®, formerly known as Commercial Mortgage Securities Association, or any association or organization that is a successor thereto.  If neither such association nor any successor remains in existence, “CREFC®” shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers, trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and whose principal purpose is the establishment of industry standards for reporting transaction-specific information relating to commercial mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other association or organization.  If an organization or association described in one of the preceding sentences of this definition does not exist, “CREFC®” shall be deemed to refer to such other association or organization as shall be selected by the Master Servicer and reasonably acceptable to the Certificate Administrator, the Trustee, the Special Servicer and, if no Control Termination Event is continuing, the Directing Holder.

 

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

 

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

 

 




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

 

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

 

“CREFC® Comparative Financial Status Report”:  The monthly report in “Comparative Financial Status Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans or Serviced Whole Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally. In connection with preparing the CREFC® Comparative Financial Status Report, the Master Servicer shall process (a) interim financial statements beginning with interim financial statements for the fiscal quarter ending March 31, 2020 (to the extent that the related Borrower provides sufficient information to report pursuant to CREFC® guidelines), and (b) annual financial statements beginning with annual financial statements for the 2020 fiscal year.

 

“CREFC® Delinquent Loan Status Report”:  A report substantially in the form of, and containing the information called for in, the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC® Website, or no later than 90 days after its adoption, such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

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

 

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

 

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

 

“CREFC® Historical Loan Modification and Corrected Mortgage Loan Report”:  The monthly report in the “Historical Loan Modification and Corrected Mortgage Loan Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans or Serviced Whole Loans, or such other form for the presentation of such

 

 




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

 

“CREFC® Intellectual Property Royalty License Fee”:  With respect to each Mortgage Loan and REO Loan (including any portion of an REO Loan related to each Trust Subordinate Companion Loan, other than the portion of an REO Loan related to any Serviced Companion Loan) and Trust Subordinate Companion Loan, and for any related Interest Accrual Period, the amount of interest accrued during such Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the same principal balance, in the same manner, and for the same number of days as any related interest payment with regards to the Mortgage Loan, Trust Subordinate Companion Loan or REO Loan as of the close of business on the Distribution Date which such Interest Accrual Period is computed.  Any payments of the CREFC® Intellectual Property Royalty License Fee shall be made to “CRE Finance Council” and delivered by wire transfer pursuant to the following instructions (or such other instructions as may hereafter be furnished by CREFC® to the Master Servicer in writing at least two Business Days prior to the Master Servicer Remittance Date):

 

Account
Name:  Commercial Real Estate Finance Council (CREFC®) 

Bank
Name:  JPMorgan Chase Bank, National Association 

Bank
Address:  80 Broadway, New York, NY 10005 

Routing
Number:  021000021 

Account Number:  213597397

 

“CREFC® Intellectual Property Royalty License Fee Rate”:  A rate equal to 0.00050% per annum.

 

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

 

“CREFC® Investor Reporting Package (CREFC® IRP)”:

 

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

 

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

 

(c)            the following eight templates:  (i) CREFC® Appraisal Reduction Template, (ii) CREFC® Servicer Realized Loss Template, (iii) CREFC® Reconciliation

 

 




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of Funds Template, (iv) CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template, (v) CREFC® Historical Liquidation Loss Template, (vi) CREFC® Interest Shortfall Reconciliation Template, (vii) CREFC® Servicer Remittance to Trustee Template and (viii) CREFC® Significant Insurance Event Template; and

 

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

 

“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”:  A report substantially in the form of, and containing the information called for in, the downloadable form of the “Loan Level Reserve/LOC Report” available and effective from time to time on the CREFC® Website.

 

“CREFC® Loan Periodic Update File”:  The monthly data file substantially in the form of, and containing the information called for in, the downloadable form of the “CREFC® Loan Periodic Update File” available and effective from time to time on the CREFC® Website and, provided that each CREFC® Loan Periodic Update File shall be accompanied by a CREFC® Advance Recovery Report, if such report is required for a particular month, and all references herein to “CREFC® Loan Periodic Update File” shall be construed accordingly.

 

“CREFC® Loan Setup File”:  The data file substantially in the form of, and containing the information called for in, the downloadable form of the “CREFC® Loan Setup File” available and effective from time to time on the CREFC® Website.

 

“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 and effective from time to time on the CREFC® Website.

 

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

 

“CREFC® Property File”:  The monthly data file substantially in the form of, and containing the information called for, in the downloadable form of the “CREFC® Property File” available and effective from time to time on the CREFC® Website.

 

“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.

 

 




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

 

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

 

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

 

“CREFC® Special Servicer Loan File”:  The monthly data file substantially in the form of, and containing the information called for in, the downloadable form of the “Special Servicer Loan File” available and effective from time to time on the CREFC® Website.

 

“CREFC® Supplemental Servicer Reports”:  The CREFC® Delinquent Loan Status Report, the CREFC® Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC® REO Status Report, the CREFC® Servicer Watch List, the CREFC® NOI Adjustment Worksheet, the CREFC® Comparative Financial Status Report, the CREFC® Operating Statement Analysis Report, the CREFC® Loan Level Reserve/LOC Report, the CREFC® Advance Recovery Report and the CREFC® Total Loan Report.

 

“CREFC® Total Loan Report”:  The monthly report substantially in the form of, and containing the information called for in, the downloadable form of the “Total Loan Report” available and effective from time to time on the CREFC® Website.

 

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

 

“Crossed Mortgage Loan Group”:  With respect to (i) any Mortgage Loan that consists of more than one commercial mortgage loan, the underlying group of loans that are cross-collateralized and cross-defaulted with each other and (ii) any two or more individual Mortgage Loans that are cross-collateralized and cross-defaulted with each other, such cross-collateralized and cross-defaulted Mortgage Loans.  For the avoidance of doubt, as of the Closing Date the Mortgage Loans secured by the Mortgaged Properties identified as “Chase Center Tower I” and “Chase Center Tower II” on the Mortgage Loan Schedule constitute a Crossed Mortgage Loan Group.

 

“Crossed Underlying Loan”:  With respect to any Crossed Mortgage Loan Group, a Mortgage Loan that is cross-collateralized and cross-defaulted with one or more other Mortgage Loans within such Crossed Mortgage Loan Group. For the avoidance of doubt, as of the Closing Date, each of the Mortgage Loans secured by the Mortgaged Properties identified as “Center Tower I” and “Chase Center Tower II” on the Mortgage Loan Schedule is a Crossed Underlying Loan.

 

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

 

 




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therein are affected by a Material Defect (the Crossed Underlying Loan(s) in such Crossed Mortgage Loan Group affected by such Material Defect, for purposes of this definition, the “affected Crossed Underlying Loans” and the other Crossed Underlying Loan(s) in such Crossed Mortgage Loan Group, for purposes of this definition, the “remaining Crossed Underlying Loans”) (i) the weighted average Debt Service Coverage Ratio for all the remaining Crossed Underlying Loans for the four most recently reported calendar quarters preceding the repurchase or substitution shall not be less than the greater of (a) the weighted average Debt Service Coverage Ratio for the entire such Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s), for the four most recently reported calendar quarters preceding the repurchase or substitution, and (b) 1.25x, (ii) the weighted average LTV Ratio for all the remaining Crossed Underlying Loans determined at the time of repurchase or substitution based upon an Appraisal obtained by the Special Servicer at the expense of the related Mortgage Loan Seller shall not be greater than the least of (a) the weighted average LTV Ratio for the entire such Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s), determined at the time of repurchase or substitution based upon an Appraisal obtained by the Special Servicer at the expense of the related Mortgage Loan Seller, (b) the weighted average LTV Ratio for the entire such Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s), as of the Cut-off Date and (c) 75%, (iii) the related Mortgage Loan Seller, at its expense, shall have furnished the Trustee and the Certificate Administrator with an Opinion of Counsel that any modification relating to the repurchase or substitution of a Crossed Underlying Loan shall not cause an Adverse REMIC Event to occur, (iv) the related Mortgage Loan Seller causes the affected Crossed Underlying Loan to become not cross-collateralized and cross-defaulted with the remaining related Crossed Underlying Loans prior to such repurchase or substitution or otherwise forbears from exercising enforcement rights against the Primary Collateral for any Crossed Underlying Loan(s) remaining in the Trust (while the Trust forbears from exercising enforcement rights against the Primary Collateral for the Mortgage Loan removed from the Trust) and (v) (other than with respect to any Excluded Loan) unless a Control Termination Event has occurred and is continuing, the Directing Certificateholder shall have consented to the repurchase or substitution of the affected Crossed Underlying Loan, which consent shall not be unreasonably withheld, conditioned or delayed.

 

“Crossover Date”:  The Distribution Date, if any, on which the Certificate Balance of each of the Class A-S, Class B, Class C and Class D Certificates is (or will be) reduced to zero.

 

“Cumulative Appraisal Reduction Amount”:  As of any date of determination, the sum of (i) all Appraisal Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect.  The Certificate Administrator shall be entitled to conclusively rely on the Master Servicer’s calculation or determination of any Cumulative Appraisal Reduction Amount.

 

“Custodial Agreement”:  The Custodial Agreement, if any, from time to time in effect between the Custodian named therein and the Certificate Administrator, in the form agreed to by the Certificate Administrator and the Custodian, as the same may be amended or modified from time to time in accordance with the terms thereof.  No Custodial Agreement will be required if the Custodian is the same party as the Certificate Administrator.

 

 




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“Custodian”:  Any Custodian appointed pursuant to Section 3.19 of this Agreement.  If a Custodian is not so appointed, then the Custodian shall be the Certificate Administrator.  The Custodian may (but need not) be the Certificate Administrator, the Trustee or the Master Servicer or any Affiliate of the Certificate Administrator, the Trustee or the Master Servicer.  Wells Fargo Bank, National Association will perform its obligations as Custodian hereunder through its Document Custody division.

 

“Cut-off Date”:  With respect to each Mortgage Loan and Trust Subordinate Companion Loan, the later of the related Due Date of such Mortgage Loan and Trust Subordinate Companion Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date subsequent to May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan.

 

“DBNY”: Deutsche Bank AG, acting through its New York Branch, in its capacity as the holder of each of the VRR-C Interest, the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest, and its successors in interest.

 

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

 

 “Debt Service Coverage Ratio”:  With respect to any Mortgage Loan or Serviced Whole Loan as of any date of determination and for any period, the ratio calculated by dividing the net operating income or net cash flow, as applicable, of the related Mortgaged Property or Mortgaged Properties, as the case may be, for the most recently ended 12-month trailing or one-year period for which data is available from the related Borrower (or year-to-date until such time that data for the trailing 12-month period is available), before payment of any scheduled payments of principal and interest on such Mortgage Loan or Serviced Whole Loan but after funding of required reserves and “normalized” information from the CREFC® NOI Adjustment Worksheet for such Mortgaged Property by the Master Servicer or Special Servicer, if applicable, pursuant to Section 3.13 of this Agreement, by the annual debt service required by such Mortgage Loan or Serviced Whole Loan.  Annual debt service shall be calculated by multiplying the Periodic Payment in effect on such date of determination for such Mortgage Loan or Serviced Whole Loan by 12 (or such fewer number of months for which related information is available).

 

“Default”:  An event of default under the Loan Documents for any Mortgage Loan or Whole Loan, or an event which, with the passage of time or the giving of notice, or both, would constitute an event of default under the Loan Documents for such Mortgage Loan or Whole Loan.

 

 




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“Default Interest”:  With respect to any Serviced Mortgage Loan or Serviced Companion Loan, interest accrued on such Mortgage Loan or Serviced Companion Loan (other than Excess Interest) at the excess of (i) the related Default Rate over (ii) the related Mortgage Rate.

 

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

 

“Defaulted Loan”:  A Serviced Mortgage Loan and any related Serviced Companion Loan (i) that is delinquent at least 60 days in respect of its Periodic Payments or that is more than 60 days delinquent in respect of its Balloon Payment (taking into account any extensions to such 60-day period as provided in the provisos to clause (a) of the definition of “Specially Serviced Loan”), if any, in either case such Delinquency to be determined without giving effect to any grace period permitted by the related Loan Documents and without regard to any acceleration of payments under the related Mortgage Loan or Serviced Companion Loan or (ii) as to which the Master Servicer or Special Servicer has, by written notice to the related borrower, accelerated the maturity of the indebtedness evidenced by the related Mortgage Note.

 

“Defeasance Account”:  As defined in Section 3.26(j) of this Agreement.

 

“Defect”:  As defined in Section 2.03(d) of this Agreement.

 

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

 

“Delinquency”:  Any failure of a Borrower to make a scheduled Periodic Payment or Balloon Payment on a Due Date.

 

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

 

“Denomination”:  As defined in Section 5.01(a) of this Agreement.

 

“Depositor”:  J.P. Morgan Chase Commercial Mortgage Securities Corp., a Delaware corporation, and its successors and assigns.

 

 




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“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 any Distribution Date, the 11th day of the calendar month of the related Distribution Date or, if such 11th day is not a Business Day, then the next Business Day, commencing in June 2020.

 

“Directing Holder”:  (a) With respect to each Serviced Mortgage Loan (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 S Hill Mortgage Loan), the Controlling Class Certificateholder (or its representative) selected by more than 50% of the Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from time to time (the “Pooled Trust Directing Holder”); provided, however, that (i) absent that selection, or (ii) until a Pooled Trust Directing Holder is so selected, or (iii) upon receipt of a notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Directing Holder is no longer designated, the Controlling Class Certificateholder that represents that it owns the largest aggregate Certificate Balance of the Controlling Class (or its representative) will be the Directing Holder; provided, however, that in the case of this clause (iii) in the event no one holder represents that it owns the largest aggregate Certificate Balance of the Controlling Class, then there shall be no Directing Holder until appointed in accordance with the terms of this Agreement; (b) with respect to the BX Industrial Portfolio Whole Loan, (i) prior to a BX Industrial Portfolio Note D Control Appraisal Period, the holder of the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D, (ii) if a BX Industrial Portfolio Note D Control Appraisal Period has occurred and is continuing and prior to a BX Industrial Portfolio Note C Control Appraisal Period, the holder of the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C, (iii) if a BX Industrial Portfolio Note D Control Appraisal Period and a BX Industrial Portfolio Note C Control Appraisal Period have occurred and are continuing and prior to a BX Industrial Portfolio Note B Control Appraisal Period, the BX Industrial Portfolio Controlling Class Representative and (iv) if a BX Industrial Portfolio Note D Control Appraisal Period, a BX Industrial Portfolio Note C Control Appraisal Period and a BX Industrial Portfolio Note B Control Appraisal Period have occurred and are continuing, the Pooled Trust Directing Holder; (c) with respect to the Tower 333 Whole Loan, (i) prior to a Tower 333 Note C Control Appraisal Period, the holder of the Tower 333 Non-Trust Junior Subordinate Companion Loan, (ii) if a Tower 333 Note C Control Appraisal Period has occurred and is continuing and prior to a Tower 333 Note B Control Appraisal Period, the Tower 333 Controlling Class Representative and (iii) if both a Tower 333 Note C Control Appraisal Period and a Tower 333 B Control Appraisal Period have occurred and are continuing, the Pooled Trust Directing Holder; and (d) with respect to the 825 South Hill Whole Loan, (i) prior to an 825 South Hill Control Appraisal Period, the 825 South Hill Controlling Class Representative and (ii) following an AIG Lending Control Termination Event and if a 825 South Hill Control Appraisal Period and an has occurred and is continuing, the Pooled Trust Directing Holder.

 

At such time as there is no Controlling Class in accordance with the definition thereof, the Pooled Directing Holder shall have no rights under this Agreement.

 

 




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The identification and contact information of each initial Directing Holder as of the Closing Date is set forth on Schedule I to this Agreement.  The parties to this Agreement may rely on such Schedule in accordance with Section 3.29.

 

For the avoidance of doubt, notwithstanding anything to the contrary contained in this Agreement, Control Termination Event and Consultation Termination Event shall not affect the rights of a Non-Directing Holder.  Whenever the term “Directing Holder” is used in this Agreement without further clarification, the parties hereto intend for such reference to mean the applicable Directing Holder under the circumstances.

 

In the event that no Directing Holder has been appointed or identified to the Master Servicer or the Special Servicer, as applicable, and the Master Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as the new Directing Holder is identified, the Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of any such Directing Holder as the case may be.

 

“Directing Holder Asset Status Report Review Process”: As defined in Section 3.23(e) of this Agreement.

 

“Directly Operate”:  With respect to any Serviced REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily provided to tenants in connection with the rental of space for occupancy only within the meaning of Treasury Regulations Section 1.512(b)-1(c)(5), the management or operation of such Serviced REO Property, the holding of such Serviced REO Property primarily for sale to customers in the ordinary course of a trade or business, or any use of such Serviced REO Property in a trade or business conducted by the Trust Fund, or the performance of any construction work on the Serviced REO Property other than through an Independent Contractor; provided that the Special Servicer, on behalf of the Trust Fund, shall not be considered to Directly Operate a Serviced REO Property solely because the Special Servicer, on behalf of the Trust Fund, establishes rental terms, chooses tenants, enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures with respect to such Serviced REO Property or takes other actions consistent with Treasury Regulations Section l.856-4(b)(5)(ii).

 

“Direct Sale Certificates”:  As defined in Section 5.01(a) of this Agreement.

 

“Disclosable Special Servicer Fees”:  With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan or Serviced REO 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, any Borrower, any Manager, any guarantor or indemnitor in respect of a Serviced Mortgage Loan and any related Serviced Companion Loan and any purchaser of any Serviced Mortgage Loan and any related Serviced Companion Loan or Serviced REO Property) in connection with the disposition, workout or foreclosure of any Serviced Mortgage Loan and any related Serviced Companion Loan, if applicable, the management or disposition of any Serviced REO Property, and the performance by the Special Servicer or any such Affiliate of any other

 

 




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special servicing duties under this Agreement; provided that any compensation and other remuneration that the Master Servicer or Certificate Administrator is permitted to receive or retain pursuant to the terms of this Agreement in connection with its respective duties in such capacity as Master Servicer or Certificate Administrator under this Agreement shall not be Disclosable Special Servicer Fees.

 

“Disclosure Parties”:  As defined in Section 3.14(e) of this Agreement.

 

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

 

“Disqualified Organization”:  Any of (a) the United States, a State or any political subdivision thereof or any agency or instrumentality of any of the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and, except for the Federal Home Mortgage Corporation, a majority of its board of directors is not selected by any such governmental unit), (b) a foreign government, International Organization (as defined below) or agency or instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed by Code Chapter 1 (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 described in Section 1381(a)(2)(C) of the Code, or (e) any other Person so designated by the Certificate Registrar based upon an Opinion of Counsel provided to the Certificate Registrar (which shall be an expense of the Trust) to the effect that any Transfer to such Person may cause any Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any time that the Certificates are outstanding.  For the purposes of this definition, the terms “United States,” “State” and “International Organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution Accounts”:  Collectively, the Upper-Tier Distribution Account, the Lower-Tier Distribution Account, the Excess Interest Distribution Account and the Trust Subordinate Companion Loan REMIC Distribution Account, each of which may be sub-accounts of a single Eligible Account.

 

“Distribution Date”:  For each Determination Date, the 4th Business Day following such Determination Date in each calendar month, commencing in June 2020.

 

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

 

 




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“Do Not Hire List”:  The list, as may be updated at any time, provided by the Depositor to the Master Servicer, Special Servicer, the Certificate Administrator or Trustee, which lists certain parties identified by the Depositor as having failed to comply (after any applicable cure period) with their respective obligations under Article X of this Agreement or as having failed to comply (after any applicable cure period) with any similar Regulation AB reporting requirements under any other securitization transaction.

 

“DSCR/DY Trigger”: for purposes of determining the existence of a Major Decision in connection with the approval of a change to the property management company at a Mortgaged Property (A) with respect to the debt service coverage ratio for such Mortgaged Property, if the most recent debt service coverage ratio for the related Mortgaged Property has decreased more than 10% from the debt service coverage ratio calculated 12 months prior to date on which the most recent debt service coverage ratio was determined and (B) with respect to the debt yield for such Mortgaged Property, if the most recent debt yield for the related Mortgaged Property has decreased more than 10% from the debt yield calculated 12 months prior to date on which the most recent debt yield was determined.

 

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

 

“Early Termination Notice Date”:  Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less than 1.0% of the aggregate Stated Pool Balance of the Mortgage Loans and the Trust Subordinate Companion Loans as of the Cut-off Date.

 

“EDGAR Compatible Format”:  Any format compatible with EDGAR, including, without limitation, HTML, Word, Excel or clean and searchable PDFs.

 

 “Eligible Account”:  Any of the following:

 

(i)       a segregated account or accounts maintained with a federal or state chartered depository institution or trust company (including the Trustee or the Certificate Administrator), the long-term unsecured debt or deposit obligations of which are rated at least “A2” by Moody’s, “A+” by Fitch and at least “A” by DBRS Morningstar (if then rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent rating (or higher) by at least two NRSROs (which may include Moody’s, S&P and/or Fitch) or such other rating confirmed in a Rating Agency Confirmation), if the deposits are to be held in such account for thirty (30) days or more, and the short-term debt or deposit obligations of which have a short-term rating of not less than “P-1” from Moody’s, “F1” by Fitch and not less than “R-1(middle)” from DBRS Morningstar (if then rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Moody’s, S&P and/or Fitch) or such other rating confirmed in a Rating Agency Confirmation), if the deposits are to be held in such account for less than thirty (30) days;

 

 




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(ii)      an account or accounts maintained with KeyBank National Association or PNC Bank, National Association so long as KeyBank National Association’s or PNC Bank, National Association’s long-term unsecured debt or deposit rating shall be at least “A2” by Moody’s, “A” by Fitch and “A” from DBRS Morningstar (if then rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Moody’s, S&P and/or Fitch) or such other rating confirmed in a Rating Agency Confirmation) (if the deposits are to be held in the account for more than thirty (30) days) or KeyBank National Association or PNC Bank, National Association’s short-term deposit or short-term unsecured debt rating shall be at least “P-1” by Moody’s, “F1” by Fitch and “R-1 (middle)” from DBRS Morningstar (if then rated by DBRS Morningstar, or if not rated by DBRS Morningstar, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Moody’s, S&P and/or Fitch) or such other rating confirmed in a Rating Agency Confirmation) (if the deposits are to be held in the account for thirty (30) days or less);

 

(iii)     such other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) – (ii) above, with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such account, which account may be an account maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer;

 

(iv)     any other account or accounts not listed in clauses (i) – (ii) above with respect to which a Rating Agency Confirmation has been obtained from each and every Rating Agency and, with respect to a Serviced Whole Loan, with respect to which a Companion Loan Rating Agency Confirmation has been obtained from each and every Companion Loan Rating Agency, which account may be an account maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer; or

 

(v)      a segregated trust account or accounts maintained with the corporate trust department of a federal or state chartered depository institution or trust company that has a long-term unsecured debt rating of at least “A2” from Moody’s (if the deposits are to be held in the account for more than thirty (30) days) or a short-term unsecured debt rating of at least “P-1” from Moody’s (if the deposits are to be held in the account for thirty (30) days or less) and that, in either case, has corporate trust powers, acting in its fiduciary capacity, provided that any state chartered depository institution or trust company is subject to regulation regarding fiduciary funds substantially similar to 12 C.F.R. § 9.10(b).  Eligible Accounts may bear interest.

 

Eligible Accounts may bear interest.

 

“Eligible Investor”:  Any of (i) a Qualified Institutional Buyer that is purchasing for its own account or for the account of a Qualified Institutional Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A or (ii) (except with respect to the Class R Certificates) an Institutional Accredited Investor.

 

 




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“Enforcing Party”: The Person obligated to or that elects pursuant to the terms of this Agreement to enforce the rights of the issuing entity against the related Mortgage Loan Seller with respect to the Repurchase Request.

 

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

 

“Environmental Report”:  The environmental audit report or reports with respect to each Mortgaged Property delivered to the Mortgage Loan Sellers in connection with the related Mortgage Loan.

 

“ERISA”:  The Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

“ERISA Plan”:  As defined in Section 5.02(k) of this Agreement.

 

“Escrow Account”:  As defined in Section 3.04(b) of this Agreement.  Any Escrow Account may be a sub-account of the related Cash Collateral Account.

 

“Escrow Payment”:  Any payment made by any Borrower to the Master Servicer pursuant to the related Mortgage, Cash Collateral Account Agreement, Lock-Box Agreement, Loan Agreement or other Loan Document for the account of such Borrower for application toward the payment of taxes, insurance premiums, assessments, environmental remediation and similar items in respect of the related Mortgaged Property or related to the satisfaction of closing conditions for the related Mortgage Loan.

 

“Euroclear”: Euroclear Bank, as operator of the Euroclear System and its successors in interest.

 

“Excess Interest”:  With respect to (i) any ARD Loan, interest collected from the related Borrower at the Revised Rate in respect of such ARD Loan in excess of the interest accrued at the Initial Rate and (ii) the Tower 333 Trust Subordinate Companion Loan, interest collected from the related borrower at the Revised Rate in respect of the Tower 333 Trust Subordinate Companion Loan in excess of the interest accrued at the at the Initial Rate, plus any related interest accrued on such amounts, to the extent permitted by applicable law and the related Mortgage Loan documents.

 

“Excess Interest Certificates”:  Any class of commercial mortgage pass-through certificates issued under this Agreement that are designated as evidencing an interest in the Excess Interest.  The Class S Certificates, the T333-VRR Interest and the Class RR Certificates shall be the only Classes of Excess Interest Certificates issued under this Agreement.

 

“Excess Interest Distribution Account”:  The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator pursuant to Section 3.05(k), which shall be entitled “Wells Fargo Bank, National Association, as Certificate

 

 




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Administrator, for the benefit of the holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 – Excess Interest Distribution Account,” and which must be an Eligible Account or a sub-account of an Eligible Account.  The Excess Interest Distribution Account shall not be an asset of any Trust REMIC, but rather shall be an asset of the Grantor Trust. 

 

“Excess Prepayment Interest Shortfall”:  With respect to any Distribution Date, (i) with respect to the Mortgage Loans, the aggregate of any Prepayment Interest Shortfalls resulting from any Principal Payments made on the Mortgage Loans to be included in the Pooled Available Funds for such Distribution Date and that are not covered by the Master Servicer’s Compensating Interest Payment for such Distribution Date and the portion of the compensating interest payments allocable to any Non-Serviced Mortgage Loan to the extent received from the related Non-Serviced Master Servicer, (ii) with respect to the BX Industrial Portfolio Trust Subordinate Companion Loan, the aggregate of any Prepayment Interest Shortfalls resulting from any principal prepayments made on the BX Industrial Portfolio Trust Subordinate Companion Loan to be included in the BX Industrial Portfolio Available Funds for such Distribution Date that are not covered by the Master Servicer’s Compensating Interest Payment (or the portion thereof allocated to the BX Industrial Portfolio Trust Subordinate Companion Loan) for such Distribution Date, (iii) with respect to the Tower 333 Trust Subordinate Companion Loan, the aggregate of any Prepayment Interest Shortfalls resulting from any principal prepayments made on the Tower 333 Trust Subordinate Companion Loan to be included in the Tower 333 Available Funds for such Distribution Date that are not covered by the Master Servicer’s Compensating Interest Payment (or the portion thereof allocated to the Tower 333 Trust Subordinate Companion Loan) for such Distribution Date and (iv) with respect to the 825 South Hill Trust Subordinate Companion Loan, the aggregate of any Prepayment Interest Shortfalls resulting from any principal prepayments made on the 825 South Hill Trust Subordinate Companion Loan to be included in the 825 South Hill Available Funds for such Distribution Date that are not covered by the Master Servicer’s Compensating Interest Payment (or the portion thereof allocated to the 825 South Hill Trust Subordinate Companion Loan) for such Distribution Date.

 

“Excess Servicing Fee Rate”:  With respect to each Mortgage Loan and any related Serviced Companion Loan (and any successor REO Loan with respect thereto), a rate per annum equal to the Servicing Fee Rate (subject to the rights of the Mortgage Loan Seller Sub-Servicers identified on Exhibit X to this Agreement) minus 0.00125%.

 

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

 

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

 

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

 

 




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“Excluded Controlling Class Holder”:  With respect to any Excluded Controlling Class Loan, the Directing Holder, any Controlling Class Certificateholder any BX Industrial Portfolio Controlling Class Certificateholder, any Tower 333 Controlling Class Certificateholder or any 825 South Hill Controlling Class Certificateholder, as applicable, in either case that is a Borrower Party with respect to such Excluded Controlling Class Loan.  Immediately upon obtaining actual knowledge of any such party becoming an “Excluded Controlling Class Holder”, the Directing Holder or Controlling Class Certificateholder, the BX Industrial Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative, the 825 South Hill Controlling Class Representative, any BX Industrial Portfolio Controlling Class Certificateholder, any Tower 333 Controlling Class Certificateholder or any 825 South Hill Controlling Class Certificateholder, as applicable, shall provide notice in the form of Exhibit L-1E hereto to the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator, which such notice shall specifically identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class Loan.  Additionally, any Excluded Controlling Class Holder shall also send to the Certificate Administrator a notice substantially in the form of Exhibit L-1F hereto, which such notice shall provide each of the CTSLink User ID’s associated with such Excluded Controlling Class Holder, and which such notice shall direct the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website as provided in this Agreement.  As of the Closing Date, there are no Excluded Controlling Class Holders related to the Trust.

 

“Excluded Controlling Class Loan”:  Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Directing Holder or any Controlling Class Certificateholder ((or, (i) with respect to the BX Industrial Portfolio Whole Loan, other than during the continuance of a BX Industrial Portfolio Note B Control Appraisal Period, the BX Industrial Portfolio Controlling Class Representative or any BX Industrial Portfolio Controlling Class Certificateholder, (ii) with respect to the Tower 333 Whole Loan other than during the continuance of a Tower 333 Note B Control Appraisal Period, the Tower 333 Controlling Class Representative or any Tower 333 Controlling Class Certificateholder or (iii) with respect to the 825 South Hill Whole Loan other than during the continuance of a 825 South Hill Control Appraisal Period, the 825 South Hill Controlling Class Representative or any 825 South Hill Controlling Class Certificateholder, as applicable) is a Borrower Party.  As of the Closing Date, there are no Excluded Controlling Class Loans related to the Trust.

 

 “Excluded Information”:  With respect to any Excluded Controlling Class Loan, any information and reports solely relating to such Excluded Controlling Class Loan(s) and/or the related Mortgaged Properties that is segregated on the Certificate Administrator’s Website, including, without limitation, any Asset Status Reports, Final Asset Status Reports or summaries thereof, any appraisals, inspection reports (related to Specially Serviced Loans conducted by the Special Servicer or the Excluded Special Servicer), recoverability officer’s certificates, any determination of the Special Servicer’s net present value calculation, any appraisal reduction amount calculations, environmental assessments, seismic reports and property condition reports and such other information and reports designated as Excluded Information (other than such information with respect to such Excluded Controlling Class Loan(s) that is aggregated with information of other Mortgage Loans at a pool level) by the Master Servicer and the Special Servicer, as the case may be.  For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special Servicer

 

 




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Loan File relating to any Excluded Controlling Class Loan) shall not be considered “Excluded Information”.  Any Excluded Information to be delivered to the Certificate Administrator by the Master Servicer or the Special Servicer shall be delivered in accordance with Section 3.32 hereof. 

 

“Excluded Loan”:  With respect to (a) the Directing Holder, any Mortgage Loan or Whole Loan with respect to which, as of the applicable date of determination, the Directing Holder or the holder of the majority of the Controlling Class (or, (i) with respect to the BX Industrial Portfolio Whole Loan other than during the continuance of a BX Industrial Portfolio Note B Control Appraisal Period, the BX Industrial Portfolio Controlling Class Representative or the holder of the majority of the BX Industrial Portfolio Controlling Class (by Certificate Balance), (ii) with respect to the Tower 333 Whole Loan other than during the continuance of a Tower 333 Note B Control Appraisal Period, the Tower 333 Controlling Class Representative or the holder of the majority of the Tower 333 Controlling Class (by Certificate Balance) and (iii) with respect to the 825 South Hill Whole Loan other than during the continuance of a 825 South Hill Control Appraisal Period, the 825 South Hill Controlling Class Representative or the holder of the majority of the 825 South Hill Controlling Class (by Certificate Balance)) is a Borrower Party, or (b) with respect to any Risk Retention Consultation Party, a Mortgage Loan, the Trust Subordinate Companion Loans or Whole Loan with respect to which, as of the applicable date of determination, such Risk Retention Consultation Party or the Person entitled to appoint such Risk Retention Consultation Party is a Borrower Party.  For the avoidance of doubt, any Excluded Loan as to either the Directing Holder or any Majority Controlling Class Certificateholder is also an Excluded Controlling Class Loan.  As of the Closing Date, there are no Excluded Loans related to the Trust.

 

 “Excluded Special Servicer”:  With respect to any Excluded Special Servicer Loan, a special servicer that is not a Borrower Party and satisfies all of the eligibility requirements applicable to the special servicer set forth in this Agreement.

 

“Excluded Special Servicer Loan”:  Any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan with respect to which, as of any date of determination, the Special Servicer has obtained knowledge that it is a Borrower Party.

 

“Extended Cure Period”:  As defined in Section 2.03(d) of this Agreement.

 

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

 

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

 

“Fiduciary”:  As defined in Section 5.02(k) of this Agreement.

 

“Final Asset Status Report”:  With respect to any Specially Serviced Loan, the Asset Status Report (together with such other data or supporting information provided by the Special Servicer to the Directing Holder that does not include any communication (other than the related Asset Status Report) between the Special Servicer and the Directing Holder with respect to such Specially Serviced Loan) required to be delivered by the Special Servicer by the Initial Delivery Date or any Subsequent Asset Status Report, in each case, in the form fully approved or

 

 




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deemed approved, if applicable, by the Directing Holder pursuant to the Directing Holder Asset Status Report Review Process. For the avoidance of doubt, the Special Servicer may issue more than one Final Asset Status Report with respect to any Specially Serviced Loan in accordance with the procedures described in Section 3.23(e).  Each Final Asset Status Report will be labeled or otherwise identified or communicated as being final by the Special Servicer.

 

“Final Recovery Determination”:  With respect to any Specially Serviced Loan, Serviced REO Loan or any Mortgage Loan (including the Trust Subordinate Companion Loans) subject to repurchase by the related Mortgage Loan Seller pursuant to Section 2.03(d) of this Agreement, or in the case of a Whole Loan, subject to a purchase pursuant to the applicable Intercreditor Agreement, or any Mortgage Loan or Whole Loan subject to purchase pursuant to any related mezzanine intercreditor agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds, the related Purchase Price and other payments or recoveries (including proceeds of the final sale of any Serviced REO Property) which the Master Servicer (or in the case of a Specially Serviced Loan or Serviced REO Loan, the Special Servicer), in its reasonable judgment, and, if no Consultation Termination Event is continuing, in consultation with the Directing Holder, as evidenced by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator and the Custodian (and the Master Servicer, if the certificate is from the Special Servicer), expects to be finally recoverable.  If no Control Termination Event is continuing, the Directing Holder shall have ten (10) Business Days to review and approve each such recovery determination; provided that if the Directing Holder fails to approve or disapprove any recovery determination within ten (10) Business Days of receipt of the initial recovery determination, such consent shall be deemed given.  The Master Servicer shall maintain records, prepared by a Servicing Officer, of each Final Recovery Determination until the earlier of (i) its termination as the Master Servicer hereunder and the transfer of such records to a successor servicer and (ii) five years following the termination of the Trust Fund.

 

“Financial Market Publisher”:  Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc., Interactive Data Corporation, CMBS.com, Inc., Markit Group Limited, Moody’s Analytics, MBS Data, LLC, RealINSIGHT, KBRA Analytics, Inc., Thomson Reuters Corporation and DealView Technologies Ltd. or any successor entities thereof.

 

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

 

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

 

“Form 8-K”:  A current report on Form 8-K under the Exchange Act or such successor form as the Commission may specify from time to time.

 

“Form 8-K Disclosure Information”:  As defined in Section 10.09 of this Agreement.

 

 




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“GACC”:  German American Capital Corporation, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“GACC Indemnification Agreement”:  The agreement dated as of the Pricing Date, between GACC, the Depositor and the Initial Purchasers.

 

“GACC Mortgage Loans”:  Each Mortgage Loan transferred and assigned to the Depositor pursuant to the GACC Purchase Agreement.

 

“GACC Purchase Agreement”:  The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between GACC and the Depositor.

 

“Gain-on-Sale Proceeds”:  With respect to any Mortgage Loan (and with respect to any Non-Serviced Mortgage Loan only the pro rata share of such proceeds allocated to the Trust pursuant to the terms of the related Intercreditor Agreement) or Serviced Companion Loan, the excess of (i) Net Liquidation Proceeds of such Mortgage Loan, Serviced Companion Loan or related Serviced REO Property, over (ii) the amount that would have been received if a principal payment and all other amounts due in full had been made with respect to such Mortgage Loan or Serviced Companion Loan on the Due Date immediately following the date on which such proceeds were received.

 

“Gain-on-Sale Reserve Account”:  The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator for the benefit of the Pooled Certificateholders and the VRR Interest Owner pursuant to Section 3.05(i) of this Agreement for the Certificateholders and, in the case of a Serviced Companion Loan, the Serviced Companion Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 and, if applicable, Serviced Companion Loan Noteholders, Gain-on-Sale Reserve Account.”  The Gain-on-Sale Reserve Account must be an Eligible Account or a sub-account of an Eligible Account and will be an asset of the Lower-Tier REMIC.

 

“General Special Servicer”:  As defined in Section 3.22(h) of this Agreement.

 

“Global Certificates”:  Each of the Regulation S Global Certificates or Rule 144A Global Certificates if and so long as such class of Certificates is registered in the name of a nominee of the Depository.

 

“GS Bank”:   Goldman Sachs Bank USA, in its capacity as a Retaining Party, and its successors in interest.

 

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

 

“Grantor Trust Certificates”:  The Class RR Certificates, the T333-VRR Interest and the Class S Certificates, collectively.

 

 




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

 

“GSMC”:  Goldman Sachs Mortgage Company, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“GSMC Indemnification Agreement”:  The agreement dated as of the Pricing Date, between GSMC, the Depositor and the Initial Purchasers.

 

“GSMC Mortgage Loans”:  Each Mortgage Loan transferred and assigned to the Depositor pursuant to the GSMC Purchase Agreement.

 

“GSMC Purchase Agreement”:  The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between GSMC and the Depositor.

 

“Hazardous Materials”:  Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation, those so identified pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., or any other environmental laws now existing, and specifically including, without limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls (“PCBs”), radon gas, petroleum and petroleum products, urea formaldehyde and any substances classified as being “in inventory,” “usable work in process” or similar classification which would, if classified as unusable, be included in the foregoing definition.

 

“Holder”:  With respect to any Certificate, a Certificateholder; with respect to any Lower-Tier Regular Interest or Trust Subordinate Companion Loan REMIC Regular Interest, the Trustee.

 

“Indemnification Agreements”:  Each of the GACC Indemnification Agreement, the JPMCB Indemnification Agreement and the GSMC Indemnification Agreement.

 

“Indemnified Party”:  As defined in Section 8.05(d), Section 8.05(g) or Section 8.05(h) or Section 8.05(i), as applicable, of this Agreement, as the context requires.

 

“Indemnifying Party”:  As defined in Section 8.05(d), Section 8.05(g), Section 8.05(h) or Section 8.05(i), as applicable, of this Agreement, as the context requires.

 

“Independent”:  When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any material indirect financial interest, in any of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, any Directing Holder, any Risk Retention Consultation Party, any Borrower or Manager or any Affiliate thereof, and (ii) is not connected with any such Person thereof as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

 

“Independent Contractor”:  Either (i) any Person that would be an “independent contractor” with respect to the applicable Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except that the ownership

 

 




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tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates), provided that such Trust REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer nor the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer or the Special Servicer, as applicable, the Certificate Administrator and the Trustee has been delivered to the Certificate Administrator to that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer or the Special Servicer, as applicable, on behalf of itself, the Certificate Administrator and the Trustee has received an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action in respect of any Serviced REO Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated to be taken by an Independent Contractor will not cause such Serviced REO Property to cease to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) or cause any income realized in respect of such Serviced REO Property to fail to qualify as Rents from Real Property (provided that such income would otherwise so qualify).

 

“Individual Certificate”:  Any Certificate in definitive, fully registered physical form without interest coupons.

 

“Initial Delivery Date”: As defined in Section 3.23(e) of this Agreement.

 

“Initial Purchasers”:  Individually and collectively, as the context may require, each of Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Drexel Hamilton, LLC and their respective successors in interest.

 

“Initial Rate”:  The stated Mortgage Rate with respect to an ARD Loan as of the Cut-off Date.

 

“Initial Cure Period”:  As defined in Section 2.03(d) of this Agreement.

 

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

 

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

 

“Insurance Proceeds”:  Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage Loan or Serviced Whole Loan (including any amounts paid by the Master Servicer pursuant to Section 3.08 of this Agreement).

 

“Intercreditor Agreement”:  With respect to any Whole Loan, the related intercreditor, co-lender or similar agreement in effect from time to time by and between (a) the holder of the related Mortgage Loan(s) and the holder of the related Subordinate Companion

 

 




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Loan(s) relating to the relative rights of such holders or (b) the holders of the related Mortgage Loan and the related Serviced Pari Passu Companion Loan(s) or Non-Serviced Companion Loan(s) relating to the relative rights of such holders.  The intercreditor or co-lender agreements related to each Whole Loan shall each be an Intercreditor Agreement.

 

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

 

“Interest Accrual Period”:  With respect to each Class of Certificates and the RR Interest, for each Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.

 

“Interest Distribution Amount”:  With respect to any Distribution Date and with respect to each Class of Non-VRR Certificates (other than the Class S Certificates), an amount equal to (A) the sum of (i) the Interest Accrual Amount with respect to such Class for such Distribution Date and (ii) the Interest Shortfall, if any, with respect to such Class for such Distribution Date, less (B) any Excess Prepayment Interest Shortfall allocated to such Class on such Distribution Date pursuant to Section 4.01(o).

 

“Interest Reserve Account”:  The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator for the benefit of the Certificateholders and the RR Interest Owner pursuant to Section 3.05(e) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, Interest Reserve Account” and which must be an Eligible Account or a sub-account of an Eligible Account.  The Interest Reserve Account shall be an asset of the Lower-Tier REMIC.

 

“Interest Shortfall”: On any Distribution Date for any Class of Non-VRR Certificates, the amount of interest required to be distributed to the Holders of such Class pursuant to Section 4.01(b) of this Agreement on such Distribution Date minus the amount of interest actually distributed to such Holders pursuant to such Section, if any.

 

“Interested Person”:  As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Excluded Special Servicer, if any, the Certificate Administrator, the Trustee, the Directing Holder, any Risk Retention Consultation Party, any Companion Loan Noteholder, any Certificateholder, any Borrower, any Mortgage Loan Seller, any holder of a related mezzanine loan, any Manager, any Independent Contractor engaged by the Special Servicer pursuant to Section 3.15 of this Agreement, or any Person known to a Servicing Officer of the Special Servicer to be an Affiliate of any of them, and, with respect to a Whole Loan if it is a Defaulted Loan, the depositor, the master servicer, the special servicer (or any independent contractor engaged by such special servicer), or the trustee for the securitization

 

 




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of a Companion Loan, and each related Companion Loan Noteholder or its representative, any holder of a related mezzanine loan.

 

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

 

“Investment Account”:  As defined in Section 3.07(a) of this Agreement.

 

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

 

“Investment Representation Letter”:  As defined in Section 5.02(c)(i)(A) of this Agreement.

 

“Investor Certification”:  A certificate (which may be in electronic form) substantially in the form of Exhibit L-1A, Exhibit L-1B, Exhibit L-1C or Exhibit L-1D to this Agreement or in the form of an electronic certification on the Certificate Administrator’s Website (which may be a “click-through confirmation”), representing (i) that such Person executing the certificate is a Certificateholder, the RR Interest Owner, the Directing Holder or a Risk Retention Consultation Party (in each case, to the extent such Person is not a Certificateholder), a beneficial owner of a Certificate, a Companion Loan Noteholder a prospective purchaser of a Certificate (or any investment advisor or manager or other representative of the foregoing), (ii) that either (a) such Person is a Risk Retention Consultation Party or is a Person who is not a Borrower Party, in which case such Person shall have access to all the reports and information made available to Certificateholders via the Certificate Administrator’s Website hereunder, or (b) such Person is a Borrower Party in which case (1) if such Person is the Directing Holder, a Controlling Class Certificateholder, a Risk Retention Consultation Party, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or an 825 South Hill Controlling Class Certificateholder, such Person shall have access to all the reports and information made available to Certificateholders via the Certificate Administrator’s Website hereunder other than any Excluded Information as set forth herein, or (2) if such Person is not the Directing Holder, a Controlling Class Certificateholder, a Risk Retention Consultation Party, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or an 825 South Hill Controlling Class Certificateholder, such Person shall only receive access to the Distribution Date Statements prepared by the Certificate Administrator, (iii) that such Person has received a copy of the final Offering Circular and (iv) such Person agrees to keep any Privileged Information confidential and will not violate any securities laws; provided, however, that any Excluded Controlling Class Holder (i) shall be permitted to obtain, upon reasonable request in accordance with Section 4.02(b) of this Agreement any Excluded Information relating to any Excluded Controlling Class Loan with respect to which such Excluded Controlling Class Holder

 

 




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is not a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling Class Holder via the Certificate Administrator’s Website on account of it constituting Excluded Information) from the Master Servicer (with respect to non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans), in each case, to the extent in the possession of the Master Servicer or Special Servicer, as applicable and (ii) shall be considered a Privileged Person for all other purposes, except with respect to its ability to obtain information with respect to any related Excluded Controlling Class Loan.

 

“Investor Q&A Forum”:  As defined in Section 4.02(c) of this Agreement.

 

“Investor Registry”:  As defined in Section 4.02(d) of this Agreement.

 

“IRS”:  The Internal Revenue Service.

 

“Joint Mortgage Loan”:  A Mortgage Loan originated by more than one Mortgage Loan Seller.  The Mortgage Loans identified on Exhibit B hereto as “1633 Broadway” and “Moffett Towers Buildings A, B & C”.

 

“JPMCB”: JPMorgan Chase Bank, National Association, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“JPMCB Indemnification Agreement”:  The agreement dated as of the Pricing Date, among JPMCB, the Depositor and the Initial Purchasers.

 

“JPMCB Mortgage Loans”:  Each Mortgage Loan transferred and assigned to the Depositor pursuant to the JPMCB Purchase Agreement.

 

“JPMCB Purchase Agreement”:  The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between JPMCB and the Depositor.

 

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

 

“Late Collections”:  With respect to any Mortgage Loan or Serviced Whole Loan, all amounts received thereon during any Collection Period (or the related grace period), whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise, which represent late payments or collections of principal or interest due in respect of such Mortgage Loan or Serviced Whole Loan (without regard to any acceleration of amounts due thereunder by reason of default) on a Due Date in a previous Collection Period and not previously recovered.  With respect to any REO Loan, all amounts received in connection with the related REO Property during any Collection Period (including any grace period applicable under the original Mortgage Loan or Serviced Whole Loan), whether as Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, REO Proceeds or otherwise, which represent late collections of principal or interest due or deemed due in respect of such REO Loan or the

 

 




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predecessor Mortgage Loan or Serviced Whole Loan (without regard to any acceleration of amounts due under the predecessor Mortgage Loan or Serviced Whole Loan by reason of default) on a Due Date in a previous Collection Period and not previously recovered.  The term “Late Collections” shall specifically exclude Penalty Charges. With respect to any Whole Loan, as used in this Agreement, Late Collections shall refer to such portion of Late Collections to the extent allocable to the related Mortgage Loan or related Companion Loan, as applicable, pursuant to the terms of the related Intercreditor Agreement.  With respect to any of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as used in this Agreement, Late Collections shall refer to such portion of Late Collections to the extent allocable to the related Mortgage Loan or Trust Subordinate Companion Loan, as applicable, pursuant to the terms of the related Intercreditor Agreement.

 

“Liquidation Expenses”:  All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in connection with the liquidation of any Mortgage Loan or Serviced Whole Loan or the liquidation of a Serviced REO Property or the sale of any Mortgage Loan or Serviced Whole Loan pursuant to Section 3.16 or Section 9.01 of this Agreement (including, without limitation, legal fees and expenses, committee or referee fees, and, if applicable, brokerage commissions, and conveyance taxes).

 

“Liquidation Fee”:  A fee payable to the Special Servicer (i) with respect to each Specially Serviced Loan (and any related Serviced Companion Loan) or Serviced REO Loan, (ii) with respect to each Mortgage Loan (and under limited circumstances, any related Serviced Subordinate Companion Loan) repurchased by a Mortgage Loan Seller (except as specified in the following paragraph) or that is subject to a Loss of Value Payment, or (iii) with respect to each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance with Section 3.16(b) of this Agreement; provided, however, for clarification, should such Non-Serviced Mortgage Loan be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer, in each case as to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser or which is repurchased by the related Mortgage Loan Seller outside of the applicable Cure/Contest Period, as applicable, or any Liquidation Proceeds with respect thereto (in any case, other than amounts for which a Workout Fee has been paid, or will be payable), equal to:

 

(a)            the lesser of:

 

(i)       the product of 1.0%  (or 0.50%, in the case of the Tower 333 Whole Loan)  and the proceeds of such full, partial or discounted payoff or the Net Liquidation Proceeds related to such liquidated or repurchased Mortgage Loan or Specially Serviced Loan, as the case may be, in each case exclusive of any portion of such payoff or Net Liquidation Proceeds that represents Penalty Charges;

 

(ii)      $1,000,000; and

 

(iii)     any applicable cap pursuant to Section 3.12(c) of this Agreement.

 

(b)            with respect to any particular liquidation (or partial liquidation), as reduced by the amount of any and all related Offsetting Modification Fees received by

 

 




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the Special Servicer as additional servicing compensation relating to such Specially Serviced Loan, Serviced REO Loan or Mortgage Loan.

 

No Liquidation Fee shall be payable:

 

(a) with respect to clause (v) of the definition of Liquidation Proceeds;

 

(b) with respect to (i) any Serviced Whole Loan with a related Subordinate Companion Loan, in connection with the purchase of such Serviced Whole Loan by the holders of a Subordinate Companion Loan or (ii) any existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future date, in connection with the purchase of the related Mortgage Loan by a mezzanine lender, in each case described in clause (b)(i) or (ii) above, if the purchase of the Mortgage Loan occurred within 90 days after the first time that such holder’s option to purchase such Mortgage Loan becomes exercisable; provided that even if the purchase occurs before such expiration the Liquidation Fee shall be payable to the extent paid by, and collected from, the related Borrower or the related mezzanine lender;

 

(c) the purchase of the related Mortgage Loan by the related Companion Loan Noteholder pursuant to the related Intercreditor Agreement within 90 days after the first time that such Companion Loan Noteholder’s option to purchase such Mortgage Loan becomes exercisable;

 

(d) in the case of a repurchase or replacement of a Mortgage Loan (other than an REO Loan) by the applicable Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement, if the applicable Mortgage Loan Seller repurchases or replaces such Mortgage Loan within the Initial Cure Period (and giving effect to any applicable Resolution Extension Period);

 

(e) with respect to any Serviced Companion Loan that is the subject of an Other Securitization, to the Special Servicer under this Agreement in connection with (A) a repurchase or replacement of such Serviced Companion Loan by the applicable Mortgage Loan Seller due to a breach of a representation or warranty or a document defect under the related mortgage loan purchase agreement related to the Other Pooling and Servicing Agreement prior to the expiration of the cure period (including any applicable extension thereof) set forth therein or (B) a purchase of the Serviced Companion Loan pursuant to a clean-up call or similar liquidation under the related Other Pooling and Servicing Agreement;

 

(f) in connection with the purchase of any Defaulted Loan by the Special Servicer, the Directing Holder, any Companion Loan Noteholder or any of their respective Affiliates (except in the case of the Directing Holder (or its affiliate), if such purchase occurs more than 90 days after the transfer of the Defaulted Loan to special servicing);

 

(g) in connection with a Loss of Value Payment by a Mortgage Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of Value Payment within the Initial Cure Period (and giving effect to any applicable extension period beyond the end of the Initial Cure Period set forth in Section 2.03(d) of this Agreement); provided that, with respect to a Serviced Companion Loan and any related Loss of Value Payment made after such Initial Cure Period and any such extension period, a Liquidation Fee shall only be payable to the Special Servicer to the

 

 




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extent that (i) the Special Servicer is enforcing the related Mortgage Loan Seller’s obligations under the applicable Mortgage Loan Purchase Agreement with respect to such Serviced Companion Loan and (ii) the related Liquidation Fee is not otherwise required to be paid to the Other Special Servicer relating to such Serviced Companion Loan or otherwise prohibited from being paid to the Special Servicer (in each case, under the related Other Pooling and Servicing Agreement); and

 

(h) if a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan only because of an event described in clause (a) of the definition of “Specially Serviced Loan” as a result of a payment default at maturity and the related Liquidation Proceeds are received within 3 months following the related maturity date as a result of the related Mortgage Loan or Serviced Whole Loan being refinanced or otherwise repaid in full (provided that the Special Servicer may collect from the related borrower and retain (x) a liquidation fee, (y) such other fees as are provided for in the related Loan Documents and (z) other appropriate fees in connection with such liquidation).

 

“Liquidation Proceeds”:  Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid to the Master Servicer or the Special Servicer in connection with:  (i) the liquidation of a Mortgaged Property or other collateral constituting security for a Defaulted Loan, through trustee’s sale, foreclosure sale, disposition of REO Property or otherwise, exclusive of any portion thereof required to be released to the related Borrower in accordance with applicable law and the terms and conditions of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained against a Borrower; (iii) the sale of a Defaulted Loan; (iv) the repurchase of a Mortgage Loan (or related REO Loan) or Trust Subordinate Companion Loan by the applicable Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement; (v) with respect to any existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future date, the purchase of the related Mortgage Loan by a mezzanine lender; (vi) in the case of a Mortgage Loan that is part of a Whole Loan, the purchase of such Mortgage Loan by a related Companion Loan Noteholder, or the applicable designee, as applicable, pursuant to the related Intercreditor Agreement; or (vii) the transfer of any Loss of Value Payments from the Loss of Value Reserve Fund to the Collection Account in accordance with Section 3.06(e) of this Agreement (provided that, for the purpose of determining the amount of the Liquidation Fee (if any) payable to the Special Servicer in connection with such Loss of Value Payment, the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage Loan Seller).  With respect to the Mortgaged Property or Mortgaged Properties securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion of such amounts payable to the holder of the related Non-Serviced Mortgage Loan will be included in Liquidation Proceeds.

 

“Loan Agreement”:  With respect to any Mortgage Loan or Serviced Whole Loan, the loan agreement, if any, between the related Originator and the Borrower, pursuant to which such Mortgage Loan was made.

 

“Loan Documents”:  With respect to any Mortgage Loan or Serviced Whole Loan, the documents executed or delivered in connection with the origination or any subsequent

 

 




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modification of such Mortgage Loan or Serviced Whole Loan or subsequently added to the related Mortgage File.

 

“Loan Number”:  With respect to any Mortgage Loan, the loan number by which such Mortgage Loan was identified on the books and records of the Depositor or any sub-servicer for the Depositor, as set forth in the Mortgage Loan Schedule.

 

“Loan-Specific Certificateholder”:  A BX Industrial Portfolio Loan-Specific Certificateholder, a Tower 333 Loan-Specific Certificateholder and a 825 South Hill Loan Specific Certificateholder.

 

“Loan-Specific Certificates”:  The BX Industrial Portfolio Loan-Specific Certificates, the Tower 333 Loan-Specific Certificates and the 825 South Hill Loan Specific Certificates.

 

“Loan-Specific Directing Holder”:  (a) With respect to the BX Industrial Portfolio Whole Loan, the BX Industrial Portfolio Loan-Specific Directing Holder; (b) with respect to the Tower 333 Whole Loan, the Tower 333 Loan-Specific Directing Holder; (c) with respect to the 825 South Hill Whole Loan, the 825 South Hill Loan-Specific Directing Holder; (d) with respect to each Serviced AB Whole Loan, the holder of the related Subordinate Companion Loan; and (e) with respect to each Servicing Shift Whole Loan, the related “controlling holder”, “directing holder”, “directing lender” or any analogous concept set forth under the related Intercreditor Agreement.  Prior to the related Servicing Shift Securitization Date, the “directing holder” with respect to each such Servicing Shift Whole Loan will be the holder of the related Controlling Companion Loan.  On and after the related Servicing Shift Securitization Date, there will be no Loan-Specific Directing Holder under the Pooling and Servicing Agreement with respect to such Servicing Shift Whole Loan.

 

“Loan-Specific Distribution Date Statement”:  As defined in Section 4.02(a) of this Agreement.

 

“Loan-Specific Initial Purchasers”:  Individually and collectively, as the context may require, each of Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC and their respective successors in interest.

 

“Loan-Specific Offering Circular”: Each of (a) the Depositor’s Offering Circular, dated May 22, 2020, relating to the offering of the BX Industrial Portfolio Loan-Specific Certificates, (b) the Depositor’s Offering Circular, dated May 22, 2020, relating to the offering of the Tower 333 Loan-Specific Certificates and (c) the Depositor’s Offering Circular, dated May 22, 2020, relating to the offering of the 825 South Hill Loan-Specific Certificates.

 

“Loan-Specific Voting Rights”:  The portion of the voting rights of all of the Loan-Specific Certificates that is allocated to any Loan-Specific Certificateholder or Class of Loan-Specific Certificates (other than the holders of the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest).  At all times during the term of this Agreement, the percentage of Loan-Specific Voting Rights assigned to each Class of Loan-Specific Certificates shall be 100% allocated among the Loan-Specific Certificateholders of the respective Classes of Loan-Specific Certificates related to each Trust Subordinate Companion Loan in proportion to

 

 




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the aggregate Certificate Balances (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(b) with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 S Hill Whole Loan, as applicable, taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the related Loan-Specific Certificates pursuant to Section 4.08(a) hereof) of the Loan-Specific Certificates related to either the BX Industrial Portfolio Trust Subordinate Companion Loan, the Tower 333 Trust Subordinate Companion Loan or the 825 South Hill Trust Subordinate Companion Loan (other than the holders of the BX-VRR Interest, the T333-VRR Interest or the 825S-VRR Interest, as applicable).

 

“Lock-Box Account”:  With respect to any Mortgaged Property, if applicable, any account created pursuant to the related Loan Documents to receive revenues therefrom.  Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.  The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Accounts in accordance with the terms of the related Mortgage Loan or Serviced Whole Loan.

 

“Lock-Box Agreement”:  With respect to any Mortgage Loan or Serviced Whole Loan, the lock-box agreement, if any, between the related Originator and the Borrower, pursuant to which the related Lock-Box Account, if any, may have been established.

 

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

 

“Loss of Value Reserve Fund”:  The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) designated as such pursuant to Section 3.05(d) of this Agreement.  The Loss of Value Reserve Fund will be part of the Trust Fund but not part of the Grantor Trust or any Trust REMIC.

 

“Lower-Tier Distribution Account”:  The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, Lower-Tier Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account.  The Lower-Tier Distribution Account shall be an asset of the Lower-Tier REMIC.

 

“Lower-Tier Distribution Amount”:  As defined in Section 4.01(a) of this Agreement.

 

“Lower-Tier Principal Balance”:  With respect to any Class of Lower-Tier Regular Interests, initially will equal the original principal balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions of the Lower-Tier Distribution Amount allocable to principal and Realized Losses or VRR Realized Losses, as applicable, allocable thereto in all prior periods as described in

 

 




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Section 4.01(l) of this Agreement, such that at all times the Lower-Tier Principal Balance of a Lower-Tier Regular Interest shall equal the Certificate Balance of the Corresponding Certificates.

 

“Lower-Tier Regular Interests”:  The Class LA-2 Interest, Class LA-3 Interest, Class LA-4 Interest, Class LA-SB Interest, Class LA-S Interest, Class LB Interest, Class LC Interest, Class LD Interest and Class LVRR 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 Certificates and, if applicable, Corresponding Component, (iii) is uncertificated, (iv) has an initial Lower-Tier Principal Balance as set forth in the Preliminary Statement herein, (v) has a Pass-Through Rate equal to the WAC 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 4.01(a) of this Agreement.

 

“Lower-Tier REMIC”:  A segregated asset pool within the Trust Fund consisting of the Mortgage Loans (exclusive of Excess Interest), collections thereon, the Trust’s interest in any REO Property acquired in respect thereof, amounts related thereto held from time to time in the Collection Account and the Lower-Tier Distribution Account, the REO Account (to the extent of the Trust Fund’s interest therein), related amounts in the Interest Reserve Account, amounts held from time to time in the Gain-on-Sale Reserve Account (to the extent of the Trust Fund’s interest therein) in respect thereof and all other property included in the Trust Fund (other than the Loss-of-Value Reserve Fund) that is not in the Upper-Tier REMIC, the Trust Subordinate Companion Loan REMICs or the Grantor Trust.

 

“MAI”:  Member of the Appraisal Institute.

 

“Major Decision”:  Shall mean any of the following:

 

(1)           with respect to each Serviced Mortgage Loan and Serviced Whole Loan (other than any Serviced AB Whole Loan for so long as no related Control Appraisal Period is continuing):

 

(a)            (i) any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of a Serviced Mortgage Loan and any related Serviced Companion Loan, (ii) any extension of the Maturity Date of any Serviced Mortgage Loan and any related Serviced Companion Loan or (iii) any modification, waiver, consent or amendment of a Serviced Mortgage Loan and any related Serviced Companion Loan in connection with a defeasance if such proposed modification, waiver, consent or amendment is with respect to a (A) a waiver of a Mortgage Loan event of default (but excluding non-monetary events of default other than defaults relating to transfers of interest in the Borrower or the existing collateral or material modifications of the existing collateral), (B) a modification of the type of defeasance collateral required under the Loan Documents other than direct, non-callable obligations of the United States would be permitted or (C) a modification that would

 

 




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permit a principal prepayment instead of defeasance if the applicable Loan Documents do not otherwise permit such principal prepayment;

 

(b)         (i) any property management company changes for which the lender is required to consent or approve under the Loan Documents with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan (A) with a Stated Principal Balance with a principal balance greater than $25,000,000 or (B) for which the debt service coverage ratio and debt yield for such Mortgage Loan (or Whole Loan, if applicable) is less than the greater of (x) the debt service coverage ratio and debt yield for such Mortgage Loan as of the origination date of such Mortgage Loan and (y) if the DSCR/DY Trigger has occurred, the debt service coverage ratio and debt yield for such Mortgage Loan as of the most recent quarterly reporting period or (ii) changes to the identity of the franchisor, change in flag or action of substantially similar import for which the lender is required to consent or approve under the Loan Documents;

 

(c)            any determination of an Acceptable Insurance Default;

 

(d)            any modification, consent to a modification or waiver of any material term of any Intercreditor Agreement or similar agreement related to a Mortgage Loan, or any action to enforce rights with respect to the Mortgage Loan;

 

(e)            any sale of a Defaulted Loan (that is not a Non-Serviced Mortgage Loan), an REO Property (in each case, other than in connection with the termination of the Trust Fund) or a Defaulted Loan that is a Non-Serviced Mortgage Loan that the Special Servicer is permitted to sell in accordance with the proviso in Section 3.16(b) of this Agreement, in each case for less than the applicable Purchase Price;

 

(f)             any determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous Materials located at an REO Property;

 

(g)             requests for property releases or substitutions, other than (i) grants of easements or rights of way that do not materially affect the use or value of a Mortgaged Property or the Borrower’s ability to make any payments with respect to a Serviced Mortgage Loan and any related Serviced Companion Loan, (ii) release of non-material parcels of a Mortgaged Property (including, without limitation, any such releases (A) to which the related Loan Documents expressly require the mortgagee thereunder to make such releases upon the satisfaction of certain conditions (and the conditions to the release that are set forth in the related Loan Documents do not include the approval of the lender or the exercise of lender discretion (other than confirming the satisfaction of such conditions to the release set forth in the related Loan Documents that do not include any approval or exercise of lender discretion)) and such release is made as required by the related Loan Documents or (B) that are related to any condemnation action that is pending, or threatened in writing, and would affect a non-material portion of the Mortgaged Property), or (iii) the release of collateral securing any Mortgage Loan in connection with a defeasance of such collateral;

 

 




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(h)            any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Mortgage Loan and any related Serviced Companion Loan or any consent to such a waiver or consent to a transfer of the Mortgaged Property or direct or indirect interests in the Borrower (including any interests in any applicable mezzanine borrower) or consent to the incurrence of additional debt, other than any such transfer or incurrence of debt as may be effected without the consent of the lender under the related loan agreement;

 

(i)            releases of any material amount from (i) any escrow accounts, reserve accounts or letters of credit, in each case, held as performance escrows (or reserves) or earn-out escrows (or reserves), other than those required pursuant to the specific terms of the related Serviced Mortgage Loan and any related Serviced Companion Loan and for which there is no lender discretion and (ii) any escrow or reserve identified on Schedule IX hereto, to the extent there is lender discretion;

 

(j)            any acceptance of an assumption agreement or any other agreement permitting a transfer of interests in the related Borrower or guarantor releasing such Borrower or guarantor from liability under a Serviced Mortgage Loan and any related Serviced Companion Loan other than pursuant to the specific terms of such Serviced Mortgage Loan and any related Serviced Companion Loan and for which there is no lender discretion;

 

(k)           any exercise of a material remedy with respect to a Serviced Mortgage Loan and any related Serviced Companion Loan following a default or event of default of such Mortgage Loan or Serviced Whole Loan;

 

(l)            any proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the ownership of properties securing such of the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan as come into and continue in default;

 

(m)            any consent to incurrence of additional debt by a Borrower or mezzanine debt by a direct or indirect parent of a Borrower, to the extent that the lender’s approval is required under the related Loan Documents; and

 

(n)            consents involving leasing activities (to the extent lender approval is required under the related Loan Documents) if (1) such lease involves a ground lease or lease of an outparcel, (2) such lease affects an area equal to or greater than the lesser of (i) 30,000 square feet and (ii) 30% of the net rentable area of the related Mortgaged Property, or (3) such transaction is not a routine leasing matter for a customary lease of space for parking, office, retail, warehouse, industrial and/or manufacturing purposes;

 

(2)           with respect to any Serviced AB Whole Loan for so long as no related Control Appraisal Period is continuing, the applicable Serviced AB Whole Loan Major Decision.

 

For the avoidance of doubt, the Master Servicer and the Special Servicer (each in such capacity) shall not make or be obligated to make any Major Decisions with respect to any Non-Serviced Mortgage Loans and the Directing Holder shall have no consent and/or

 

 




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consultation rights regarding Major Decisions with respect to any Non-Serviced Mortgage Loans, any Servicing Shift Mortgage Loan and any Excluded Loans under this Agreement.

 

With respect to any Serviced Whole Loan, for so long as the holder of the related Serviced Companion Loan is the “Controlling Holder”, the “Directing Holder”, “Directing Lender” or any analogous concept under the related Intercreditor Agreement, then with respect to such Serviced Whole Loan, the term “Major Decision” shall mean “Major Decision”, “Major Action” or any analogous concept under the related Intercreditor Agreement.

 

Notwithstanding anything set forth in the definition of Major Decision, neither a COVID Modification nor the entering into of any COVID Modification Agreement by the master servicer shall be a Major Decision.  The Master Servicer shall be responsible for processing any COVID Modification and any related COVID Modification Agreement for any COVID Modified Loan.

 

“Major Decision Reporting Package”: As defined in Section 6.07(a) of this Agreement.

 

“Majority-Owned Affiliate”: “majority-owned affiliate” as defined in the Risk Retention Rules.

 

“Management Agreement”:  With respect to any Mortgage Loan or Serviced Whole Loan, the Management Agreement, if any, by and between the Manager and the related Borrower, or any successor Management Agreement between such parties.

 

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

 

“Master Servicer”:  Midland Loan Services, a Division of PNC Bank, National Association, a national banking association, or its successor in interest, or any successor master servicer appointed as provided herein.

 

“Master Servicer Major Decision”:  Any Major Decision under clauses (1)(a)(iii)(A), (1)(a)(iii)(B), (1)(b)(i), (1)(c) and (1)(d).

 

“Master Servicer Remittance Date”:  With respect to any Distribution Date, the Business Day preceding such Distribution Date.

 

“Master Servicer Servicing Personnel”:  The divisions and individuals of the Master Servicer who are involved in the performance of the duties of the Master Servicer under this Agreement.

 

“Master Servicer Termination Event”:  As defined in Section 7.01(a) of this Agreement.

 

“Master Servicer Website”:  The internet website maintained by the Master Servicer; initially located at “www.pnc.com/midland”.

 

 




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“Master Servicing Fee”:  With respect to each Mortgage Loan and Trust Subordinate Companion Loan and for any Distribution Date, an amount per interest accrual period related to such Mortgage Loan equal to the product of (i) the respective Master Servicing Fee Rate (adjusted to a monthly rate) and (ii) the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period (without giving effect to payments of principal on such Mortgage Loan on such Due Date).  For the avoidance of doubt, with respect to any Subordinate Companion Loan (other than the Trust Subordinate Companion Loans), no Master Servicing Fee shall accrue or be payable on the principal balance thereof.

 

“Master Servicing Fee Rate”:  With respect to each Mortgage Loan and Trust Subordinate Companion Loan, the rate per annum set forth on Exhibit B to this Agreement.

 

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

 

“Material Defect”:  As defined in Section 2.03(d) of this Agreement.

 

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

 

“Modification Fees”:  With respect to any Serviced Mortgage Loan or Serviced Companion Loan, any and all fees with respect to a modification, restructure, extension, waiver or amendment that modifies, restructures, extends, amends or waives any term of the related Loan Documents (as evidenced by a signed writing) agreed to by the Master Servicer or the Special Servicer (other than all Assumption Fees, consent fees, assumption application fees, defeasance fees and fees similar to the foregoing).  For the avoidance of doubt, Special Servicing Fees, Workout Fees and Liquidation Fees due to the Special Servicer in connection with a modification, restructure, extension, waiver or amendment shall not be considered Modification Fees.  For each modification, restructure, extension, waiver or amendment in connection with the working out of a Specially Serviced Loan, the Modification Fees collected from the related Borrower shall be subject to a cap of 1.0% of the outstanding principal balance of such Mortgage Loan or Serviced Companion Loan on the closing date of the related modification, restructure, extension, waiver or amendment (prior to giving effect to such modification, restructure, extension, waiver or amendment); provided that no aggregate cap shall exist in connection with the amount of Modification Fees which may be collected from the related Borrower with respect to any Specially Serviced Loan or REO Loan.

 

“Modified Mortgage Loan”:  Any Specially Serviced Loan which has been modified by the Special Servicer pursuant to Section 3.26 of this Agreement in a manner that:

 

(a)            reduces or delays the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current Periodic Payments with respect to such Mortgage Loan or Serviced Companion Loan), including any reduction in the Periodic Payment;

 

 




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

 

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

 

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

 

“Mortgage”:  The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property securing a Mortgage Note.

 

“Mortgage File”:  With respect to any Mortgage Loan and Serviced Companion Loan (and the Trust Subordinate Companion Loans, in the case of JPMCB), collectively, the mortgage documents listed in Section 2.01(a)(i) through Section 2.01(a)(xix) of this Agreement pertaining to such particular Mortgage Loan or Serviced Companion Loan and any additional documents required to be added to such Mortgage File pursuant to the express provisions of this Agreement; provided that for the avoidance of doubt, references to the Mortgage File for the Trust Subordinate Companion Loans shall refer to the Mortgage File for the BX Industrial Portfolio Trust Subordinate Companion Loan will refer to the Mortgage File for the BX Industrial Portfolio Mortgage Loan, including the Mortgage Note(s) evidencing the BX Industrial Portfolio Trust Subordinate Companion Loan, references to the Mortgage File for Tower 333 Trust Subordinate Companion Loan will refer to the Mortgage File for Tower 333 Mortgage Loan, including the Mortgage Note(s) evidencing the Tower 333 Trust Subordinate Companion Loan, and references to the Mortgage File for 825 South Hill Trust Subordinate Companion Loan will refer to the Mortgage File for 825 South Hill Mortgage Loan, including the Mortgage Note(s) evidencing the 825 South Hill Trust Subordinate Companion Loan; provided further that whenever the term “Mortgage File” is used to refer to documents actually received by the Depositor, Trustee, or Custodian, such term shall not be deemed to include such documents and instruments required to be included therein unless they are actually so received.

 

“Mortgage Loan”:  Each of the mortgage loans (other than the Trust Subordinate Companion Loans) transferred and assigned to the Trustee pursuant to Section 2.01 of this Agreement and from time to time held in the Trust Fund.  The Mortgage Loans originally so transferred, assigned and held are identified on the Mortgage Loan Schedule as of the Closing Date.  Such term shall include any REO Loan, Specially Serviced Loan or any Mortgage Loan that has been defeased in whole or in part.  Such term shall not include the Trust Subordinate Companion Loans, the Serviced Companion Loans or the Non-Serviced Companion Loans but shall include Non-Serviced Mortgage Loans.

 

 




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“Mortgage Loan Purchase Agreements”:  Each of the GACC Purchase Agreement, the JPMCB Purchase Agreement and the GSMC Purchase Agreement.

 

“Mortgage Loan Schedule”:  The list of Mortgage Loans and the Trust Subordinate Companion Loans included in the Trust Fund as of the Closing Date being attached as Exhibit B to this Agreement, which list shall set forth the following information with respect to each Mortgage Loan and Trust Subordinate Companion Loan:

 

(a)            the Loan Number;

 

(b)            the Mortgage Loan Seller;

 

(c)            the Mortgage Loan name or the Trust Subordinate Companion Loan;

 

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

 

(e)            the Mortgage Rate in effect as of the Cut-off Date;

 

(f)            the original principal balance;

 

(g)            the Stated Principal Balance as of the Cut-off Date;

 

(h)           the Maturity Date or Anticipated Repayment Date for each Mortgage Loan or the Trust Subordinate Companion Loan;

 

(i)            the Due Date;

 

(j)            the amount of the Periodic Payment due on the first Due Date following the Cut-off Date (or, in the case of a Mortgage Loan that provides an initial interest-only period and provides for scheduled amortization payments after the expiration of such interest-only period, the average of the first 12 monthly payments of principal and interest payable during the amortization period);

 

(k)           the Servicing Fee Rate;

 

(l)            whether the Mortgage Loan or the Trust Subordinate Companion Loan is an Actual/360 Loan;

 

(m)          whether any letter of credit is held by the lender as a beneficiary or is assigned as security for such Mortgage Loan or the Trust Subordinate Companion Loan;

 

(n)           the Revised Rate of such Mortgage Loan, if any;

 

(o)           whether the Mortgage Loan or the Trust Subordinate Companion Loan is part of a Whole Loan;

 

(p)           whether the Mortgage Loan or the Trust Subordinate Companion Loan is secured in any part by a leasehold interest; and

 

 




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(q)            whether the Mortgage Loan or the Trust Subordinate Companion Loan has any related mezzanine debt or other subordinate debt.

 

Such list may be in the form of more than one list, collectively setting forth all of the information required.  A comparable list shall be prepared with respect to each Serviced Companion Loan.

 

“Mortgage Loan Seller Sub-Servicer”:  A Servicing Function Participant or Sub-Servicer required to be retained by the Master Servicer by a Mortgage Loan Seller, as listed on Exhibit X to this Agreement, or any successor thereto.

 

“Mortgage Loan Sellers”:  Each of GACC, JPMCB and GSMC.

 

“Mortgage Note”:  With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the note or other evidence of indebtedness and/or agreements evidencing the indebtedness of a Borrower under such Mortgage Loan or Serviced Companion Loan including any amendments or modifications, or any renewal or substitution notes, as of such date.

 

“Mortgage Pool”:  All of the Mortgage Loans and any successor REO Loans, collectively.  The Mortgage Pool does not include the Companion Loans or any related REO Loans.

 

“Mortgage Rate”:  With respect to each Mortgage Loan or any related Companion Loan, as applicable, and any Interest Accrual Period, the per annum rate at which interest accrues on such Mortgage Loan or Companion Loan, as applicable, during such period (in the absence of a default), as set forth in the related Mortgage Note from time to time, without giving effect to any Default Rate or any Revised Rate.

 

“Mortgaged Property”:  The underlying property securing a Mortgage Loan or Trust Subordinate Companion Loan including any REO Property, consisting of a fee simple estate, and, with respect to certain Mortgage Loans or Trust Subordinate Companion Loan, a leasehold estate or both a leasehold estate and a fee simple estate, or a leasehold estate in a portion of the property and a fee simple estate in the remainder, in a parcel of land improved by a commercial, multifamily or manufactured housing community property, together with any personal property, fixtures, leases and other property or rights pertaining thereto.

 

“Net Condemnation Proceeds”:  Condemnation Proceeds, to the extent such proceeds are not to be applied to the restoration, preservation or repair of the related Mortgaged Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other documents included in the Mortgage File or in accordance with the Servicing Standard.

 

“Net Default Interest”:  With respect to any Distribution Date, an amount equal to the sum of (i) the amount of the aggregate collected Default Interest allocable to the Mortgage Loans or the Trust Subordinate Companion Loans received during the preceding Collection Period, minus (ii) any portions thereof withdrawn from (A) the Collection Account pursuant to Section 3.06(a)(ix) of this Agreement for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Liquidation Fees and

 

 




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Workout Fees) incurred on the related Mortgage Loan during or prior to such Collection Period and (B) each Serviced Whole Loan Collection Account pursuant to Section 3.06(b)(ix) for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses incurred on the related Serviced Whole Loan during or prior to such Collection Period.

 

“Net Insurance Proceeds”:  Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other documents included in the Mortgage File or in accordance with prudent and customary servicing practices.

 

“Net Liquidation Proceeds”:  The Liquidation Proceeds received with respect to any Mortgage Loan or Serviced Whole Loan net of the amount of (i) Liquidation Expenses incurred with respect thereto and (ii) with respect to proceeds received in connection with the taking of a Mortgaged Property (or portion thereof) by the power of eminent domain in condemnation, amounts required to be applied to the restoration or repair of the related Mortgaged Property.

 

“Net Mortgage Rate”:  With respect to each Mortgage Loan (including a Non-Serviced Mortgage Loan) and each Trust Subordinate Companion Loan on any Distribution Date, a per annum rate equal to the Mortgage Rate for such Mortgage Loan or Trust Subordinate Companion Loans for the related Interest Accrual Period (without regard to any increase in the interest rate of any ARD Loan after the related Anticipated Repayment Date), minus the related Administrative Cost Rate.  The “Net Mortgage Rate” for purposes of calculating Pass-Through Rates and Withheld Amounts shall be the Net Mortgage Rate without taking into account any modification, waiver or amendment of the terms of the related Mortgage Loan or Trust Subordinate Companion Loan, whether agreed to by the Master Servicer or the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related Borrower.

 

Notwithstanding the foregoing, if any such Mortgage Loan or Trust Subordinate Companion Loan does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months, then, solely for purposes of calculating the Pass-Through Rate on the Non-VRR Certificates (other than the Class S Certificates) the BX Industrial Portfolio Non-VRR Certificates, the Tower 333 Non-VRR Certificates and the 825 South Hill Non-VRR Certificates (and for the purposes of calculating the Base Interest Fraction), the Net Mortgage Rate of such Mortgage Loan or Trust Subordinate Companion Loan for any Interest Accrual Period will be the annualized rate at which interest would have to accrue in respect of such Mortgage Loan or Trust Subordinate Companion Loan on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest actually accrued in respect of such Mortgage Loan at the related Net Mortgage Rate during such Interest Accrual Period; provided, however, that with respect to each such Mortgage Loan or Trust Subordinate Companion Loan, the Net Mortgage Rate for the one-month period (i) prior to the Due Dates in (a) January and February in each year that is not a leap year or (b) February only in each year that is a leap year (in either case, unless the related Distribution Date is the final Distribution Date) shall be determined net of any Withheld Amounts from that month and (ii) preceding the Due Date in March (or February if the related Distribution Date is the final Distribution Date), shall be determined inclusive of the Withheld Amounts, if applicable, from the immediately preceding February, and, if applicable, January.

 

 




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“Net Prepayment Interest Excess”:  The excess amount, if any, that the aggregate of all Prepayment Interest Excess for all Mortgage Loans (other than the Non-Serviced Mortgage Loans) or Serviced Companion Loans that the Master Servicer is servicing exceeds the aggregate of all Compensating Interest Payments for such Mortgage Loans (other than the Non-Serviced Mortgage Loans) or Serviced Companion Loans as of any related Distribution Date.

 

“Net Prepayment Interest Shortfall”:  With respect to the Mortgage Loans or Serviced Companion Loans that the Master Servicer is servicing, the aggregate Prepayment Interest Shortfalls in excess of the Compensating Interest Payments on such Mortgage Loan or Serviced Companion Loan.

 

“Net REO Proceeds”:  With respect to each Serviced REO Property, REO Proceeds with respect to such REO Property net of any insurance premiums, taxes, assessments and other costs and expenses permitted to be paid therefrom pursuant to Section 3.15(b) of this Agreement.

 

“New Lease”:  Any lease of a Serviced REO Property entered into on behalf of the Lower-Tier REMIC if such Trust REMIC has the right to renegotiate the terms of such lease, including any lease renewed or extended on behalf of such Trust REMIC.

 

“Non-Directing Holder”:  With respect to any Companion Loan, the “Non-Directing Holder”, “Non-Controlling Note Holder” or any analogous concept under the related Intercreditor Agreement.

 

“Non-Reduced Certificates”:  As of any date of determination, (i) any Class of Pooled Non-Reduced Certificates and (ii) any Class of Loan-Specific Certificates (other than the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest) then outstanding for which (a)(1) the initial Certificate Balance of such Class of Certificates minus (2) the sum (without duplication) of (x) the aggregate payments of principal (whether as principal prepayments or otherwise) distributed to the Holders of such Class of Certificates as of such date of determination, (y) any Appraisal Reduction Amounts allocated to such Class of Certificates as of such date of determination and (z) any BX Industrial Portfolio Non-VRR Realized Losses, Tower 333 Non-VRR Realized Losses or 825 South Hill Non-VRR Realized Losses previously allocated to such Class of Certificates as of such date of determination, is equal to or greater than (b) 25% of the remainder of (i) the initial Certificate Balance of such Class of Certificates less (ii) any payments of principal (whether as principal prepayments or otherwise) previously distributed to the Holders of that Class of Certificates.

 

 “Non-Serviced Companion Loan”:  Each of the Pari Passu Companion Loans and Subordinate Companion Loans, if any, identified as “Non-Serviced” and, after the related Servicing Shift Securitization Date, “Servicing Shift” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement.

 

“Non-Serviced Mortgage Loan”:  Each of the Mortgage Loans identified as “Non-Serviced” and, after each related Servicing Shift Securitization Date, “Servicing Shift” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement.

 

 




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“Non-Serviced Mortgage Loan Primary Servicing Fee Rate”: The “primary servicing fee rate” or “pari passu primary servicing rate” (each as defined or set forth in the applicable Other Pooling and Servicing Agreement) and any other servicing fee rate (other than those payable to the applicable Other Special Servicer) applicable to any Non-Serviced Mortgage Loan. The Non-Serviced Mortgage Loan Primary Servicing Fee Rate for (A) any Servicing Shift Mortgage Loan will be such amount as set forth in the related Other Pooling and Servicing Agreement for such Servicing Shift Whole Loan and (B) each Non-Serviced Mortgage Loan as of the Closing Date, the applicable rate per annum set forth on Exhibit B to this Agreement under the column labeled “Primary Servicing Fee Rate”.

 

“Non-Serviced Mortgage Loan Service Providers”:  With respect to any Non-Serviced Mortgage Loan, the related Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Non-Serviced Whole Loan Custodian”:  With respect to any Non-Serviced Mortgage Loan, the applicable other “custodian” under the Other Pooling and Servicing Agreement that governs the servicing and administration of the related Non-Serviced Whole Loan.

 

“Non-Serviced Whole Loans”:  Each of the Whole Loans identified as “Non-Serviced” and, after each related Servicing Shift Securitization Date, “Servicing Shift” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement.

 

“Non-Trust Junior Subordinate Companion Loans”:  With respect to (a) the BX Industrial Portfolio Whole Loan, the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note C and the BX Industrial Portfolio Non-Trust Junior Subordinate Companion Loan Note D and (b) the Tower 333 Whole Loan, the Tower 333 Non-Trust Junior Subordinate Companion Loan.

 

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

 

“Non-VRR Certificates”:  The Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D and Class S Certificates.

 

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

 

“Non-VRR Prepayment Premiums and Yield Maintenance Charges”:  As defined in Section 4.01(j) of this Agreement.

 

“Nonrecoverable Advance”:  Any Nonrecoverable P&I Advance, Nonrecoverable Servicing Advance or Nonrecoverable Workout-Delayed Reimbursement Amounts.

 

“Nonrecoverable P&I Advance”:  Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan, Trust Subordinate Companion Loan or REO

 

 




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Loan which the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Sections 4.07(c), or the Trustee, in its good faith business judgment, as applicable, determines would not be ultimately recoverable, together with any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other collections on or in respect of the related Mortgage Loan, Trust Subordinate Companion Loan or REO Loan, which shall be evidenced by an Officer’s Certificate as provided by Section 4.07(c) of this Agreement.

 

“Nonrecoverable Servicing Advance”:  Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan or any Serviced REO Property that the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Section 3.21(d) of this Agreement, or the Trustee, in its good faith business judgment, as applicable, determines would not be ultimately recoverable, together with any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other collections on or in respect of the related Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, which shall be evidenced by an officer certificate as provided by Section 3.21(d) of this Agreement.  The determination as to the recoverability of any Servicing Advance previously made or proposed to be made in respect of any Non-Serviced Whole Loan (or related REO Property) shall be made by the applicable servicer under, and in accordance with the terms of, the related Other Pooling and Servicing Agreement.  Any such determination made by any such party shall be conclusive and binding on the Certificateholders and may, in all cases, be conclusively relied upon by the Master Servicer, the Special Servicer and the Trustee, as applicable.

 

“Nonrecoverable Workout-Delayed Reimbursement Amounts”:  Any Workout-Delayed Reimbursement Amounts when the Person making such determination in accordance with the procedures specified for Nonrecoverable Servicing Advances or Nonrecoverable P&I Advances, as applicable, and taking into account factors such as all other outstanding Advances, either (a) has determined that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from late payments or any other recovery on or in respect of the related Mortgage Loan, Serviced Whole Loan or REO Loans or (b) has determined that such Workout-Delayed Reimbursement Amounts would not ultimately be recoverable, along with any other Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances, out of the principal portion of future collections on all of the Mortgage Loans and REO Properties and from general principal collections in the Collection Account.

 

“Notional Amount”:  As of any date of determination:  (i) with respect to each of the Class X-A Certificates as a Class, the Class X Notional Amount as of such date of determination and (ii) with respect to the Class X Certificate, the product of the Percentage Interest evidenced by such Certificate and the related Class X Notional Amount as of such date of determination.

 

“NRSRO”:  Any nationally recognized statistical rating organization.

 

“NRSRO Certification”:  A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as Exhibit Z or (b) provided electronically and executed by such NRSRO by means of a “click-through” confirmation on the

 

 




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17g-5 Information Provider’s Website, in either case in favor of the 17g-5 Information Provider that states that such NRSRO is a Rating Agency under this Agreement, or that such NRSRO has been engaged to rate any securities backed, in whole or in part, by a Serviced Companion Loan, or that such NRSRO has provided the Depositor with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 of the Exchange Act, such NRSRO has access to the Depositor’s 17g-5 website and such NRSRO will keep such information confidential, except to the extent such information has been made available to the general public.

 

“Offered Certificates”:  Each of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S and Class R Certificates.

 

“Offering Circular”:  The Depositor’s Offering Circular, dated May 22, 2020, relating to the offering of the Offered Certificates.

 

“Officer’s Certificate”:  A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a Vice President (however denominated) and by the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries, any Trust Officer or other officer of the Master Servicer, Special Servicer or Additional Servicer customarily performing functions similar to those performed by any of the above designated officers, any Servicing Officer 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, or an authorized officer of the Depositor, and delivered to the Depositor, the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as the case may be.

 

“Offsetting Modification Fees”:  With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or Serviced REO Loan and with respect to any Workout Fee or Liquidation Fee payable by the Trust, any and all Modification Fees collected by the Special Servicer as additional servicing compensation, but only to the extent that (1) such Modification Fees were earned and collected by the Special Servicer (A) in connection with the workout or liquidation (including partial liquidation) of a Specially Serviced Loan or Serviced REO Loan as to which the subject Workout Fee or Liquidation Fee became payable or (B) in connection with any workout of a Specially Serviced Loan that closed within the prior 18 months (determined as of the closing day of the workout or liquidation as to which the subject Workout Fee or Liquidation Fee became payable) and (2) such Modification Fees were earned in connection with a modification, restructure, extension, waiver or amendment of such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan at a time when such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan was a Specially Serviced Loan.

 

“Opinion of Counsel”:  A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Special Servicer or the Master Servicer, as the case may be, acceptable to the Certificate Administrator and the Trustee, except that any opinion of counsel relating to (a) qualification of any Trust REMIC as a REMIC or the imposition of tax under the REMIC Provisions on any income or property of any Trust REMIC, (b) compliance with the REMIC Provisions (including application of the definition of “Independent Contractor”), (c) qualification of the Grantor Trust as a grantor trust or (d) a resignation of the Master Servicer or the Special Servicer pursuant to Section 6.04(b) of this Agreement, must be

 

 




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an opinion of counsel who is Independent of the Depositor, the Master Servicer and the Special Servicer.

 

“Originator”:  Any of (i) the Mortgage Loan Sellers and (ii) with respect to any Mortgage Loan acquired by a Mortgage Loan Seller, the originator of such Mortgage Loan.

 

“Other 17g-5 Information Provider”:  The applicable other “17g-5 information provider” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan.  The Depositor shall inform the other parties hereto of the name and contact information for any Other 17g-5 Information Provider existing as of the Closing Date.  The name and contact information of any such Other 17g-5 Information Provider as of the Closing Date is set forth on Schedule VIII hereto. Each party hereto shall be entitled to conclusively rely upon the information set forth on Schedule VIII until such party receives notice of any change thereto.

 

“Other Asset Representations Reviewer”:  The applicable other “asset representations reviewer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Custodian”:  The applicable other “custodian” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Depositor”:  The applicable other “depositor” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Indemnified Parties”:  As defined in Section 1.04 of this Agreement.

 

“Other Operating Advisor”:  The applicable other “operating advisor” or “trust advisor” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Pooling and Servicing Agreement”:  A pooling and servicing agreement or other applicable servicing agreement relating to a Serviced Companion Loan or a Non-Serviced Whole Loan, as applicable. 

 

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

 

“Other Servicer”:  The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Special Servicer”:  The applicable other “special servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

 




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“Other Trustee”:  The applicable other “trustee” or, if applicable, the other “certificate administrator” or, if applicable, the other “custodian” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Ownership Interest”:  Any record or beneficial interest in a Class R Certificate.

 

“P&I Advance”:  As to any Mortgage Loan or Trust Subordinate Companion Loan, any advance made by the Master Servicer or the Trustee pursuant to Section 4.07 of this Agreement.  Each reference to the payment or reimbursement of a P&I Advance shall be deemed to include, whether or not specifically referred to and without duplication, payment or reimbursement of interest thereon at the Reimbursement Rate.  Neither the Master Servicer nor the Trustee will be required to make P&I Advances with respect to any delinquent payment amounts due on any Companion Loan (other than the Trust Subordinate Companion Loans).

 

“P&I Advance Determination Date”:  With respect to any Distribution Date, the second Business Day prior to such Distribution Date.

 

“Pari Passu Companion Loan”:  Each of the Companion Loans identified as “Pari Passu” under the column entitled “Companion Loan Type” in the “Whole Loan” chart in the Preliminary Statement.

 

“Pass-Through Rate”:  (a) With respect to each Class of Non-VRR Certificates set forth below, the following rates:

 

	
Class 

	
 

	
Pass-Through Rate 


	
Class A-2

	
 

	
Class A-2 Pass-Through Rate


	
Class A-3

	
 

	
Class A-3 Pass-Through Rate


	
Class A-4

	
 

	
Class A-4 Pass-Through Rate


	
Class A-SB

	
 

	
Class A-SB Pass-Through Rate


	
Class X-A

	
 

	
Class X-A Pass-Through Rate


	
Class A-S

	
 

	
Class A-S Pass-Through Rate


	
Class B

	
 

	
Class B Pass-Through Rate


	
Class C

	
 

	
Class C Pass-Through Rate


	
Class D

	
 

	
Class D Pass-Through Rate




 

(b) With respect to each Class of Loan-Specific Certificates (other than the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest) set forth below, the following rates:

 

	
Class 

	
 

	
Pass-Through Rate 


	
Class BX-A

	
 

	
Class BX-A Pass-Through Rate


	
Class BX-B

	
 

	
Class BX-B Pass-Through Rate


	
Class BX-C

	
 

	
Class BX-C Pass-Through Rate


	
Class T333-A

	
 

	
Class T333-A Pass-Through Rate


	
Class T333-B

	
 

	
Class T333-B Pass-Through Rate


	
Class T333-C

	
 

	
Class T333-C Pass-Through Rate


	
Class T333-D

	
 

	
Class T333-D Pass-Through Rate




 

 




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Class

	
 

	
Pass-Through Rate


	
Class 825S-A

	
 

	
Class 825S-A Pass-Through Rate


	
Class 825S-B

	
 

	
Class 825S-B Pass-Through Rate


	
Class 825S-C

	
 

	
Class 825S-C Pass-Through Rate


	
Class 825S-D

	
 

	
Class 825S-D Pass-Through Rate


	
Class 825S-E

	
 

	
Class 825S-E Pass-Through Rate




 

(c) With respect to the BX-VRR Interest, the Net Mortgage Rate with respect to the BX Industrial Portfolio Trust Subordinate Companion Loan.

 

(d) With respect to the T333-VRR Interest, the Net Mortgage Rate with respect to the Tower 333 Trust Subordinate Companion Loan.

 

(e) With respect to the 825S-VRR Interest, the Net Mortgage Rate with respect to the 825 South Hill Trust Subordinate Companion Loan.

 

None of the Class R, Class S or the VRR Interest have Pass-Through Rates.

 

None of the Class R, Class S, the VRR Interest, the BX-VRR Interest, the T333-VRR Interest or the 825S-VRR Interest have Pass-Through Rates; however, (w) the effective interest rate of the VRR Interest will be the WAC Rate for the related Distribution Date, (x) the effective interest rate of the BX-VRR Interest will be the Net Mortgage Rate with respect to the BX Industrial Portfolio Trust Subordinate Companion Loan for the related Distribution Date, (y) the effective interest rate of the T333-VRR Interest will be the Net Mortgage Rate with respect to the Tower 333 Trust Subordinate Companion Loan for the related Distribution Date, and (z) the effective interest rate of the 825S-VRR Interest will be the Net Mortgage Rate with respect to the 825 South Hill Trust Subordinate Companion Loan for the related Distribution Date.

 

“Paying Agent”:  The paying agent appointed pursuant to Section 5.04 of this Agreement.

 

“PCAOB”:  The Public Company Accounting Oversight Board.

 

“Penalty Charges”:  With respect to any Mortgage Loan or Serviced Companion Loan (or successor REO Loan), any amounts collected thereon from the Borrower that represent default charges, penalty charges, late fees and/or Default Interest, and excluding any Yield Maintenance Charge and any Excess Interest.

 

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

 

“Performance Certification”:  As defined in Section 10.08 of this Agreement.

 

 




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“Performing Loan”:  A Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced Loan or REO Loan.

 

“Performing Party”:  As defined in Section 10.14 of this Agreement.

 

“Periodic Payment”:  With respect to any Mortgage Loan or Serviced Companion Loan (other than any REO Loan) and any Due Date, the scheduled monthly payment of principal, if any, and interest at the Mortgage Rate, excluding any Balloon Payment (but not excluding any constant Periodic Payment due on a Balloon Loan), which is payable by the related Borrower on such Due Date under the related Mortgage Note.  The Periodic Payment with respect to an REO Loan is the monthly payment that would otherwise have been payable on the related Due Date had the related Mortgage Note not been discharged, determined as set forth in the preceding sentence and on the assumption that all other amounts, if any, due thereunder are paid when due.

 

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

 

(A)     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 (or, insofar as there is then outstanding any class of Serviced Companion Loan Securities that are then rated by such Rating Agency, such class of securities) as evidenced in writing;

 

(B)     time deposits, unsecured certificates of deposit, or bankers’ acceptances that mature in one (1) year or less after the date of issuance and are issued or held by any depository institution or trust company (including the Trustee) incorporated or organized under the laws of the United States of America or any State thereof and subject to supervision and examination by federal or state banking authorities that, in each case, satisfy the Applicable Moody’s Permitted Investment Rating, the Applicable Fitch Permitted Investment Rating and the Applicable DBRS Morningstar Permitted Investment Rating (or, in the case of any such Rating Agency, if permitted by the related Mortgage Loan, such lower rating as is otherwise acceptable to such Rating Agency, as confirmed in a Rating Agency Confirmation);

 

 




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(C)     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;

 

(D)     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, that, in each case, satisfy the Applicable Moody’s Permitted Investment Rating, the Applicable Fitch Permitted Investment Rating and the Applicable DBRS Morningstar Permitted Investment Rating (or, in the case of any such Rating Agency, if permitted by the related Mortgage Loan, such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that securities issued by any particular corporation will not be Permitted Investments to the extent that investment therein will cause the then outstanding principal amount of securities issued by such corporation and held in the accounts established hereunder to exceed 10% of the sum of the aggregate principal balance and the aggregate principal amount of all Permitted Investments in such accounts;

 

(E)     commercial paper (including both non-interest bearing discount obligations and interest bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof), that, in each case, satisfy the Applicable Moody’s Permitted Investment Rating, the Applicable Fitch Permitted Investment Rating and the Applicable DBRS Morningstar Permitted Investment Rating (or, in the case of any such Rating Agency, if permitted by the related Mortgage Loan, such lower rating as is otherwise acceptable to such Rating Agency, as confirmed in a Rating Agency Confirmation); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments must not be subject to liquidation prior to their maturity;

 

(F)      money market funds which seek to maintain a constant net asset value per share, rated at least “Aaa-mf” by Moody’s and in the highest rating category by each Fitch and DBRS Morningstar (or, if not rated by either such Rating Agency, otherwise acceptable to such Rating Agency, as confirmed in a Rating Agency Confirmation relating to the Certificates), which may include the investments referred to in clause (i) hereof if so qualified that (a) have substantially all of their assets invested continuously in the types of investments referred to in clause (i) above and (b) have net assets of not less than $5,000,000,000;

 

(G)     any other demand, money market or time deposit, obligation, security or investment, but for the failure to satisfy one or more of the minimum

 

 




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rating(s) set forth in the applicable clause, would be listed in clauses (i) – (vi) above with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such demand, money market or time deposit, obligation, security or investment and, with respect to a Serviced Whole Loan, a Companion Loan Rating Agency Confirmation has been obtained from each Companion Loan Rating Agency; and

 

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

 

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

 

“Permitted Special Servicer/Affiliate Fees”:  Any commercially reasonable treasury management fees, banking fees, property condition report fees, customary title agent fees and insurance commissions and fees received or retained by the Special Servicer or any of its Affiliates in connection with any services performed by such party with respect to any Mortgage Loan, Serviced Whole Loan or REO Property, in each case, in accordance with Article III of this Agreement.

 

“Permitted Transferee”:  With respect to a Class R Certificate, any Person or agent thereof that is a Qualified Institutional Buyer, 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 any Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Person that is a Disqualified Non-U.S. Person, (d) a Plan or any Person investing the assets of a Plan, (e) an entity treated as a domestic partnership for U.S. federal income tax purposes, one or more of the direct or indirect beneficial owners (other than through a U.S. corporation) of which is (or is permitted under the applicable partnership agreement to be) a Disqualified Non-U.S. Person or (f) a U.S. Person with respect to whom income on the Class R Certificate is attributable to a fixed base or foreign permanent

 

 




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establishment, within the meaning of an applicable income tax treaty, of such transferee or any other U.S. Person.

 

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

 

“Plan”:  As defined in Section 5.02(k) of this Agreement.

 

“Pooled Aggregate Available Funds”:  With respect to any Distribution Date, an amount equal to the sum of (without duplication) (which, for the avoidance of doubt, will not include any amounts received in respect of the Trust Subordinate Companion Loans):

 

(a)            the aggregate amount of all cash received on the Mortgage Loans (in the case of any Non-Serviced Mortgage Loan, only to the extent received by the Trust pursuant to the related Other Pooling and Servicing Agreement and/or the related Intercreditor Agreement) (including the portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.06(e) of this Agreement) and any REO Property (including Compensating Interest Payments with respect to the Mortgage Loans required to be deposited by the Master Servicer pursuant to Section 3.17(b)) on deposit in the Collection Account (in each case, exclusive of any amount on deposit in the Collection Account that is held for the benefit of the Companion Loan Noteholders or the Holders of the Loan-Specific Certificates), as of the Master Servicer Remittance Date, exclusive of (without duplication):

 

(i)       all Periodic Payments and Balloon Payments paid by the Borrowers that are due on a Due Date (without regard to grace periods) after the end of the related Collection Period (without regard to grace periods), excluding Excess Interest and interest relating to periods prior to, but due after, the Cut-off Date;

 

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

 

(iii)     all amounts in the Collection Account that are due or reimbursable to any Person other than the Pooled Certificateholders or the Class R Certificateholders or the VRR Interest Owners pursuant to clauses (ii) through (xv), inclusive, of Section 3.06(a) of this Agreement;

 

(iv)     all Excess Interest allocable to the Mortgage Loans (which is separately distributed to the Holders of the Class S Certificates and the VRR Interest Owners);

 

 




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(v)      with respect to each Actual/360 Loan (other than the Trust Subordinate Companion Loans) and any Distribution Date occurring in (1) each February and (2) any January occurring in a year that is not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), the related Withheld Amount to the extent such amounts are on deposit in the Collection Account pursuant to Section 3.05(e) of this Agreement;

 

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

 

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

 

(viii)   all Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement; and

 

(b)       if and to the extent not already included in clause (a) hereof, the aggregate amount transferred on or before the applicable Determination Date from the REO Account allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant to Section 3.15(b);

 

(c)       P&I Advances made by the Master Servicer or the Trustee, as applicable, for such Distribution Date (net of the related Certificate Administrator/Trustee Fee with respect to the Mortgage Loans for which such P&I Advances are made);

 

(d)       with respect to each Actual/360 Loan and for the Distribution Date occurring in each March (or February if the final Distribution Date occurs in such month), the Withheld Amounts remitted to the Lower-Tier Distribution Account pursuant to Section 3.05(e) of this Agreement; and

 

(e)       the aggregate amount of Gain-on-Sale Proceeds in respect of the Mortgage Loans transferred to the Lower Tier Distribution Account from the Gain-on-Sale Reserve Account for distribution on the subject Distribution Date pursuant to the first paragraph of Section 4.01(k).

 

Notwithstanding the investment of funds held in the Collection Account or the Lower-Tier Distribution Account pursuant to Section 3.07 of this Agreement, for purposes of calculating the Pooled Aggregate Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

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

 

“Pooled Certificateholder”:  A Certificateholder of a Pooled Certificate.

 

“Pooled Certificates”:  Each of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D and Class S Certificates.  The Pooled Certificates (other than the Class A-3 Certificates, which will be sold directly by the Depositor to

 

 




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JPMCB pursuant to a separate purchase agreement) will be sold by the Depositor to the Initial Purchasers.

 

“Pooled Non-Reduced Certificates”:  As of any date of determination, any Class of Pooled Principal Balance Certificates and the Class RR Certificates then outstanding for which (a)(1) the initial Certificate Balance of such Class of Certificates minus (2) the sum (without duplication) of (x) the aggregate payments of principal (whether as principal prepayments or otherwise) distributed to the Holders of such Class of Certificates as of such date of determination, (y) any Appraisal Reduction Amounts allocated to such Class of Certificates as of such date of determination and (z) any Pooled Realized Losses previously allocated to such Class of Certificates as of such date of determination, is equal to or greater than (b) 25% of the remainder of (i) the initial Certificate Balance of such Class of Certificates less (ii) any payments of principal (whether as principal prepayments or otherwise) previously distributed to that Class of Certificates as of such date of determination.

 

“Pooled Principal Balance Certificates”:  Each of the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates.

 

“Pooled Quorum”:  In connection with any solicitation of votes in connection with the replacement of the Special Servicer (other than with respect to the BX Industrial Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan) pursuant to Section 3.22, the holders of Pooled Certificates evidencing at least 50% of the aggregate Pooled Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Certificates) pursuant to Section 4.08 of this Agreement.

 

“Pooled Realized Loss”:  With respect to the Mortgage Loans and any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of the Pooled Principal Balance Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) product of (A) the Non-VRR Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans in the Mortgage Pool (for purposes of this calculation, the aggregate Stated Principal Balance will not be reduced by the amount of principal payments received on the Mortgage Loans that were used to reimburse the Master Servicer or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable Advances), including any REO Loans (but in each case, excluding any Companion Loan), as of the end of the last day of the related Collection Period.

 

“Pooled Regular Certificates”:  The Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C and Class D Certificates and the VRR Interest.

 

“Pooled Trust Directing Holder”:  The Directing Holder under clause (a) of the definition of “Directing Holder”.

 

“Pooled Voting Rights”:  The portion of the voting rights of all of the Pooled Certificates (other than the Class S Certificates) and the Class RR Certificates that is allocated to any Pooled Certificateholder (other than the Class S Certificateholders) or any Holder of Class RR Certificates.  At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class shall be:  (a) 2% to be allocated among the Certificateholders of the Class

 

 




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X-A Certificates, (b) 98% multiplied by a fraction, the numerator of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(b), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.08(a) hereof) of their Certificates, in each case, determined as of the prior Distribution Date, and the denominator of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(b), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates) of the Pooled Principal Balance Certificates and the Class RR Certificates, each determined as of the prior Distribution Date.

 

“Preliminary Offering Circular”:  The Depositor’s Offering Circular, dated May 19, 2020, relating to the offering of the Offered Certificates.

 

“Prepayment Assumption”:  The assumption that (i) each Mortgage Loan (other than an ARD Loan) or Trust Subordinate Companion Loan does not prepay prior to its respective Maturity Date and (ii) each ARD Loan prepays on its Anticipated Repayment Date.

 

“Prepayment Interest Excess”:  With respect to any Distribution Date, the aggregate amount, with respect to all Mortgage Loans or Serviced Companion Loans serviced by the Master Servicer that were subject to Principal Prepayment in full or in part, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or Special Servicer for application to such Mortgage Loans or Serviced Companion Loans, in each case after the Due Date in the month of such Distribution Date and on or prior to the related Determination Date, the amount of interest accrued at the Mortgage Rate for such Mortgage Loans or Serviced Companion Loans on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds after the Due Date relating to such Collection Period and accruing in the manner set forth in the related Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment Interest Shortfall”:  With respect to any Distribution Date, for each Mortgage Loan or Serviced Companion Loan serviced by the Master Servicer that was subject to a Principal Prepayment in full or in part and which did not include a full month’s interest, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or Special Servicer for application to such Mortgage Loan or Serviced Companion Loan, in each case after the Determination Date in the calendar month preceding such Distribution Date but prior to the Due Date in the related Collection Period, the amount of interest that would have accrued at the Net Mortgage Rate for such Mortgage Loan or Serviced Companion Loan on the amount of such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds during the period commencing on the date as of which such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were applied to the unpaid principal balance of the Mortgage Loan or Serviced Companion Loan and ending on (and including) the day immediately preceding such Due Date (without regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

 




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“Prepayment Premium”:  Any premium, fee or other additional amount (other than a Yield Maintenance Charge) paid or payable on a Mortgage Loan or Serviced Companion Loan by a Borrower as the result of a Principal Prepayment thereon, not otherwise due thereon, in respect of principal or interest, which is intended to compensate the holder of the related Mortgage Note for prepayment.

 

“Pricing Date”:  May 22, 2020.

 

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

 

“Primary Servicing Fee Rate”:  With respect to each Serviced Mortgage Loan (other than any Servicing Shift Mortgage Loan), the rate per annum set forth on Exhibit B to this Agreement.  With respect to each Servicing Shift Mortgage Loan, prior to the related Servicing Shift Securitization Date, the applicable rate per annum set forth on Exhibit B to this Agreement.  With respect to each Non-Serviced Mortgage Loan, no Primary Servicing Fee Rate will be charged by the Master Servicer, but the Non-Serviced Mortgage Loan Primary Servicing Fee Rate (which, with respect to each such Non-Serviced Mortgage Loan as of the Closing Date, is set forth on Exhibit B to this Agreement under the column labeled “Primary Servicing Fee Rate”) is charged by the applicable Other Servicer pursuant to the related Other Pooling and Servicing Agreement.  For the avoidance of doubt, the Primary Servicing Fee Rate includes any fee rate payable to a Mortgage Loan Seller Sub-Servicer.

 

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

 

“Principal Balance Certificates”: The Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C, Class D, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825-S-E Certificates.

 

“Principal Distribution Amount”: For any Distribution Date and the Pooled Principal Balance Certificates, the sum of (i) the Principal Shortfall, if any, for the prior Distribution Date and (ii) the Non-VRR Percentage of the Aggregate Principal Distribution Amount for such Distribution Date.

 

“Principal Prepayment”:  Any payment of principal made by a Borrower on a Mortgage Loan or Serviced Companion Loan which is received in advance of its scheduled due date and which is not accompanied by an amount of interest representing the full amount of

 

 




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scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

 

“Principal Shortfall”:  For any Distribution Date, the amount, if any, by which (1) the Principal Distribution Amount for the prior Distribution Date exceeds (2) the aggregate amount actually distributed on the preceding Distribution Date to holders of the Principal Balance Certificates in respect of such Principal Distribution Amount.

 

“Privileged Information”:  Any (i) correspondence or other communications between a Directing Holder or a Risk Retention Consultation Party and the Special Servicer related to any Specially Serviced Loan (other than any applicable Excluded Loan) or the exercise of the consent or consultation rights of a Directing Holder or consultation rights of any Risk Retention Consultation Party under this Agreement or any related Intercreditor Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably determined could compromise the Trust Fund’s position in any ongoing or future negotiations with the related Borrower or other interested party and that is labeled or otherwise identified as Privileged Information by the Special Servicer, (iii) information subject to attorney-client privilege and (iv) any Asset Status Report or Final Asset Status Report. The Master Servicer and the Special Servicer shall be entitled to rely on any identification of materials as “attorney-client privileged” without liability for any such reliance hereunder.

 

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

 

“Privileged Person”:  The Depositor and its designees, the Initial Purchasers, the Loan-Specific Initial Purchasers, the Mortgage Loan Sellers, the Master Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, any Companion Loan Noteholder who provides a certification substantially in the form of Exhibit FF hereto, any Person (including the Directing Holder, a Risk Retention Consultation Party or VRR Interest Owner) who provides the Certificate Administrator with an Investor Certification and any NRSRO (including any Rating Agency) that provides the Certificate Administrator with a NRSRO Certification, which Investor Certification and NRSRO Certification may be submitted electronically via the Certificate Administrator’s Website; provided, however, that in no event may a Borrower Party (other than a Borrower Party that is a Risk Retention Consultation Party or the Special Servicer) be entitled to receive (i) if such party is the Directing Holder, any Controlling Class Certificateholder, any Tower 333 Controlling Class Certificateholder or any 825 South Hill Controlling Class Certificateholder, any Excluded Information via the Certificate Administrator’s Website (unless a loan-by-loan segregation is

 

 




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later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)), and (ii) if such party is not the Directing Holder, any Controlling Class Certificateholder, any Tower 333 Controlling Class Certificateholder or any 825 South Hill Controlling Class Certificateholder, any information other than the Distribution Date Statement. 

 

Notwithstanding anything to the contrary in this Agreement, if the Special Servicer obtains knowledge that it is a Borrower Party, the Special Servicer shall nevertheless be a Privileged Person; provided that the Special Servicer (i) shall not directly or indirectly provide any information solely related to the related Excluded Special Servicer Loan (which may include any Asset Status Reports, Final Asset Status Reports (or summaries thereof), and such other information specified in this Agreement pertaining to such Excluded Special Servicer Loan) to (A) the related Borrower Party, (B) any of the Special Servicer’s employees or personnel or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) shall maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above; provided, further, that nothing in this Agreement shall be construed as an obligation of the Master Servicer or the Certificate Administrator to restrict the Special Servicer’s access to any information on the Master Servicer’s website or the Certificate Administrator’s Website and in no case shall the Master Servicer or the Certificate Administrator be held liable if the Special Servicer accesses any of the items listed in the definition of Excluded Information relating to the Excluded Special Servicer Loans.

 

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

 

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

 

“Property Protection Expenses”:  With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, any costs and expenses incurred by the Master Servicer or the Special Servicer pursuant to Section 3.04, Section 3.08(a), Section 3.10, Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c), or Section 3.24(a) of this Agreement or indicated herein as being payable as a Servicing Advance or as a cost or expense of the Trust Fund (and, in the case of the Serviced Whole Loans, the Serviced Companion Loan Noteholders but subject to the provisions of Section 1.02(e)) or the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection Account.

 

“PTCE”:  Prohibited Transaction Class Exemption.

 

“Purchase Price”:  With respect to (i) any Mortgage Loan and Trust Subordinate Companion Loan to be repurchased or purchased pursuant to Section 2.03(d) or Section 9.01 of this Agreement, (ii) any Specially Serviced Loan or any Serviced REO Loan to be sold pursuant to Section 3.16 of this Agreement or (iii) any Defaulted Loan that is a Non-Serviced Mortgage Loan to be sold by the Special Servicer in accordance with the proviso in Section 3.16(b) of this Agreement, an amount, calculated by the Master Servicer (with respect to Performing Loans) or

 

 




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the Special Servicer (with respect to Specially Serviced Loans or Serviced REO Loans), as applicable, equal to:

 

(a)            the outstanding principal balance of such Mortgage Loan or Trust Subordinate Companion Loan (or related REO Loan) (including, to the extent required pursuant to the final sentence of this definition, any related Companion Loan) as of the date of purchase; plus

 

(b)            all accrued and unpaid interest on such Mortgage Loan or Trust Subordinate Companion Loan (or any related REO Loan) (including, to the extent required pursuant to the final sentence of this definition, any related Companion Loan) at the related Mortgage Rate in effect from time to time to but not including the Due Date immediately preceding or coinciding with the Determination Date for the Collection Period of purchase, but excluding any Default Interest or Excess Interest; plus

 

(c)            all related unreimbursed Servicing Advances plus accrued and unpaid interest on related Advances at the Reimbursement Rate, and all Special Servicing Fees (whether paid or unpaid) and Workout Fees and Liquidation Fees (to the extent set forth in clause (d) below) allocable to such Mortgage Loan (and, in the case of a Non-Serviced Mortgage Loan, unpaid fees payable to the applicable servicer, Other Servicer, the Other Special Servicer or the Other Trustee allocable to such Mortgage Loan) and the related REO Loan, if any, and the Trust Subordinate Companion Loans; plus

 

(d)            any Liquidation Fee due pursuant to Section 3.12 of this Agreement allocable to such Mortgage Loan (or related REO Loan) (including, to the extent required pursuant to the final sentence of this definition, any related Companion Loan) (which shall not include any Liquidation Fees if such affected Mortgage Loan is repurchased prior to the expiration of the additional 90-day period immediately following the initial 90-day period under Section 2.03 of this Agreement); plus

 

(e)            all Additional Trust Fund Expenses allocable to such Mortgage Loan; plus

 

(f)            if such Mortgage Loan (or related REO Loan) or Trust Subordinate Companion Loan is being purchased or substituted by a Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement, to the extent not otherwise included in the amount described in clause (c) of this definition and all reasonable out-of-pocket expenses reasonably incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee in respect of the Breach or Defect giving rise to the repurchase obligation, including any such expenses arising out of the enforcement of the repurchase obligation, including, without duplication, any such expenses previously reimbursed from the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, plus accrued and unpaid interest thereon at the Reimbursement Rate, to the extent payable to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee.

 

For purposes of this Agreement, (i) the “Purchase Price” in respect of a Serviced Companion Loan that is purchased by the related Mortgage Loan Seller shall be the purchase price paid by the related Mortgage Loan Seller under the related Other Pooling

 

 




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and Servicing Agreement or the applicable servicing agreement, (ii) with respect to a sale of an REO Property securing a Serviced Whole Loan, the term Mortgage Loan or REO Loan shall be construed to include any related Companion Loans, (iii) with respect to any Joint Mortgage Loan, the “Purchase Price” for each of the applicable Mortgage Loan Sellers shall be its respective percentage interest as of the Closing Date of the total Repurchase Price for such Joint Mortgage Loan and (iv) for purposes of calculating any Gain-on-Sale Proceeds, the “Purchase Price” shall be allocated between the related Mortgage Loan and Companion Loan, as applicable, in accordance with, and shall be equal to the amount provided pursuant to, the provisions of the related Intercreditor Agreement.

 

“Qualified Affiliate”:  Any Person (a) that is organized and doing business under the laws of any state of the United States or the District of Columbia, (b) that is in the business of performing the duties of a servicer of mortgage loans, and (c) as to which 50% or greater of its outstanding voting stock or equity ownership interest are directly or indirectly owned by the Master Servicer or the Special Servicer, as applicable, or by any Person or Persons who directly or indirectly own equity ownership interests in the Master Servicer or the Special Servicer, as applicable.

 

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

 

“Qualified Insurer”:  As used in Section 3.08 of this Agreement,

 

(i) in the case of each Mortgage Loan or Serviced Pari Passu Whole Loan, an insurance company or security or bonding company qualified to write the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated (a) ”A3” by Moody’s (or, if not rated by Moody’s, an equivalent rating by (A) at least two NRSROs (which may include Fitch and/or DBRS Morningstar) or (B) one NRSRO (which may include Fitch and/or DBRS Morningstar) and A.M. Best Company, Inc.), (b) “A-” by Fitch (or, if not rated by Fitch, at least “A-” or an equivalent rating as “A-” by one other nationally recognized insurance rating organization (which may include Moody’s or DBRS Morningstar)) and (c) “A(low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, at least an equivalent rating by one other nationally recognized insurance rating organization (which may include Moody’s or Fitch)),

 

(ii) in the case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(d) of this Agreement, an insurance company that has a claims paying ability (or the obligations which are guaranteed or backed by a company having such claims paying ability) with at least one of the following ratings:  (a) “A3” by Moody’s, (b) “A-” by S&P, (c) “A-” by Fitch, (d) “A-:X” by A.M. Best Company, Inc. or (e) “A(low)” by DBRS Morningstar,

 

or, in the case of clauses (i) and (ii), such other rating as to which the related Rating Agency (and, if applicable, the related Serviced Companion Rating Agency) has provided a Rating Agency Confirmation relating to the Certificates and any Serviced Companion Loan Securities (subject to the foregoing exceptions).

 

 




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“Qualified Mortgage”:  A Mortgage Loan that is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified mortgage), or any substantially similar successor provision.

 

“Qualified Replacement Special Servicer”:  A replacement special servicer that (i) satisfies all of the eligibility requirements applicable to special servicers in this Agreement, (ii) (a) has been appointed and currently serves as a special servicer on a “transaction level” basis on a CMBS transaction currently rated by Moody’s that currently has securities outstanding and (b) is not a special servicer that has been publicly cited by Moody’s as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities rated by Moody’s in a CMBS transaction serviced by the applicable replacement special servicer prior to the time of determination, (iii) currently has a special servicer rating of at least “CSS3” from Fitch, and (iv) is currently acting as a special servicer in a transaction rated by DBRS Morningstar and has not been cited by DBRS Morningstar as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination.

 

“Qualified Substitute Mortgage Loan”:  A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution shall be permitted) replacing a Mortgage Loan with respect to which a Material Breach or Material Defect exists that must, on the date of substitution:  (i) have an outstanding Stated Principal Balance, after application of all scheduled payments of principal and/or interest due during or prior to the month of substitution, whether or not received, not in excess of the Stated Principal Balance of the Removed Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have a fixed Mortgage Rate not less than the Mortgage Rate of the Removed Mortgage Loan (determined without regard to any prior modification, waiver or amendment of the terms of the removed Mortgage Loan); (iii) have the same Due Date and a grace period no longer than that of the Removed Mortgage Loan; (iv) accrue interest on the same basis as the Removed Mortgage Loan (for example, on the basis of a 360-day year and the actual number of days elapsed); (v) have a remaining term to stated maturity not greater than, and not more than five years less than, the remaining term to stated maturity of the Removed Mortgage Loan; (vi) have a then-current loan to value ratio equal to or less than the lesser of (1) the loan to value ratio for the Removed Mortgage Loan as of the Closing Date and (2) 75%, in each case using the “value” for the Mortgaged Property as determined using an Appraisal prepared in accordance with the requirements of the FIRREA; (vii) comply (except in a manner that would not be adverse to the interests of the Certificateholders and the RR Interest Owner) as of the date of substitution in all material respects with all of the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental Report that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and that will be delivered as a part of the related Servicing File; (ix) have a then-current Debt Service Coverage Ratio at least equal to the greater of (1) the original Debt Service Coverage Ratio of the Removed Mortgage Loan as of the Closing Date and (2) 1.25x; (x) be determined by an Opinion of Counsel (at the applicable Mortgage Loan Seller’s expense) to be a “qualified replacement mortgage” within the meaning of Section 860G(a)(4) of the Code; (xi) not have a

 

 




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maturity date or an amortization period that extends to a date that is after the date that is two years prior to the Rated Final Distribution Date; (xii) have comparable prepayment restrictions to those of the Replaced Mortgage Loan; (xiii) not be substituted for a Removed Mortgage Loan unless the Certificate Administrator and the Trustee have received a Rating Agency Confirmation from each of the Rating Agencies (the cost, if any, of obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller); (xiv) have been approved, so long as no Control Termination Event is continuing, by the Directing Holder; (xv) prohibit defeasance within two years after the Closing Date; (xvi) not be substituted for a Removed Mortgage Loan if it would result in the termination of the REMIC status of any Trust REMIC or the imposition of tax on any Trust REMIC other than a tax on income expressly permitted or contemplated to be received by the terms of this Agreement, as determined by an Opinion of Counsel (at the cost of the applicable Mortgage Loan Seller); (xvii) have an engineering report that indicates no material adverse property condition or deferred maintenance with respect to the related Mortgaged Property that will be delivered as a part of the related Servicing File; and (xviii) be current in the payment of all scheduled payments of principal and interest then due.  In the event that one or more mortgage loans are substituted for one or more Removed Mortgage Loans, then the amounts described in clause (i) shall be determined on the basis of aggregate Stated Principal Balances and each such proposed Qualified Substitute Mortgage Loan must individually satisfy each of the requirements specified in clauses (ii) through (xviii) above, except the rates referred to in clause (ii) above and the remaining term to stated maturity referred to in clause (v) above shall be determined on a weighted average basis; provided that no individual Mortgage Rate shall be lower than the highest Pass-Through Rate (that is a fixed rate not subject to a cap equal to the WAC Rate) of any Class of Principal Balance Certificates having an outstanding Certificate Balance.  When a Qualified Substitute Mortgage Loan is substituted for a Removed Mortgage Loan, the applicable Mortgage Loan Seller shall certify that the Mortgage Loan meets all of the requirements of the above definition and shall send such certification to the Certificate Administrator, the Trustee and, for so long as no Consultation Termination Event is continuing, the Directing Holder.

 

“RAC No-Response Scenario”:  As defined in Section 3.30(a) of this Agreement.

 

“Rated Final Distribution Date”:  (a) As to the Pooled Certificates, the Distribution Date in September 2048, (b) as to the BX Industrial Portfolio Loan-Specific Certificates, the Distribution Date in September 2048, (c) as to the Tower 333 Loan-Specific Certificates, the Distribution Date in September 2048 and (b) as to the 825 South Hill Loan-Specific Certificates, the Distribution Date in September 2048.  None of the Class S, Class R, VRR Interest, BX-VRR Interest, T333-VRR Interest or 825S-VRR Interest will have a Rated Final Distribution Date.

 

“Rating Agency”:  Any of Moody’s, Fitch or DBRS Morningstar; provided that with respect to any matter affecting a Non-Serviced Mortgage Loan or any Serviced Whole Loan, “Rating Agency” shall also refer to any rating agency engaged to rate the Serviced Companion Loan Securities related to such Serviced Whole Loan or securities related to such Non-Serviced Mortgage Loan, as applicable.

 

“Rating Agency Confirmation”:  With respect to any matter, confirmation in writing (which may be in electronic form) by each applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade,

 

 




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withdrawal or qualification of the then-current rating assigned to any Class of Certificates if then rated by the Rating Agency; provided that a written waiver or other acknowledgment from any Rating Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the Rating Agency Confirmation from such Rating Agency with respect to such matter.  At any time during which no Certificates are rated by a Rating Agency, no Rating Agency Confirmation shall be required from that Rating Agency.  With respect to any matter affecting any Pari Passu Companion Loan, any Rating Agency Confirmation shall also refer to a comparable confirmation from the nationally recognized statistical rating organizations then rating the securities representing an interest in such loan with respect to such rating organizations’ respective ratings of such securities.

 

“Rating Agency Q&A Forum and Document Request Tool”:  As defined in Section 3.14(d) of this Agreement.

 

“Real Property”:  Land or improvements thereon such as buildings or other inherently permanent structures thereon (including items that are structural components of the buildings or structures), in each such case as such terms are used in the REMIC Provisions.

 

“Realized Loss”:  The Pooled Realized Loss, VRR Realized Loss, BX Industrial Portfolio Realized Loss, Tower 333 Realized Loss or 825 South Hill Realized Loss, as applicable. 

 

“Reassignment of Assignment of Leases, Rents and Profits”:  As defined in Section 2.01(a)(v) of this Agreement.

 

“Record Date”:  With respect to each Distribution Date, the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.

 

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

 

“Regulation D”:  Regulation D under the Act.

 

“Regulation S”:  Regulation S under the Act.

 

“Regulation S Global Certificate”:  Each of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates issued as such on the Closing Date.

 

“Regulation S Investor”:  With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires such interest pursuant to Regulation S.

 

 




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“Regulation S Transfer Certificate”:  As defined in Section 5.02(c)(i)(B) of this Agreement.

 

“Regulatory Agencies” As defined in the definition of “Risk Retention Rule”.

 

“Reimbursement Rate”:  The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section 3.21(e) and P&I Advances in accordance with Section 4.07(h), which rate per annum shall equal the Prime Rate, compounded annually.  Interest at the Reimbursement Rate will accrue from (and including) the date on which the related Advance is made or the related expense incurred to (but excluding) the date on which such amounts are recovered out of amounts received on the Mortgage Loan or Trust Subordinate Companion Loan as to which such Advances were made or servicing expenses incurred or the first Master Servicer Remittance Date after a determination of non-recoverability, as the case may be, is made; provided that such interest at the Reimbursement Rate will continue to accrue to the extent funds are not available in the Collection Accounts for such reimbursement of such Advance; provided, further, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan or Trust Subordinate Companion Loan until after the related Due Date has passed and any applicable Grace Period has expired or (ii) if the related Periodic Payment is received after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date.

 

 “Relevant Distribution Date”:  With respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and (b) any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization holding a Serviced Companion Loan, the “Distribution Date” (or analogous concept) under the related Other Pooling and Servicing Agreement.

 

“Relevant Servicing Criteria”:  The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee on Schedule II to this Agreement).  For clarification purposes, multiple Reporting Servicers can have responsibility for the same Relevant Servicing Criteria and some of the Servicing Criteria will not be applicable to certain Reporting Servicers.  With respect to a Servicing Function Participant engaged by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the term “Relevant Servicing Criteria” refers to the items of the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee that engaged such Servicing Function Participant that are applicable to such Servicing Function Participant based on the functions it has been engaged to perform.

 

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

 

“REMIC Provisions”:  Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Section 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

 




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“Removed Mortgage Loan”:  A Mortgage Loan (including the Trust Subordinate Companion Loans) which is repurchased from the Trust Fund pursuant to the terms hereof or as to which one or more Qualified Substitute Mortgage Loans are substituted.

 

“Rents from Real Property”:  With respect to any Serviced REO Property, gross income of the character described in Section 856(d) of the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(a)          except as provided in Section 856(d)(4) or Section 856(d)(6) of the Code, any amount received or accrued, directly or indirectly, with respect to such Serviced REO Property, if the determination of such amount depends in whole or in part on the income or profits derived by any Person from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise constitutes Rents from Real Property);

 

(b)          any amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by attribution) a ten percent or greater interest in such Person determined in accordance with Sections 856(d)(2)(B) and Section 856(d)(5) of the Code;

 

(c)          any amount received or accrued, directly or indirectly, with respect to such Serviced REO Property if any Person Directly Operates such Serviced REO Property;

 

(d)          any amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings of a similar class in the same geographic market as such Serviced REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1) (whether or not such charges are separately stated); and

 

(e)           rent attributable to personal property unless such personal property is leased under, or in connection with, the lease of such Serviced REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or accrued under, or in connection with, the lease.

 

“REO Account”:  As defined in Section 3.15(b) of this Agreement.

 

“REO Loan”:  Any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) or Serviced Whole Loan as to which the related Mortgaged Property has become an REO Property.

 

“REO Proceeds”:  With respect to any Serviced REO Property and the related Serviced REO Loan, all revenues received by the Special Servicer with respect to such Serviced REO Property or Serviced REO Loan which do not constitute Liquidation Proceeds.

 

“REO Property”:  A Mortgaged Property title to which has been acquired by the Special Servicer on behalf of the Trust Fund through foreclosure, deed-in-lieu of foreclosure or otherwise, or in the case of a Non-Serviced Mortgage Loan, the Trust Fund’s beneficial interest

 

 




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in the Mortgaged Property acquired by the Other Trustee pursuant to the Other Pooling and Servicing Agreement.

 

“Replacement Mortgage Loan”:  Any Qualified Substitute Mortgage Loan that is substituted for one or more Removed Mortgage Loans.

 

“Reporting Servicer”:  As defined in Section 10.12 of this Agreement.

 

“Repurchase”:  As defined in Section 2.03(c) of this Agreement.

 

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

 

“Repurchase Request”:  As defined in Section 2.03(c) of this Agreement.

 

“Repurchase Request Recipient”:  As defined in Section 2.03(c) of this Agreement.

 

“Repurchase Request Rejection”:  As defined in Section 2.03(c) of this Agreement.

 

“Repurchase Request Withdrawal”:  As defined in Section 2.03(c) of this Agreement.

 

“Request for Release”:  A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to this Agreement.

 

“Requesting Holders”:  As defined in Section 4.08(b) of this Agreement.

 

“Requesting Investor”: As defined in Section 5.05(a) of this Agreement.

 

“Requesting Party”: As defined in Section 5.05(a) of this Agreement.

 

“Reserve Accounts”:  With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, reserve accounts, if any, established pursuant to the Mortgage or the Loan Agreement and any Escrow Account.  Any Reserve Account may be a sub-account of a related Cash Collateral Account.  Any Reserve Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.  The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Account, if applicable, or the Collection Account or for the purposes set forth under the related Loan Documents for the related Mortgage Loan or Serviced Whole Loan.

 

 




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“Resolution Extension Period” shall mean:

 

(a)      for purposes of remediating a Material Breach with respect to any Mortgage Loan, the 90-day period following the end of the applicable Initial Cure Period;

 

(b)      for purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan at the commencement of, and does not become a Specially Serviced Loan during, the applicable Initial Cure Period, the period commencing at the end of the applicable Initial Cure Period and ending on, and including, the earlier of (i) the 90th day following the end of such Initial Cure Period and (ii) the 45th day following the applicable Mortgage Loan Seller’s receipt of written notice from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to such Mortgage Loan subsequent to the end of such Initial Cure Period;

 

(c)      for purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan as of the commencement of the applicable Initial Cure Period, but as to which a Servicing Transfer Event occurs during such Initial Cure Period, the period commencing at the end of the applicable Initial Cure Period and ending on, and including, the 90th day following the earlier of the end of such Initial Cure Period and the applicable Mortgage Loan Seller’s receipt of written notice from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and

 

(d)      for purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Specially Serviced Loan as of the commencement of the applicable Initial Cure Period, zero (-0-) days; provided that, if the applicable Mortgage Loan Seller did not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the commencement of the applicable Initial Cure Period, then such Servicing Transfer Event shall be deemed to have occurred during such Initial Cure Period and clause (c) of this definition will be deemed to apply.

 

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

 

“Responsible Officer”:  When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee or the Certificate Administrator, as the case may be,

 

 




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

 

“Restricted Certificate”:  As defined in Section 5.02(k) of this Agreement.

 

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

 

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

 

“Retained Certificate”:  The Class RR, BX-VRR Interest, T333-VRR Interest and 825S-VRR Interest Certificates.

 

“Retained Defeasance Rights and Obligations”: Any of the rights and obligations of GACC defined in Section 3.26(i).

 

“Retained Interest Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be deemed to be owned by the Holder(s) of the Retained Certificates in proportions equal to their respective Percentage Interests.

 

“Retaining Party”:  Any Holder of a Retained Certificate and any successor Holder of such Retained Certificate or any owner of the RR Interest and any success owner of the RR Interest.

 

“Retaining Sponsor”:  With respect to (a) the VRR Interest, GACC, (b) the BX-VRR Interest, GACC, (c) the T333-VRR Interest, GACC and (b) the 825S-VRR Interest, GACC.

 

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

 

“Risk Retention Consultation Party”:  Each of (a)(i) the parties selected JPMCB (in the case of the VRR-A Risk Retention Consultation Party), (ii) the party selected by GS Bank (in the case of the VRR-B Risk Retention Consultation Party) and (iii) the party selected by DBNY (in the case of the VRR-C Risk Retention Consultation Party, the BX Industrial Portfolio Risk Retention Consultation Party, the Tower 333 Risk Retention Consultation Party and the 825 South Hill Risk Retention Consultation Party).  The Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of any Risk Retention Consultation Party has not changed until such parties receive written notice of a replacement of such Risk

 

 




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Retention Consultation Party from JPMCB (in the case of the VRR-A Risk Retention Consultation Party), GS Bank (in the case of the VRR-B Risk Retention Consultation Party) or DBNY (in the case of the VRR-C Risk Retention Consultation Party the BX Industrial Portfolio Risk Retention Consultation Party, the Tower 333 Risk Retention Consultation Party or the 825 South Hill Risk Retention Consultation Party), as confirmed by the Certificate Registrar.  Notwithstanding the foregoing, no Risk Retention Consultation Party shall have any consultation rights with respect to any related Excluded Loan.  For the avoidance of doubt, there may be multiple Risk Retention Consultation Parties.  The initial VRR-A Risk Retention Consultation Party shall be JPMCB, the initial VRR-B Risk Retention Consultation Party shall be GS Bank, and the initial VRR-C Risk Retention Consultation Party, the initial the BX Industrial Portfolio Risk Retention Consultation Party, the initial Tower 333 Risk Retention Consultation Party and the initial 825 South Hill Risk Retention Consultation Party shall be DBNY.

 

In the event that no VRR-A Risk Retention Consultation Party, VRR-B Risk Retention Consultation Party, VRR-C Risk Retention Consultation Party, BX Industrial Portfolio Risk Retention Consultation Party, Tower 333 Risk Retention Consultation Party or 825 South Hill Risk Retention Consultation Party, as applicable, has been appointed or identified to the Master Servicer or the Special Servicer, as applicable, and the Master Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as a new Risk Retention Consultation Party is identified, the Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of any such Risk Retention Consultation Party, as the case may be.

 

“Risk Retention Rule”: 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 “Regulatory 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 Reform and Consumer Protection Act), as such regulations may be amended from time to time by such Regulatory Agencies, and subject to such clarification and interpretation as have been provided by such Regulatory Agencies, whether in the adopting release, or as may be provided by any such Regulatory 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.

 

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

 

 




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

 

“RR Interest Percentage”:  20.95403236021%.

 

“RR Interest Owner”:  The Person who owns the RR Interest, as identified to the Certificate Administrator in writing.  At any time, there shall be only one RR Interest Owner.  GSMC (or GS Bank, as its Majority-Owned Affiliate) is the RR Interest Owner as of the Closing Date.

 

“RR Interest Upper-Tier Regular Interest”:  The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having an RR Interest Balance as described herein, in each case, for purposes of the REMIC Provisions.

 

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

 

“Rule 144A Global Certificate”:  Each of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E issued as such on the Closing Date.

 

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

 

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

 

“S&P”:  S&P Global, a Standard and Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or its successor in interest.  If neither such rating agency nor any successor remains in existence, “S&P” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of S&P herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

“Sarbanes Oxley Certification”:  As defined in Section 10.08 of this Agreement.

 

 




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“Scheduled Principal Distribution Amount”:  With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal portions of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Mortgage Loans due during or, if and to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution Date (and not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled Payments with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the Borrower as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a grace period ending, after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon Payments with respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a grace period ending, after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

“Securities Legend”:  As defined in Section 5.02(c)(iii) of this Agreement.

 

“Serviced AB Mortgage Loan”: Any Mortgage Loan serviced pursuant to this Agreement comprised of a Serviced Mortgage Loan, a Serviced Subordinate Companion Loan and, in certain cases, one or more Pari Passu Companion Loans. For the avoidance of doubt, there are no Serviced AB Whole Loans related to the Trust.

 

“Serviced AB Whole Loan”: Any Whole Loan serviced pursuant to this Agreement comprised of a Serviced Mortgage Loan, a Serviced Subordinate Companion Loan and, in certain cases, one or more Pari Passu Companion Loans.  The BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan are each a Serviced AB Whole Loan relating to the Trust.

 

“Serviced AB Whole Loan Major Decision”: With respect to any Serviced AB Whole Loan, shall have the meaning assigned to the term “Major Decision” in the related Intercreditor Agreement.

 

“Serviced Companion Loan”:  Each of the Companion Loans for which the corresponding Whole Loan is identified as “Serviced” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement.

 

“Serviced Companion Loan Noteholder”:  Any holder of a Serviced Companion Loan; provided that for so long as a Serviced Companion Loan is included in an Other Securitization, for purposes of providing or distributing any reports, statements, notices or other information required or permitted to be provided to a Serviced Companion Loan Noteholder hereunder, “Serviced Companion Loan Noteholder” shall also include the related Other Servicer.

 

“Serviced Companion Loan Noteholder Register”:  As defined in Section 3.27(b) of this Agreement.

 

 




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

 

“Serviced Companion Loan Rating Agency Confirmation”:  With respect to any matter involving the servicing and administration of a Serviced Companion Loan or Serviced REO Loan as to which any Serviced Companion Loan Securities exist, confirmation in writing (which may be in electronic form) by each applicable Serviced Companion Loan Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating assigned to any class of such Serviced Companion Loan Securities (if then rated by such Serviced Companion Loan Rating Agency); provided that upon receipt of a written waiver or other acknowledgment from a Serviced Companion Loan Rating Agency indicating its decision not to review or declining to review the matter for which the Serviced Companion Loan Rating Agency Confirmation is sought (such written notice, a “Serviced Companion Loan Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the requirement for the Serviced Companion Loan Rating Agency Confirmation from the applicable Serviced Companion Loan Rating Agency with respect to such matter shall not apply.

 

“Serviced Companion Loan Securities”:  With respect to any Serviced Companion Loan so long as the related Mortgage Loan or any successor Serviced REO Loan is part of the Mortgage Pool, any class of securities backed by such Serviced Companion Loan.  Any reference herein to a “series” of Serviced Companion Loan Securities shall refer to separate securitizations of one or more of the Serviced Companion Loans.

 

“Serviced Companion Loan Service Provider”:  With respect to any Serviced Mortgage Loan, any related Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Serviced Mortgage Loan”:  Any Mortgage Loan that is included in the Trust and serviced under this Agreement.  For the avoidance of doubt, “Serviced Mortgage Loans” exclude any Non-Serviced Mortgage Loan.

 

“Serviced Pari Passu Companion Loan”:  A Pari Passu Companion Loan that is part of a Serviced Whole Loan.

 

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

 

“Serviced Pari Passu Whole Loan”: Each of the Whole Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement that has at least one Serviced Pari Passu Companion Loan.

 

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

 

 




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

 

“Serviced Subordinate Companion Loan”:  With respect to any Serviced AB Whole Loan, any subordinate promissory note that is part of such Whole Loan that is subordinate to the related Serviced Mortgage Loan.  With respect to each of the Whole Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement, the related Companion Loans identified as “Subordinate” under the column entitled “Companion Loan Type” shall be Serviced Subordinate Companion Loans related to the Trust.

 

“Serviced Whole Loan”:  Each of the Whole Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement.

 

“Serviced Whole Loan Collection Account”:  With respect to each Serviced Whole Loan, the separate account or sub-account created and maintained by the Master Servicer pursuant to Section 3.05(g) on behalf of the Certificateholders and the related Serviced Companion Loan Noteholders, which shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of J.P. Morgan Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, Serviced Whole Loan Collection Account.”  Amounts in any Serviced Whole Loan Collection Account applicable to the related Serviced Companion Loans shall not be assets of the Trust Fund, but instead shall be held by the Master Servicer on behalf of the Trust Fund (in respect of amounts reimbursable therefrom) and, the related Serviced Companion Loan Noteholders.  Any such account or sub-account shall be an Eligible Account or a sub-account of an Eligible Account (including a sub-account of the Collection Account).  Notwithstanding the foregoing, amounts held in the Serviced Whole Loan Collection Account with respect to the Trust Subordinate Companion Loans, will be assets of the Trust Fund, held on behalf of the holders of the Loan-Specific Certificates.

 

“Serviced Whole Loan Remittance Amount”:  For each distribution date that a Master Servicer is required to make a distribution to a Serviced Companion Loan Noteholder pursuant to Section 3.05(h) and with respect to each Serviced Whole Loan and related Mortgaged Property (if it becomes a Serviced REO Property), any amount received by the Master Servicer (or, with respect to a Serviced REO Property, the Special Servicer) during the related Collection Period that is payable to the Serviced Companion Loan Noteholder(s) pursuant to the related Intercreditor Agreement or to be remitted to the Collection Account.

 

“Serviced Whole Loan Remittance Date”:  With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced Companion Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement (or if no such date is specified, the Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization, the earlier of (A) the Master Servicer Remittance Date or (B) the Business Day immediately succeeding the “determination date” set forth in the related Other Pooling and Servicing Agreement, or such earlier date as required by the related Intercreditor Agreement; provided, however, that, unless otherwise required under the related

 

 




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Intercreditor Agreement, no remittance is required to be made until two (2) Business Days after receipt of the related Periodic Payment with respect to the related Serviced Whole Loan.

 

“Serviced Whole Loan REO Account”:  As defined in Section 3.15(b) of this Agreement.

 

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

 

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

 

“Servicer Termination Event”:  A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

“Servicing Advance”:  All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee, as applicable, in connection with the servicing and administering of (a) a Serviced Mortgage Loan and any related Serviced Companion Loan, in respect of which a default, delinquency or other unanticipated event has occurred or as to which a default is reasonably foreseeable or (b) a Mortgaged Property securing a Serviced Mortgage Loan or an REO Property, including, in the case of each of such clause (a) and clause (b), but not limited to, (x) the cost of (i) compliance with the Master Servicer’s obligations set forth in Section 3.04, (ii) the preservation, restoration and protection of a Mortgaged Property, (iii) obtaining any Insurance and Condemnation Proceeds or any Liquidation Proceeds of the nature described in clauses (i) –(vi) of the definition of “Liquidation Proceeds,” (iv) any enforcement or judicial proceedings with respect to a Mortgaged Property, including foreclosures and (v) the operation, leasing, management, maintenance and liquidation of any REO Property and (y) any amount specifically designated herein to be paid as a “Servicing Advance”.  Notwithstanding anything to the contrary, “Servicing Advances” shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property.  None of the Master Servicer, the Special Servicer or the Trustee shall make any Servicing Advance in connection with the exercise of any cure rights or purchase rights granted to the holder of a Companion Loan under the related Intercreditor Agreement or this Agreement.

 

“Servicing Compensation”:  With respect to any Collection Period, the related Servicing Fee, Net Prepayment Interest Excess, if any, and any other fees, charges or other amounts payable to the Master Servicer under this Agreement for such period.

 

 




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

 

“Servicing Fee”:  With respect to each Mortgage Loan or Serviced Companion Loan and for any Distribution Date, an amount per Interest Accrual Period equal to the product of (i) the respective Servicing Fee Rate (adjusted to a monthly rate) and (ii) the Stated Principal Balance of such Mortgage Loan or Serviced Companion Loan as of the Due Date in the immediately preceding Collection Period (without giving effect to payments of principal on such Mortgage Loan or Serviced Pari Passu Companion Loan on such Due Date).  The Servicing Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement.  For the avoidance of doubt, with respect to each Mortgage Loan, the Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“Servicing Fee Amount”:  With respect to the Master Servicer and any date of determination, the aggregate of the products obtained by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan, (a) the Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the end of the immediately preceding Collection Period and (b) the difference between the Servicing Fee Rate for such Mortgage Loan or Serviced Pari Passu Companion Loan over the servicing fee rate (if any) applicable to such Mortgage Loan or Serviced Pari Passu Companion Loan as specified in any Sub-Servicing Agreement related to such Mortgage Loan or Serviced Pari Passu Companion Loan.  With respect to each Sub-Servicer and any date of determination, the aggregate of the products obtained by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan serviced by such Sub-Servicer, (a) the Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the end of the immediately preceding Collection Period and (b) the servicing fee rate specified in the related Sub-Servicing Agreement for such Mortgage Loan or the Serviced Pari Passu Whole Loan.

 

“Servicing Fee Rate”:  (A) With respect to each Mortgage Loan and Trust Subordinate Companion Loan, the sum of the Master Servicing Fee Rate and the related Primary Servicing Fee Rate, if any, which rates per annum are set forth on Exhibit B to this Agreement, and (B) with respect to each Serviced Companion Loan, the rate set forth on Exhibit B to this Agreement under the column labeled “Primary Servicing Fee Rate”.

 

“Servicing File”:  As defined in the related Mortgage Loan Purchase Agreement and including any original or copy of any replacement comfort letter related to any hospitality property following receipt thereof by the Master Servicer.

 

“Servicing Function Participant”:  Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, that, within the meaning of Item 1122 of Regulation AB, is performing activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans (based on their Stated Principal Balance) or the Master Servicer has assumed responsibility for the servicing activity, as provided for under Regulation AB.  No Non-Serviced Mortgage Loan Service Provider shall be a Servicing Function Participant retained by any Servicing Function Participant that is a party to this Agreement, unless such party is a Servicing Function Participant in connection with its servicing obligations under this Agreement.

 

 




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

 

“Servicing Shift Lead Note”:  With respect to each Servicing Shift Whole Loan, as of any date of determination, the note or other evidence of indebtedness and/or agreements evidencing the indebtedness of the related Borrower under the related Servicing Shift Whole Loan including any amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the related Other Securitization will cause servicing to shift from this Agreement to the related Other Pooling and Servicing Agreement pursuant to the terms of the related Intercreditor Agreement for such Servicing Shift Whole Loan.

 

“Servicing Shift Mortgage Loan” With respect to each Servicing Shift Whole Loan, the related Mortgage Loan included in the Trust Fund that will be serviced under this Agreement as of the Closing Date, but the servicing of which is expected to shift to the pooling and servicing agreement entered into in connection with the securitization of the related Controlling Companion Loan on and after the date of such securitization.

 

“Servicing Shift Securitization Date”:  With respect to each Servicing Shift Whole Loan, the date on which the related Servicing Shift Lead Note (or Controlling Companion Loan) is included in a related Other Securitization, provided that such holder of such Servicing Shift Lead Note (or Controlling Companion Loan) provides each of the parties to this Agreement (in each case only to the extent such party will not also be a party to the related Other Securitization) with notice in accordance with the terms of the related Intercreditor Agreement that such Servicing Shift Lead Note (or Controlling Companion Loan) is to be included in such Other Securitization, which notice shall include contact information for each party to the related Other Pooling and Servicing Agreement and the identity of the other related “controlling class representative” (or analogous term).  For the avoidance of doubt, there is no Whole Loan related to the Trust that will have a Servicing Shift Securitization Date.

 

“Servicing Shift Whole Loan”:  A Whole Loan that is serviced and administered pursuant to this Agreement as of the Closing Date, which includes the related Servicing Shift Mortgage Loan included in the Trust Fund and one or more Pari Passu Companion Loans not included in the Trust Fund, but the servicing of which is expected to shift to the pooling and servicing agreement or other servicing agreement entered into in connection with the securitization of the related Servicing Shift Lead Note on and after the date of such Securitization.  As of the Closing Date, each Whole Loan identified as a “Servicing Shift Whole Loan” under the heading “Whole Loan Type” in the Preliminary Statement hereto is a Serviced Whole Loan. After the related Servicing Shift Securitization Date, such Servicing Shift Whole Loan will cease to be a Serviced Whole Loan.

 

 




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“Servicing Standard”:  With respect to the Master Servicer and the Special Servicer, to diligently service and administer the applicable Serviced Mortgage Loans and any related Serviced Companion Loans, Specially Serviced Loans and Serviced REO Loans for which each is responsible in the best interests of and for the benefit of all of the Certificateholders and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with any related Subordinate Companion Loan(s), taking into account the subordinate nature of such Subordinate Companion Loan(s)), as determined by the Master Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment) in accordance with applicable law, the terms of this Agreement, the applicable Loan Documents and any related Intercreditor Agreement, and to the extent consistent with the foregoing, in accordance with the higher of the following standards of care:

 

(a)            the same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers similar mortgage loans for other third-party portfolios, and

 

(b)            the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers similar mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may be.

 

In either case, with a view to the timely recovery of all payments of principal and interest under the applicable Mortgage Loans or Serviced Whole Loans or, in the case of a Specially Serviced Loan or an REO Property, the maximization of timely recovery of principal and interest on a net present value basis (determined in accordance with the Loan Documents or, if the Loan Documents are silent, at the Calculation Rate) on the applicable Mortgage Loans or Serviced Whole Loans, and the best interests of the Trust, the Certificateholders and the RR Interest Owner and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, as a collective whole as if such Certificateholders and RR Interest Owner and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the pari passu or subordinate nature of such Subordinate Companion Loan), as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment in either case, giving due consideration to the customary and usual standards of practice of prudent institutional commercial, multifamily and manufactured housing community mortgage loan servicers, but without regard to any potential conflict of interest arising from (a) any relationship that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate of the Master Servicer or the Special Servicer, may have with the related Borrower, any Mortgage Loan Seller, any other party to this Agreement or any Affiliate of the foregoing; (b) the ownership of any Certificate or any interest in any Non-Serviced Companion Loan, Serviced Companion Loan or any mezzanine loan or subordinate debt relating to a Mortgage Loan by the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; (c) the Master Servicer’s obligation, if any, to make Advances; (d) the Master Servicer’s or the Special Servicer’s, as the case may be, right to receive compensation or reimbursement of costs for its services hereunder or with respect to any particular transaction; (e) the ownership,

 

 




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servicing or management for others of any other mortgage loans, subordinate debt, mezzanine loans or mortgaged properties not covered by this Agreement by the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable; (f) any debt that the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable, has extended to any Borrower or an Affiliate of any Borrower (including, without limitation, any mezzanine financing); (g) any option to purchase any Mortgage Loan or the related Companion Loan the Master Servicer or Special Servicer, as the case may be, or any of its affiliates may have; (h) any obligation of the Master Servicer, the Special Servicer or one of their respective Affiliates, to repurchase or substitute for a Mortgage Loan as Mortgage Loan Seller (if the Master Servicer or the Special Servicer or one of their respective affiliates is a Mortgage Loan Seller).

 

“Servicing Transfer Event”:  An event specified in the definition of Specially Serviced Loan.

 

“Significant Obligor”:  (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan or group of cross-collateralized and/or cross-defaulted Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance as of the Cut-off Date).  For the avoidance of doubt, as of the Closing Date, there are no Significant Obligors relating to the Trust.

 

“Significant Obligor NOI Quarterly Filing Deadline”:  With respect to each calendar quarter (other than the fourth calendar quarter of any calendar year), the date that is fifteen (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. 

 

“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 5.02(k) of this Agreement.

 

“Small Loan Appraisal Estimate”:  With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan having a Stated Principal Balance of less than $2,000,000, the Special Servicer’s good faith estimate of the value of the Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, as certified to the Master Servicer by the Special Servicer.

 

“Special Notice”:  Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement and (b) notice of any request by at least 25% of the Voting Rights of the Certificates or 25% of the Pooled Voting Rights of Pooled Certificates, as applicable, to terminate and replace the Special Servicer pursuant to Section 3.22(d) of this Agreement.

 

 




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“Special Servicer”: With respect to (i) each of the Serviced Mortgage Loans (other than any Excluded Special Servicer Loan) and any related Serviced Companion Loans, Midland Loan Services, a Division of PNC Bank, National Association, a national banking association or its successor in interest, or any successor special servicer appointed as provided herein and (ii) with respect to any Excluded Special Servicer Loan, if any, the related Excluded Special Servicer appointed pursuant to Section 3.22(j) of this Agreement, as applicable and as the context may require.

 

“Special Servicer Major Decision”: Any Major Decision under clauses (1)(a)(i), (1)(a)(ii), (1)(a)(iii)(C), (1)(b)(ii) and (1)(e) through (1)(n).

 

“Special Servicer Non-Major Decision”:  With respect to any Performing Loan, (other than a Non-Serviced Mortgage Loan), the following actions shall be subject to the Special Servicer’s processing and consent or, if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall process such request subject to the consent of the Special Servicer:

 

(a)            waivers regarding receipt of financial statements (other than immaterial timing waivers); and

 

(b)            decisions regarding whether or not to cure a ground lease.

 

“Special Servicer Servicing Personnel”:  The divisions and individuals of any Special Servicer who are involved in the performance of the duties of such Special Servicer under this Agreement.

 

“Special Servicer Termination Event”:  As defined in Section 7.01(b) of this Agreement.

 

“Special Servicing Compensation”:  With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any of the Special Servicing Fee, Workout Fee, Liquidation Fee and any other fees, charges or other amounts which shall be due to the Special Servicer that are expressly provided for in Section 3.12 of this Agreement.

 

“Special Servicing Fee”:  With respect to each Specially Serviced Loan (or Serviced REO Loan) for each calendar month (or portion thereof), the fraction of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same interest accrual methodology that is applied with respect to the Mortgage Rate for such Mortgage Loan (or Trust Subordinate Companion Loan) for such month) multiplied by the Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to all payments of principal on such Specially Serviced Loan or Serviced REO Loan on such Due Date) in the Collection Period prior to such Distribution Date (or, in the event that a Principal Prepayment in full or an event described in clauses (i)-(vii) under the definition of Liquidation Proceeds has occurred with respect to any such Specially Serviced Loan or Serviced REO Loan on a date that is not a Due Date, on the basis of the actual number of days to elapse from and including the most recently preceding related Due Date to but excluding the date of such Principal Prepayment or Liquidation Proceeds event in a month consisting of 30 days).  For the

 

 




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avoidance of doubt, the Special Servicing Fee shall be deemed to be paid from the Lower-Tier REMIC with respect to the Mortgage Loans.

 

“Special Servicing Fee Rate”:  A rate equal to 0.25000% per annum.

 

“Specially Serviced Loan”:  Subject to Section 3.23 of this Agreement, any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan with respect to which:

 

(a)            either (i) with respect to such Mortgage Loan or Serviced Companion Loan, other than a Balloon Loan, a payment default shall have occurred on such Mortgage Loan or Serviced Companion Loan at its Maturity Date or, if the Maturity Date of such Mortgage Loan or Serviced Companion Loan has been extended in accordance herewith, a payment default occurs on such Mortgage Loan or Serviced Companion Loan at its extended Maturity Date or (ii) with respect to a Balloon Loan, a payment default shall have occurred with respect to the related Balloon Payment; provided that if (A) the related Borrower is diligently seeking a refinancing or sale of the related Mortgaged Property or Mortgaged Properties and delivers, on or before the related Maturity Date or extended Maturity Date, a statement to that effect, and delivers, on or before the related Maturity Date or extended Maturity Date, a refinancing commitment, letter of intent or otherwise binding application for refinancing from an acceptable lender or a signed purchase agreement reasonably acceptable to the Master Servicer (who shall promptly deliver a copy to the Special Servicer and the Directing Holder (but only for so long as no Consultation Termination Event is continuing)), (B) the related Borrower continues to make its Assumed Scheduled Payment, and (C) no other Servicing Transfer Event shall have occurred with respect to such Mortgage Loan or Serviced Companion Loan, then a Servicing Transfer Event will not occur until the earlier of (1) 120 days beyond the related Maturity Date or extended Maturity Date and (2) the termination of the refinancing commitment, letter of intent, otherwise binding application for refinancing or signed purchase agreement;

 

(b)            any Periodic Payment (other than a Balloon Payment or any other payment due under clause (a)(i) above in this definition), or any amount due on a monthly basis as an Escrow Payment or reserve funds, is 60 days or more delinquent;

 

(c)            the Master Servicer determines in its reasonable business judgment, exercised in accordance with the Servicing Standard, that (x) a default consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant risk of such default or (y) any other default that is likely to impair the use or marketability of the related Mortgaged Property or the value of the Mortgaged Property as security for the Mortgage Loan or, if applicable, Serviced Companion Loan is reasonably foreseeable or there is a significant risk of such default, which monetary or other default, in either case, would likely continue unremedied beyond the applicable grace period (or, if no grace period is specified, for a period of 60 days) and is not likely to be cured by the related Borrower within 60 days or, except as provided in clause (a)(ii) above, in the case of a Balloon Payment, for at least 30 days;

 

 




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(d)       the related Borrower has become the subject of a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs;

 

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

 

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

 

(g)       a default, of which the Master Servicer or Special Servicer has notice (other than a failure by such related Borrower to pay principal or interest) and which in the opinion of the Master Servicer or Special Servicer materially and adversely affects the interests of the Certificateholders and the RR Interest Owner or any holder of a Serviced Companion Loan, if applicable, occurs and remains unremedied for the applicable grace period specified in the Loan Documents for such Mortgage Loan or Serviced Companion Loan (or if no grace period is specified for those defaults which are capable of cure, 60 days); or

 

(h)       the Master Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the related Mortgaged Property (each of clause (a) through (h), a “Servicing Transfer Event”);

 

provided that such Mortgage Loan or Serviced Companion Loan will cease to be a Specially Serviced Loan (each, a “Corrected Mortgage Loan”) (i) with respect to the circumstances described in clauses (a) and (b) above, when the related Borrower thereunder has brought such Mortgage Loan or Serviced Companion Loan current and thereafter made three consecutive full and timely Periodic Payments, including pursuant to any workout of such Mortgage Loan or Serviced Companion Loan, (ii) with respect to the circumstances described in clauses (c), (d), (e), (f) and (h) above, when such circumstances cease to exist in the good faith judgment of the Special Servicer, or (iii) with respect to the circumstances described in clause (g) above, when such default is cured (as determined by the Special Servicer in accordance with the Servicing Standard) or waived by the Special Servicer; provided that, in each case, at that time no circumstance exists (as described above) that would cause such Mortgage Loan or Serviced Companion Loan to continue to be characterized as a Specially Serviced Loan.

 

Notwithstanding anything to the contrary in the definition of Servicing Transfer Event, no event, circumstance or action that has occurred or will occur with respect to a COVID Modified Loan (other than an event described in clauses (iv), (v) or (viii) of the definition of “Servicing Transfer Event”) will constitute a Servicing Transfer Event under

 

 




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the Pooling and Servicing Agreement, but only if, and for so long as, the related borrower is in compliance with the terms of the related COVID Modification Agreement.

 

Notwithstanding the foregoing, the Special Servicer may elect to deliver a written notice to the Master Servicer that a Mortgage Loan should be a Specially Serviced Loan as a result of reasonably foreseeable default under clause (c) above. Upon receipt of any such written notice, the Master Servicer shall deliver an Officer’s Certificate to each of the depositor and the special servicer with its determination of whether to transfer such Mortgage Loan to special servicing under clause (c) above and the reasons for such determination, and such determination will be conclusive with respect to a servicing transfer at that time.

 

If a Servicing Transfer Event exists with respect to any Mortgage Loan included in a Serviced Whole Loan, then it will also be deemed to exist with respect to the related Serviced Companion Loans, and vice versa.

 

“Startup Day”:  In the case of the Upper-Tier REMIC, the Trust Subordinate Companion Loan REMICs and the Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a) of this Agreement.

 

“Stated Principal Balance”:  With respect to any Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan and each Trust Subordinate Companion Loan, as applicable, on any date of determination, the principal balance as of the Cut-off Date of such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan (or in the case of a Replacement Mortgage Loan, the outstanding principal balance as of the related date of substitution and after application of all scheduled payments of principal and interest due on or before the related Due Date in the month of substitution, whether or not received) (or in the case of either Trust Subordinate Companion Loan, the unpaid principal balance of such Trust Subordinate Companion Loan after application of all scheduled payments of principal and interest due during or prior to the month of substitution, whether or not received), as reduced (to not less than zero) on each Distribution Date by (i) all payments (or P&I Advances in lieu thereof) of, and all other collections allocated as provided in Section 1.02 of this Agreement to, principal of or with respect to such Mortgage Loan, Trust Subordinate Companion Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, that are distributed to the Certificateholders on such Distribution Date or Serviced Companion Loan Noteholders on the related remittance date in the same calendar month as such Distribution Date or applied to any other payments required under this Agreement or related Intercreditor Agreement on or prior to such Distribution Date, and (ii) any principal forgiven by the Special Servicer (or with respect to a Non-Serviced Mortgage Loan, by the related Other Special Servicer or other applicable servicer) and other principal losses realized in respect of such Mortgage Loan, Trust Subordinate Companion Loan, Serviced Companion Loan or Serviced Whole Loan during the related Collection Period (or with respect to a Non-Serviced Mortgage Loan, other principal losses realized in respect of such Non-Serviced Mortgage Loan during the related Collection Period as determined in accordance with the terms of the Other Pooling and Servicing Agreement).

 

A Mortgage Loan or any related REO Loan and the Trust Subordinate Companion Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until the Distribution Date on which Liquidation Proceeds, if any, are to be (or, if no

 

 




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such Liquidation Proceeds are received, would have been) distributed to Certificateholders.  The Stated Principal Balance of any Mortgage Loan, Trust Subordinate Companion Loan or Serviced Whole Loan with respect to which the Master Servicer or Special Servicer has made a Final Recovery Determination is zero.

 

“Sub-Servicer”:  Any Person engaged by the Master Servicer or the Special Servicer (including, for the avoidance of doubt, each Mortgage Loan Seller Sub-Servicer and any primary servicer) to perform servicing activities with respect to one or more Mortgage Loans or REO Loans.

 

“Sub-Servicing Agreement”:  The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer, on the other hand, relating to servicing and administration of the Mortgage Loans as provided in Section 3.01(c) of this Agreement.

 

“Sub-Servicing Entity”:  As defined in Section 7.01(a)(ix) of this Agreement.

 

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

 

“Subordinate Companion Loan”:  With respect to any Whole Loan, any related subordinated loan not included in the Trust, which is subordinated in right of payment to the related Mortgage Loan to the extent set forth in the related Intercreditor Agreement, which are identified as “Subordinate” in the chart entitled “Whole Loans” in the Preliminary Statement.

 

“Subsequent Asset Status Report”: As defined in Section 3.23(e) of this Agreement.

 

“Subsequent Notice”: As defined in Section 3.23(e) of this Agreement.

 

“Substitution Shortfall Amount”:  In connection with the substitution of one or more Replacement Mortgage Loans for one or more Removed Mortgage Loans, the amount, if any, by which the Purchase Price or aggregate Purchase Price, as the case may be, for such Removed Mortgage Loan(s) exceeds the initial Stated Principal Balance or aggregate initial Stated Principal Balance, as the case may be, of such Replacement Mortgage Loan(s).

 

“Tower 333 Aggregate Principal Distribution Amount”:  For any Distribution Date, an amount equal to the sum of the following amounts:

 

(A)       the Tower 333 Scheduled Principal Distribution Amount for such Distribution Date; and

 

(B)       the Tower 333 Unscheduled Principal Distribution Amount for such Distribution Date;

 

 




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provided that the Tower 333 Aggregate Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of any reimbursements of:

 

(A)       Nonrecoverable Advances, with interest on such Nonrecoverable Advances at the Reimbursement Rate, that are paid or reimbursed from principal collections on the Trust Subordinate Companion Loans in a period during which such principal collections would have otherwise been included in the Tower 333 Aggregate Principal Distribution Amount for such Distribution Date; and

 

(B)       Workout Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Trust Subordinate Companion Loans in a period during which such principal collections would have otherwise been included in the Tower 333 Aggregate Principal Distribution Amount for such Distribution Date;

 

provided, further, that, in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections on the related Trust Subordinate Companion Loan (including the portion of the REO Loan allocable to the related Trust Subordinate Companion Loan) are subsequently recovered on the related Trust Subordinate Companion Loan (or the portion of the REO Loan allocable to the related Trust Subordinate Companion Loan), such recovery will increase the Tower 333 Aggregate Principal Distribution Amount for the Distribution Date related to the period in which such recovery occurs.

 

“Tower 333 Assumed Scheduled Payment”:  For any Collection Period and with respect to the related Trust Subordinate Companion Loan that is delinquent in respect of its Balloon Payment or any REO Loan relating to the related Trust Subordinate Companion Loan (excluding, for purposes of determining or making P&I Advances, the portion allocable to the Tower 333 Mortgage Loan), an amount equal to the sum of (a) the principal portion of the Periodic Payment that would have been due on such Trust Subordinate Companion Loan or portion of the REO Loan allocable to such Trust Subordinate Companion Loan) on the related Due Date based on the constant Periodic Payment or the original amortization schedule of the related Trust Subordinate Companion Loan (as calculated with interest at the related Mortgage Rate) (if any), assuming such Balloon Payment had not become due, after giving effect to any reduction in the principal balance thereof occurring in connection with a modification of such Trust Subordinate Companion Loan or REO Loan in connection with a default or a bankruptcy modification (or similar proceeding), and (b) interest on the Stated Principal Balance of such Trust Subordinate Companion Loan (excluding, for purposes of determining or making P&I Advances, the portion allocable to the Tower 333 Mortgage Loans) at the applicable Mortgage Rate (net of interest at the related Servicing Fee Rate).

 

“Tower 333 Available Funds”:  With respect to any Distribution Date, an amount equal to the sum of (without duplication) (which, for the avoidance of doubt, will not include any amounts received in respect of the Mortgage Loans, the BX Industrial Portfolio Trust Subordinate Companion Loan or the 825 South Hill Trust Subordinate Companion Loan):

 

(a)            the aggregate amount of all cash received on the related Trust Subordinate Companion Loan (including the portion of Loss of Value Payments deposited into the

 

 




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Collection Account pursuant to Section 3.06(e) of this Agreement) and any related REO Property (including Compensating Interest Payments with respect to the related Trust Subordinate Companion Loan required to be deposited by the Master Servicer pursuant to Section 3.17(b)) on deposit in or credited to any portion of the Collection Account (in each case, exclusive of any amount on deposit in or credited to any portion of the Collection Account that is held for the benefit of the holders of any Mortgage Loan, any other Companion Loan Noteholder or the holders of the Pooled Certificates or the VRR Interest Owners), as of the close of business on the related Master Servicer Remittance Date, exclusive of (without duplication):

 

(i)    all Periodic Payments and Balloon Payments paid by the Borrower related to the Trust Subordinate Companion Loans that are due on a Due Date after the end of the related Collection Period (without regard to any grace period), excluding Excess Interest and interest relating to periods prior to, but due after, the Cut-off Date;

 

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

 

(iii)   all amounts in the Collection Account that are due or reimbursable to any Person other than the related Loan-Specific Certificateholders or the Class R Certificateholders pursuant to clauses (ii) through (xv), inclusive, of Section 3.06(a) of this Agreement;

 

(iv)    all Excess Interest allocable to the Tower 333 Trust Subordinate Companion Loan (which is distributed to the Holders of the T333-VRR Interest Owners);

 

(v)    
with respect to any Distribution Date occurring in (1) each February or (2) any January occurring in a year that is
not a leap year (unless such Distribution Date is the final Distribution Date), the related Withheld Amounts related to the
related Trust Subordinate Companion Loan to the extent such amounts are on deposit in the Collection Account pursuant to Section 3.05(e)
of this Agreement;

 

(vi)    all Yield Maintenance Charges and Prepayment Premiums allocable to the related Trust Subordinate Companion Loan;

 

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

 

 




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(viii)                all Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement and allocable to the related Trust Subordinate Companion Loan;

 

(b)            if and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Account allocable to the related Trust Subordinate Companion Loan to the Collection Account for such Distribution Date pursuant to Section 3.15(b);

 

(c)             P&I Advances on the related Trust Subordinate Companion Loan made by the Master Servicer or the Trustee, as applicable, for such Distribution Date (net of the related Certificate Administrator/Trustee Fee with respect to such Trust Subordinate Companion Loan for which such P&I Advances are made);

 

(d)             with respect to any Distribution Date occurring in each March (or February, if the related Distribution Date is the final Distribution Date), the Withheld Amounts related to the Tower 333 Trust Subordinate Companion Loan remitted to the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account pursuant to Section 3.07; and

 

(e)            the aggregate amount of Tower 333 Gain-on-Sale Proceeds transferred to the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account from the Tower 333 Gain-on-Sale Reserve Account for distribution on the subject Distribution Date pursuant to Section 4.01(k).

 

Notwithstanding the investment of funds held in the Collection Account or the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account pursuant to Section 3.07 of this Agreement, for purposes of calculating the Tower 333 Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

“Tower 333 Control Appraisal Period”:  With respect to the Tower 333 Whole Loans, a Tower 333 Note B Holder Control Appraisal Period or a Tower 333 Note C Holder Control Appraisal Period, as applicable.

 

“Tower 333 Control Eligible Certificates”: Any of the Class T333-A, Class T333-B, Class T333-C and Class T333-D Certificates.

 

“Tower 333 Controlling Class”:  As of any date of determination, the most subordinate Class of Tower 333 Control Eligible Certificates then-outstanding that has a then aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to such Class in accordance with Section 4.08(a) of this Agreement), at least equal to 25% of the initial Certificate Balance of that Class; provided that if at any time the Certificate Balance of the Class T333-D Certificates have been reduced to zero as a result of the allocation of principal payments on the Trust Subordinate Companion Loans, then the “Tower 333 Controlling Class” shall be the most subordinate class of Tower 333 Control Eligible Certificates that has an aggregate Certificate Balance greater than zero without regard to the application of Appraisal Reduction Amounts (or any Collateral Deficiency Amount) to notionally reduce the Certificate Balance of such Class. 

 

 




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“Tower 333 Controlling Class Certificateholders”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Tower 333 Controlling Class as determined by the Certificate Registrar, from time to time, upon request by any party hereto.

 

“Tower 333 Controlling Class Representative”:  The Tower 333 Controlling Class Representative shall be the Tower 333 Controlling Class Certificateholder (or a representative thereof) selected by more than 50% of the Tower 333 Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from time to time; provided, however, that (i) absent that selection, or (ii) until a Tower 333 Controlling Class Representative is so selected, or (iii) upon receipt of a notice from a majority of the Tower 333 Controlling Class Certificateholders, by Certificate Balance, that a Tower 333 Controlling Class Representative is no longer designated, then the Tower 333 Controlling Class Certificateholder that represents that it owns the largest aggregate Certificate Balance of the Tower 333 Controlling Class (with evidence of ownership) or a representative thereof, will be the Tower 333 Controlling Class Representative; provided, however, that (1) in the case of this clause (iii), in the event that no one Holder owns the largest aggregate Certificate Balance of the Tower 333 Controlling Class, then there will be no Tower 333 Controlling Class Representative until appointed in accordance with the terms of this Agreement, and (2) the Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of the Tower 333 Controlling Class Representative has not changed until such parties receive written notice of a replacement of the Tower 333 Controlling Class Representative from a party holding the requisite interest in the Tower 333 Controlling Class, or the resignation of the then-current Tower 333 Controlling Class Representative.

 

During the continuance of a Tower 333 Note B Control Appraisal Period and a Tower 333 Note C Control Appraisal Period, there will be no Tower 333 Controlling Class Representative.  The Depositor shall promptly provide the name and contact information for the initial Tower 333 Controlling Class Representative 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.

 

“Tower 333 Gain-on-Sale Proceeds”:  Any Gain-on-Sale Proceeds collected on or in respect of the related Trust Subordinate Companion Loan.

 

“Tower 333 Gain-on-Sale Reserve Account”:  A custodial account or accounts (or subaccount of the Distribution Account) created and maintained by the Certificate Administrator, pursuant to Section 3.05(n) on behalf of the Trustee for the benefit of the Tower 333 Loan-Specific Certificateholders, which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee and for the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, Tower 333 Gain-on-Sale Reserve Account”. Any such account shall be an Eligible Account or a subaccount of an Eligible Account and will be an asset of the Tower 333 Trust Subordinate Companion Loan REMIC.

 

“Tower 333 Intercreditor Agreements”:  That certain Agreement between Noteholders, dated as of May 5, 2020, by and between the holder of the Tower 333 Mortgage Loan, the holder of the related Trust Subordinate Companion Loan and the holders of the related

 

 




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Tower 333 Pari Passu Companion Loans, relating to the relative rights of such holders of the Tower 333 Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“Tower 333 Interest Accrual Amount”:  With respect to any Distribution Date and any Class of Tower 333 Loan-Specific Certificates, an amount equal to the interest for the related Interest Accrual Period accrued at the Pass-Through Rate for such Class on the Certificate Balance for such Class immediately prior to such Distribution Date.  Calculations of interest due for each Interest Accrual Period in respect of such Classes of Tower 333 Non-VRR Certificates shall be made on the basis of a 360-day year consisting of twelve 30-day months.

 

“Tower 333 Interest Distribution Amount”:  With respect to any Distribution Date and each Class of Tower 333 Loan-Specific Certificates, an amount equal to (A) the sum of (i) the Tower 333 Interest Accrual Amount with respect to such Class for such Distribution Date and (ii) the Tower 333 Interest Shortfall, if any, with respect to such Class for such Distribution Date, less (B) any Excess Prepayment Interest Shortfall allocated to such Class on such Distribution Date pursuant to the paragraph below.

 

For purposes of clause (B) above, the Excess Prepayment Interest Shortfalls allocated to the Tower 333 Trust Subordinate Companion Loan, if any, for each Distribution Date shall be allocated to each Class of Tower 333 Loan-Specific Certificates in an amount equal to the product of (i) the amount of such Excess Prepayment Interest Shortfalls and (ii) a fraction, the numerator of which is the Interest Accrual Amount for such Class of related Loan-Specific Certificates for such Distribution Date and the denominator of which is the aggregate Interest Accrual Amounts for all Classes of related Loan-Specific Certificates for such Distribution Date.

 

“Tower 333 Interest Shortfall”: On any Distribution Date for any Class of Tower 333 Loan-Specific Certificates, the amount of interest required to be distributed to the Holders of such Class pursuant to Section 4.01(d) of this Agreement on such Distribution Date minus the amount of interest actually distributed to such Holders pursuant to such Section, if any.

 

“Tower 333 Loan-Specific Certificateholder”:  A Certificateholder of a Tower 333 Loan-Specific Certificate.

 

“Tower 333 Loan-Specific Certificates”: The Class T333-A, Class T333-B, Class T333-C and Class T333-D Certificates and the T333-VRR Interest, collectively.  The Loan-Specific Certificates will be sold by the Depositor to the Loan-Specific Initial Purchasers.

 

“Tower 333 Loan-Specific Directing Holder”: With respect to the Tower 333 Whole Loan, (i) prior to a Tower 333 Note C Control Appraisal Period, the holder of the Tower 333 Non-Trust Junior Subordinate Companion Loan, (ii) if a Tower 333 Note C Control Appraisal Period has occurred and is continuing and prior to a Tower 333 Note B Control Appraisal Period, the Tower 333 Controlling Class Representative and (iii) if both a Tower 333 Note C Control Appraisal Period and a Tower 333 B Control Appraisal Period have occurred and are continuing, the Pooled Trust Directing Holder.

 

“Tower 333 Mortgage Loan”:  With respect to the Tower 333 Whole Loan, the Mortgage Loan that is included in the Trust (identified as Mortgage Loan No. 5 on the Mortgage

 

 




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Loan Schedule), which is designated as promissory notes A-3, A-4, A-5 and A-6. The related Trust Subordinate Companion Loan is subordinate to the Tower 333 Mortgage Loan.  

 

“Tower 333 Mortgaged Properties”:  The Mortgaged Properties which secure the Tower 333 Whole Loan.

 

“Tower 333 Non-Trust Junior Subordinate Companion Loan”:  With respect to the Tower 333 Whole Loan, the Companion Loan evidenced by the promissory note C made by the related Mortgagor and secured by the Mortgage on the Tower 333 Mortgaged Property, which is not included in the Trust and which is subordinate in right of payment to the Tower 333 Mortgage Loan and the Tower 333 Trust Subordinate Companion Loan to the extent set forth in the related Mortgage Loan documents and as provided in the related Tower 333 Intercreditor Agreement.

 

“Tower 333 Non-VRR Certificates”:  The Class T333-A, Class T333-B, Class T333-C and Class T333-D Certificates, collectively.

 

“Tower 333 Non-VRR Percentage”:  An amount expressed as a percentage equal to 100% less the T333-VRR Percentage.  For the avoidance of doubt, at all times, the sum of the T333-VRR Percentage and the Tower 333 Non-VRR Percentage shall equal 100%.

 

“Tower 333 Non-VRR Realized Loss”:  With respect to the Tower 333 Trust Subordinate Companion Loan and any Distribution Date, is the amount, if any, by which (i) the product of (A) the Tower 333 Non-VRR Percentage and (B) the Stated Principal Balance of the Tower 333 Trust Subordinate Companion Loan (including the assumed Stated Principal Balance if the Tower 333 Trust Subordinate Companion Loan has become an REO Loan) as of the end of the last day of the related Collection Period, is less than (ii) the aggregate Certificate Balance of the Tower 333 Loan-Specific Certificates (other than the T333-VRR Interest) after giving effect to distributions of principal on that Distribution Date.

 

“Tower 333 Note B Control Appraisal Period”:   With respect to a Tower 333 Whole Loan, if and for so long as: (a) the initial principal balance of the related Tower 333 Trust Subordinate Companion Loan, minus (2) the sum (without duplication) of (x) any

 

 




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payments of principal (whether as principal prepayments or otherwise) allocated to, and received on, such Tower 333 Trust Subordinate Companion Loan after the date of creation of the Tower 333 Trust Subordinate Companion Loan, (y) any Appraisal Reduction Amount for the related Tower 333 Whole Loan that is allocated to such Tower 333 Trust Subordinate Companion Loan and (z) any losses realized with respect to the related Tower 333 Mortgaged Property or the related Tower 333 Whole Loan that are allocated to such Tower 333 Trust Subordinate Companion Loan, is less than (b) 25% of the remainder of (i) the initial principal balance of such Tower 333 Trust Subordinate Companion Loan less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the related Tower 333 Trust Subordinate Companion Loan Holder on such Tower 333 Trust Subordinate Companion Loan, after the date of creation of such Tower 333 Trust Subordinate Companion Loan.

 

“Tower 333 Note C Control Appraisal Period”:  With respect to a Tower 333 Whole Loan, if and for so long as: (a) the initial principal balance of the related Tower 333 Non-Trust Junior Subordinate Companion Loan, minus (2) the sum (without duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received on, such Tower 333 Non-Trust Junior Subordinate Companion Loan after the date of creation of such Tower 333 Non-Trust Junior Subordinate Companion Loan, (y) any Appraisal Reduction Amount for such Tower 333 Whole Loan that is allocated to such Tower 333 Non-Trust Junior Subordinate Companion Loan and (z) any losses realized with respect to the related Tower 333 Mortgaged Property or the related Tower 333 Whole Loan that are allocated to such Tower 333 Non-Trust Junior Subordinate Companion Loan, is less than (b) 25% of the remainder of (i) the initial principal balance of such Tower 333 Non-Trust Junior Subordinate Companion Loan less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the related holder of the Tower 333 Non-Trust Junior Subordinate Companion Loan on such Tower 333 Non-Trust Junior Subordinate Companion Loan, after the date of creation of such Tower 333 Non-Trust Junior Subordinate Companion Loan.

 

“Tower 333 Pari Passu Companion Loans”: Notes A-1 and A-2 with respect to the Tower 333 Whole Loan.

 

“Tower 333 Principal Distribution Amount”:  For any Distribution Date and the Tower 333 Loan-Specific Certificates, the sum of (i) the Tower 333 Principal Shortfall, if any, for the prior Distribution Date and (ii) the Tower 333 Non-VRR Percentage of the Tower 333 Aggregate Principal Distribution Amount for such Distribution Date.

 

“Tower 333 Principal Shortfall”:  For any Distribution Date, the amount, if any, by which (a) the Tower 333 Principal Distribution Amount for the preceding Distribution Date exceeds (b) the aggregate amount actually distributed on the preceding Distribution Date to holders of the Tower 333 Loan-Specific Certificates in respect of such Tower 333 Principal Distribution Amount.

 

“Tower 333 Realized Loss”:  With respect to the Tower 333 Trust Subordinate Companion Loan and any Distribution Date, the amount, if any, by which (i) the Stated Principal Balance of the Tower 333 Trust Subordinate Companion Loan, including the assumed Stated Principal Balance if the Tower 333 Trust Subordinate Companion Loan has become an REO Loan, as of the end of the last day of the related Collection Period, is less than (ii) the aggregate Certificate Balance of the related Loan-Specific Certificates after giving effect to distributions of principal on that Distribution Date. For purposes of this calculation, the Stated Principal Balance will not be reduced by the amount of principal payments received on the Tower 333 Trust Subordinate Companion Loan that were used to reimburse the Master Servicer or the Trustee from general collections of principal on the Tower 333 Trust Subordinate Companion Loan for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable Advances. 

 

“Tower 333 Scheduled Principal Distribution Amount”:  With respect to any Distribution Date and the Tower 333 Trust Subordinate Companion Loan, the aggregate of the principal portions of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Tower 333 Trust Subordinate Companion Loan due during or, if and to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution Date (and not previously distributed to Certificateholders), prior to, the related Collection Period and all Tower 333 Assumed Scheduled Payments with respect to the related Trust Subordinate Companion Loan for the related Collection Period, in each case to the extent

 

 




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either (i) paid by the related Borrower as of the related Determination Date (or, with respect to the Tower 333 Trust Subordinate Companion Loan with a Due Date occurring or a grace period ending after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the related Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon Payments with respect to the Tower 333 Trust Subordinate Companion Loan to the extent received on or prior to the related Determination Date (or, with respect to the Tower 333 Trust Subordinate Companion Loan with a Due Date occurring, or a grace period ending, after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the related Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

“Tower 333 Risk Retention Consultation Party”:  The party selected by DBNY, as holder of the T333-VRR Interest.  The Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of the Tower 333 Risk Retention Consultation Party has not changed until such parties receive written notice of a replacement of such Tower 333 Risk Retention Consultation Party from DBNY, as confirmed by the Certificate Registrar.  The initial Tower 333 Risk Retention Consultation Party shall be DBNY.

 

“Tower 333 T333-VRR Realized Loss”: With respect to the Tower 333 Trust Subordinate Companion Loan and each Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of the T333-VRR Interest, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product of (A) the T333-VRR Percentage and (B) the aggregate Stated Principal Balance of the related Trust Subordinate Companion Loan, including any REO Loan (but in each case, excluding the Tower 333 Pari Passu Companion Loans and the Tower 333 Non-Trust Junior Subordinate Companion Loan), as of the end of the last day of the related Collection Period.

 

“Tower 333 Trust Subordinate Companion Loan” The Companion Loan evidenced by the promissory note B made by the related Mortgagor and secured by the Mortgage on the Tower 333 Mortgaged Property, which are included in the Trust and which are subordinate in right of payment to the Tower 333 Mortgage Loan to the extent set forth in the related Loan documents and as provided in the related Tower 333 Intercreditor Agreement.

 

“Tower 333 Trust Subordinate Companion Loan REMIC”:  One of five separate REMICs comprising a portion of the Trust Fund, which consist of the Tower 333 Trust Subordinate Companion Loan and the proceeds thereof, any allocable portion of REO Property with respect thereto, the related portions of the REO Account, and the related Trust Subordinate Companion Loan REMIC Distribution Account.

 

“Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account”:  With respect to the Tower 333 Trust Subordinate Companion Loan, the segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2020-IG3, Tower 333 Trust

 

 




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Subordinate Companion Loan REMIC Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account.  The Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account shall be an asset of the Tower 333 Trust Subordinate Companion Loan REMIC.

 

“Tower 333 Trust Subordinate Companion Loan REMIC Principal Balance”:  With respect to any Class of Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests, initially will equal the original principal balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions of the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Amount allocable to principal and Tower 333 Realized Losses, as applicable, allocable thereto in all prior periods as described in Section 4.01(l) of this Agreement, such that at all times the Tower 333 Trust Subordinate Companion Loan REMIC Principal Balance of a Tower 333 Trust Subordinate Companion Loan REMIC Regular Interest shall equal the Certificate Balance of the Corresponding Certificates.

 

“Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests”:  Any of the Class LT333A, Class LT333B, Class LT333C, Class LT333D and LT333VRR Interests, as applicable.

 

“Tower 333 Unscheduled Principal Distribution Amount”:  With respect to any Distribution Date and the Tower 333 Trust Subordinate Companion Loan, the aggregate of the following:  (a) all Principal Prepayments received on the Tower 333 Trust Subordinate Companion Loan on or prior to the Determination Date and (b) the principal portion of any other collections (exclusive of payments by the related Borrower) received on the Tower 333 Trust Subordinate Companion Loan and any REO Properties on or prior to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds, net income, rents, and profits from REO Property or otherwise, that were identified and applied by the master servicer as recoveries of principal of the Tower 333 Trust Subordinate Companion Loan for which no Advance was previously made; provided that all such Liquidation Proceeds and Insurance Proceeds and Condemnation Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation Fees, any amount related to the Loss of Value Payments to the extent that such amount was transferred into the Collection Account during the related Collection Period, accrued interest on Advances and other additional trust fund expenses incurred in connection with the Tower 333 Trust Subordinate Companion Loan, thus reducing the Tower 333 Unscheduled Principal Distribution Amount.

 

“Tower 333 Whole Loan”:  The Tower 333 Mortgage Loan, the related Tower 333 Pari Passu Companion Loans, the related Trust Subordinate Companion Loan and the related Non-Trust Junior Subordinate Companion Loan, each of which is secured by the same Mortgage on the Tower 333 Mortgaged Property.  References herein to the Tower 333 Whole Loan shall be construed to refer to the aggregate indebtedness under the Tower 333 Mortgage Loan and the related Trust Subordinate Companion Loan.

 

“T333-VRR Allocation Percentage”: A fraction, expressed as a percentage, equal to the T333-VRR Percentage divided by the Tower 333 Non-VRR Percentage.

 

 




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“T333-VRR Available Funds”:  With respect to each Distribution Date, an amount equal to the product of the T333-VRR Percentage multiplied by the Tower 333 Available Funds for such Distribution Date.

 

“T333-VRR Interest Certificate”:  Any one of the Certificates with a “T333-VRR Interest” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“T333-VRR Interest”:  An interest in the Trust representing the right to receive the T333-VRR Interest Percentage of all amounts collected on the Tower 333 Trust Subordinate Companion Loan, net of all expenses of the Trust, and distributable on each Distribution Date to Holders of the related Loan-Specific Certificates and allocated to the T333-VRR Interest. The T333-VRR Interest evidences beneficial ownership of a “regular interest” in the Tower 333 Trust Subordinate Companion Loan REMIC for purposes of the REMIC Provisions.  For the avoidance of doubt, the parties hereto agree not to treat the T333-VRR Interest as a security under applicable law.

 

“T333-VRR Interest Distribution Amount”: With respect to each Distribution Date and the T333-VRR Interest, an amount equal to the product of (A) the T333-VRR Allocation Percentage and (B) the aggregate amount of interest distributed on the related Loan-Specific Certificates according to clauses First, Fourth, Seventh and Tenth of Section 4.01(d).

 

“T333-VRR Interest Owner”:  The Person who owns the T333-VRR Interest, as identified to the Certificate Administrator in writing.  At any time, there shall be only one T333-VRR Interest Owner.  DBNY is the T333-VRR Interest Owner as of the Closing Date.

 

“T333-VRR Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the T333-VRR Allocation Percentage and (B) the aggregate amount of principal distributed on the related Loan-Specific Certificates according to clauses Second, Fifth, Eighth and Eleventh of Section 4.01(d).

 

“T333-VRR Percentage”: As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the initial interest balance of the T333-VRR Interest, and the denominator of which is the aggregate initial Certificate Balance of all of the related Classes of Loan-Specific Certificates and the initial interest balance of the T333-VRR Interest.

 

“T333-VRR Realized Loss Interest Distribution Amount”:  With respect to any Distribution Date and the T333-VRR Interest, an amount equal to the product of (A) the T333-VRR Allocation Percentage and (B) the aggregate amount of interest on unreimbursed Realized Losses distributed to the Holders of the Tower 333 Non-VRR Certificates pursuant to Section 4.01(d)(iii), (vi), (ix) and (xii) on such Distribution Date.

 

“T333-VRR Regular Interests”:  As defined in the Preliminary Statement hereto.

 

“Tax Returns”:  The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss

 

 




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Allocation, or any successor forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC, the Lower-Tier REMIC and the Trust Subordinate Companion Loan REMICs due to its classification as a REMIC under the REMIC Provisions and the federal income tax return to be filed by the Certificate Administrator on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E, part I of subchapter J of the Code, together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing authority under any applicable provisions of federal law or Applicable State and Local Tax Law.

 

“Terminated Party”:  As defined in Section 7.01(e) of this Agreement.

 

“Terminating Party”:  As defined in Section 7.01(e) of this Agreement.

 

“Termination Date”:  The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01 of this Agreement.

 

“Third Party Appraiser”:  A Person performing an Appraisal.

 

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

 

“Transfer”:  Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

“Transfer Restriction Period”:  The period from the Closing Date to the conclusion of the earlier of:

 

(a) the latest of (i) the date on which the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced to 33.0% of the aggregate Cut-off Date Balance of the Mortgage Loans; (ii) the date on which the aggregate outstanding principal balance of the Principal Balance Certificates has been reduced to 33.0% of the aggregate outstanding principal balance of the Principal Balance Certificates as of the Cut-off Date; and (iii) two years after the Closing Date; and

 

(b) such time as when the Risk Retention Rule ceases to require the retention of risk with respect to the securitization of the Mortgage Loans contemplated by this Agreement, resulting from the repeal, amendment or modification of all or any portion of the Risk Retention Rule, as confirmed by an acknowledgment by the Retaining Sponsor.

 

With respect to each Trust Subordinate Companion Loan, this definition of “Transfer Restriction Period” above shall apply except that the term “Mortgage Loan” in this definition shall be replaced with “BX Industrial Portfolio Trust Subordinate Companion Loan”, “Tower 333 Trust Subordinate Companion Loan” or “825 South Hill Trust Subordinate Companion Loan”, as applicable, and “Principal Balance Certificates” shall be replaced with “BX Industrial Portfolio Loan-Specific Certificates”, “Tower 333 Loan-Specific Certificates” or “825 South Hill Loan-Specific Certificates”, as applicable.

 

 




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“Transferee Affidavit”:  As defined in Section 5.02(l)(ii) of this Agreement.

 

“Transferor Letter”:  As defined in Section 5.02(l)(ii) of this Agreement.

 

“Trust” or “Trust Fund”:  The corpus of the trust created hereby and to be administered hereunder, consisting of (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to this Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of JPMCB, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  For the avoidance of doubt, no Retained Defeasance Rights and Obligations will be an asset of the Trust.

 

“Trust Ledger”:  Amounts deposited in the Collection Account or a Serviced Whole Loan Collection Account and attributable to the Mortgage Loans or related Serviced Whole Loan, respectively, which are maintained pursuant to Section 3.06(a) and Section 3.06(b) of this Agreement, as applicable, and held on behalf of the Trustee on behalf of the Certificateholders or held on behalf of the Trustee on behalf of the Certificateholders and related Companion Loan Noteholders, as applicable.

 

“Trust REMICs”:  The Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate Companion Loan REMICs.

 

“Trust Subordinate Companion Loans”:  With respect to (a) the BX Industrial Portfolio Whole Loan, the BX Industrial Portfolio Trust Subordinate Companion Loan, (b) the

 

 




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Tower 333 Whole Loan, the Tower 333 Trust Subordinate Companion Loan and (c) the 825 South Hill Whole Loan, the 825 South Hill Trust Subordinate Companion Loan.

 

“Trust Subordinate Companion Loan REMIC”: Any of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC, the Tower 333 Trust Subordinate Companion Loan REMIC or the 825 South Hill Trust Subordinate Companion Loan REMIC.

 

“Trust Subordinate Companion Loan REMIC Distribution Account”: Any of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account,  the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account or the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account.

 

“Trust Subordinate Companion Loan REMIC Principal Balance”: Any of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Principal Balance,  the Tower 333 Trust Subordinate Companion Loan REMIC Principal Balance or the 825 South Hill Trust Subordinate Companion Loan REMIC Principal Balance.

 

“Trust Subordinate Companion Loan REMIC Regular Interests”: Any of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests,  the Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests or the 825 South Hill Trust Subordinate Companion Loan REMIC Regular Interests.

 

“Trustee”:  Wells Fargo Bank, National Association, in its capacity as Trustee, or its successor in interest, or any successor Trustee appointed as herein provided.  Wells Fargo Bank, National Association will perform its obligations as Trustee hereunder through its Corporate Trust Services division (including, as applicable, any agents or affiliates utilized thereby).

 

“Trustee Personnel”:  The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee under this Agreement.

 

“UCC”:  Uniform Commercial Code.

 

“Unliquidated Advance”:  Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount pursuant to Section 3.06(a) of this Agreement, as applicable, but that has not been recovered from the related Borrower or otherwise from collections on or the proceeds of the Mortgage Loan or the applicable Serviced Whole Loan or Serviced REO Property in respect of which the Advance was made.

 

“Unscheduled Payments”:  With respect to a Mortgage Loan and a Collection Period, all Net Liquidation Proceeds, Net Condemnation Proceeds and Net Insurance Proceeds payable under such Mortgage Loan, the Purchase Price of any Mortgage Loan that is repurchased or purchased pursuant to Section 2.03(d), Section 3.16 or Section 9.01 of this Agreement, the Substitution Shortfall Amount with respect to any substitution pursuant to Section 2.03(f) of this Agreement and any other payments under or with respect to such Mortgage Loan not scheduled to be made, including Principal Prepayments received by the

 

 




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Master Servicer (but excluding Prepayment Premiums or Yield Maintenance Charges, if any) during such Collection Period.

 

“Unscheduled Principal Distribution Amount”:  With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:  (a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal portion of any other collections (exclusive of payments by Borrowers) received on the Mortgage Loans and any REO Properties on or prior to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds, net income, rents, and profits from REO Property or otherwise, that were identified and applied by the master servicer as recoveries of principal of the related Mortgage Loan for which no Advance was previously made; provided that all such Liquidation Proceeds and Insurance Proceeds and Condemnation Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation Fees, any amount related to the Loss of Value Payments to the extent that such amount was transferred into the Collection Account during the related Collection Period, accrued interest on Advances and other additional trust fund expenses incurred in connection with the related Mortgage Loan, thus reducing the Unscheduled Principal Distribution Amount.

 

“Updated Appraisal”:  An Appraisal of a Mortgaged Property or Serviced REO Property, as the case may be, conducted subsequent to any appraisal performed on or prior to the Cut-off Date and in accordance with Appraisal Institute standards, the costs of which shall be paid as a Servicing Advance by the Master Servicer.  Updated Appraisals shall be conducted by an Independent MAI appraiser selected by the Special Servicer.

 

“Updated Valuation”:  With respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan having a Stated Principal Balance of $2,000,000 or higher, an Updated Appraisal.  With respect to a Mortgage Loan having a Stated Principal Balance of less than $2,000,000, an updated Small Loan Appraisal Estimate or an Updated Appraisal.

 

 “Upper-Tier Distribution Account”:  The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator pursuant to Section 3.05(f) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, Upper-Tier Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account.  The Upper-Tier Distribution Account shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier REMIC”:  A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Trust Subordinate Companion Loan REMIC Regular Interests, the Upper-Tier Distribution Account and amounts held therein from time to time.

 

“U.S. Person”:  A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its

 

 




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source, or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Persons).

 

“Voting Rights”:  The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or Class of Certificateholders (other than the Class S and Class R Certificateholders).  At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class shall be:  (a) 2% to be allocated among the Certificateholders of the Class X-A Certificates, (a) 98% and a fraction, the numerator of which is equal to the aggregate Certificate Balances (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(a), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.08(a) hereof) of their Certificates, in each case, determined as of the prior Distribution Date, and the denominator of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(a), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates) of the Principal Balance Certificates and the Class RR Certificates, each determined as of the prior Distribution Date, and (c) 0%, in the case of the Class S Certificates, Class R Certificates, the RR Interest, the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest.

 

“VRR Allocation Percentage”:  A fraction, expressed as a percentage, equal to the VRR Percentage divided by the Non-VRR Percentage.

 

“VRR Available Funds”:  With respect to any Distribution Date, an amount equal to the product of the VRR Percentage multiplied by the Pooled Aggregate Available Funds for such Distribution Date.

 

“VRR Interest”:  The RR Interest and the Class RR Certificates, collectively.

 

“VRR Interest Balance”:  the Certificate Balance of the Class RR Certificates and/or the RR Interest Balance of the RR Interest, as applicable.

 

“VRR Interest Distribution Amount”:  With respect to any Distribution Date, an amount equal to the product of (A) the VRR Allocation Percentage and (B) the aggregate amount of interest distributed to the Holders of the Non-VRR Certificates pursuant to Section 4.01(b)(i), (iv), (vii), (x) and (xiii) on such Distribution Date.

 

“VRR Interest Owners”:  Holders of the Class RR Certificates and the RR Interest Owner, collectively.

 

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

 

 




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“VRR Principal Distribution Amount”:  With respect to any Distribution Date and the VRR Interest, an amount equal to the product of (A) the VRR Allocation Percentage and (B) the aggregate amount of principal distributed to the Holders of the Non-VRR Certificates pursuant to Section 4.01(b)(ii), (v), (viii), (xi) and (xiv) on such Distribution Date.

 

“VRR Realized Loss”:  With respect to any Distribution Date, the amount, if any, by which (i) the aggregate VRR Interest Balance, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product of (A) the VRR Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans, including any REO Loans (but in each case, excluding any Companion Loan), as of the end of the last day of the related Collection Period.

 

“VRR Realized Loss Interest Distribution Amount”:  With respect to any Distribution Date and the VRR Interest, an amount equal to the product of (A) the VRR Allocation Percentage and (B) the aggregate amount of interest on unreimbursed Realized Losses distributed to the Holders of the Non-VRR Certificates pursuant to Section 4.01(b)(iii), (vi), (ix), (xii) and (xv) on such Distribution Date.

 

“VRR Regular Interests”:  As defined in the Preliminary Statement hereto.

 

“VRR Retaining Party”:  Any Holder of any portion of the VRR Interest.  Initially, the VRR Retaining Parties shall be JPMCB, as the owner of the VRR-A Interest, GS Bank, as the Holder of the VRR-B Interest DBNY, and, as the Holder of the VRR-C Interest.

 

“VRR-A Interest”: As defined in the Preliminary Statement.

 

“VRR-A Risk Retention Consultation Party”: The Risk Retention Consultation Party selected by JPMCB.  The Initial VRR-B Risk Retention Consultation Party shall be JPMCB.

 

 “VRR-B Interest”: As defined in the Preliminary Statement.

 

“VRR-B Risk Retention Consultation Party”: The Risk Retention Consultation Party selected by GS Bank.  The Initial VRR-B Risk Retention Consultation Party shall be GS Bank.

 

“VRR-C Interest”: As defined in the Preliminary Statement.

 

“VRR-C Risk Retention Consultation Party”: The Risk Retention Consultation Party selected by DBNY.  The Initial VRR-C Risk Retention Consultation Party shall be DBNY.

 

“WAC Rate”:  With respect to any Distribution Date, a per annum rate equal to the fraction (expressed as a percentage) the numerator of which is the sum for all Mortgage Loans of the product of (i) the Net Mortgage Rate for each such Mortgage Loan as of the first day of the related Collection Period and (ii) the Stated Principal Balance of each such Mortgage Loan as of the first day of the related Collection Period, and the denominator of which is the sum of the Stated Principal Balances of all Mortgage Loans as of the first day of the related

 

 




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Collection Period (after giving effect to any payments received during any applicable grace period).

 

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

 

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

 

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

 

“Whole Loan”:  With respect to any Mortgage Loan with a related Companion Loan and/or a related Subordinate Companion Loan, such Mortgage Loan and its related Companion Loan(s), collectively, as identified in the “Whole Loan” chart in the Preliminary Statement.  With respect to each Whole Loan, references herein to each such Whole Loan shall be construed to refer to the aggregate indebtedness under the related Mortgage Loan and the related Companion Loan(s).

 

“Withheld Amount”:  With respect to each Mortgage Loan and Trust Subordinate Companion Loan that accrues interest on an Actual/360 Basis, and with respect to each Distribution Date occurring in any January of each calendar year that is not a leap year and February of each calendar year, unless in either case such Distribution Date is the final Distribution Date, an amount equal to one day’s interest at the Net Mortgage Rate on the respective Stated Principal Balance as of the Distribution Date in the month preceding the month in which the Master Servicer Remittance Date occurs, to the extent a Periodic Payment or P&I Advance or other deposit is made in respect of the Mortgage Loans.

 

The Withheld Amount for each applicable Distribution Date for each Mortgage Loan that does not accrue interest on a 30/360 basis will be equal to 1/31 of the interest accrued in respect of the immediately preceding Due Date, to the extent a Periodic Payment or P&I Advance is made in respect thereof.

 

“Workout-Delayed Reimbursement Amounts”:  With respect to any Mortgage Loan or Trust Subordinate Companion Loan or, with respect to Servicing Advances, any Serviced Whole Loan, the amount of any Advance made with respect to such Mortgage Loan, Trust Subordinate Companion Loan or Serviced Whole Loan, as applicable, on or before the date such Mortgage Loan, Trust Subordinate Companion Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute) a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan, Trust Subordinate Companion Loan or Serviced Whole Loan becomes a Corrected Mortgage Loan and (ii) the amount of such Advance becomes an obligation of the related Borrower to pay such amount under the terms of the modified Loan Documents.

 

“Workout Fee”:  An amount equal to the lesser of (1) 1.0% (or 0.50%, in the case of the Tower 333 Whole Loan) of each collection of interest and principal (including scheduled payments, prepayments (provided that a repurchase or substitution by a Mortgage Loan Seller of

 

 




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a Mortgage Loan due to a Material Defect or a Material Breach shall not be considered a prepayment for purposes of this definition), Balloon Payments and payments at maturity, but excluding late payment charges, Default Interest and Excess Interest) received on a Specially Serviced Loan that becomes a Corrected Mortgage Loan for so long as it remains a Corrected Mortgage Loan, pursuant to Section 3.12(c) of this Agreement and (2) $1,000,000, in the aggregate with respect to any particular workout of a Specially Serviced Loan; provided, further, that the Workout Fee with respect to any Corrected Mortgage Loan shall be capped in accordance with Section 3.12(c) of this Agreement; provided, further that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage Loan if and to the extent that the Corrected Mortgage Loan became a Specially Serviced Loan under clause (c) of the definition of “Specially Serviced Loan” (and no other clause of such definition) and no event of default actually occurs, unless the Mortgage Loan or Serviced Companion Loan is modified by the Special Servicer in accordance with the terms of this Agreement; provided, further, that if a Mortgage Loan or Serviced Companion Loan becomes a Specially Serviced Loan only because of an event described in clause (a) of the definition of “Specially Serviced Loan” and the related collection of principal and interest is received within 4 months following the related maturity date as a result of the related Mortgage Loan or Serviced Companion Loan being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to collect a Workout Fee out of the proceeds received in connection with such workout if such fee would reduce the amount available for distributions to Certificateholders, but the Special Servicer may collect from the related Borrower and retain (x) a workout fee, (y) such other fees as are provided for in the related Loan Documents and (z) other appropriate fees in connection with such workout.  After receipt by the Special Servicer of Workout Fees with respect to a Corrected Mortgage Loan in an amount equal to $25,000, the total amount of Workout Fees in excess of such $25,000 payable by the Trust with respect to such Corrected Mortgage Loan and with respect to any particular workout (assuming, for the purposes of this calculation, that such Corrected Mortgage Loan continues to perform throughout its term in accordance with the terms of the related workout) shall be reduced by the amount of any and all related Offsetting Modification Fees received by the Special Servicer as additional servicing compensation relating to such Corrected Mortgage Loan; provided that the Special Servicer shall be entitled to collect such Workout Fees from the Trust until such time it has been fully paid such reduced amount.  For the avoidance of doubt, the Mortgage Loan Seller will be required to pay a Workout Fee in connection with a repurchase or substitution to the extent the Special Servicer was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or substitution or was previously paid by the Trust and was not reimbursed by the related Borrower immediately prior to such repurchase or substitution.  In furtherance of the foregoing, upon a Specially Serviced Loan becoming a Corrected Mortgage Loan, the Special Servicer shall provide the Master Servicer with a calculation of the total amount of Workout Fees expected to be payable by the Trust with respect to such Corrected Mortgage Loan throughout its term (which calculation shall be reasonably acceptable to the Master Servicer) and the total amount of related Offsetting Modification Fees received by the Special Servicer.

 

“Yield Maintenance Charge”:  With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge set forth in the related Loan Documents; provided that, amounts shall be considered Yield Maintenance Charges pursuant to the allocation set forth under Section 1.02(e) or Section 1.02(g), as applicable.

 

 




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Section 1.02 
Certain Calculations.  Unless otherwise specified herein, the following provisions shall apply:

 

(a)            All calculations of interest with respect to the Mortgage Loans and Serviced Companion Loans (other than the Actual/360 Loans) and of Advances in respect thereof provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.  All calculations of interest with respect to the Actual/360 Loans and of Advances provided in respect thereof provided for herein shall be made as set forth in the Loan Documents for such Mortgage Loans and, if applicable, Serviced Companion Loans, with respect to the calculation of the related Mortgage Rate.  The Servicing Fee, the Certificate Administrator/Trustee Fee and the CREFC® Intellectual Property Royalty License Fee for each Mortgage Loan or Serviced Whole Loan, as applicable, shall accrue on the same basis as interest accrues on such Mortgage Loan or Serviced Whole Loan, as applicable.

 

(b)            Any Mortgage Loan or Serviced Whole Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer or the Certificate Administrator; provided that for purposes of calculating distributions on the Certificates, Principal Prepayments with respect to any Mortgage Loan or Serviced Whole Loan are deemed to be received on the date they are applied in accordance with Section 3.01(b) of this Agreement to reduce the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan on which interest accrues.

 

(c)            Except as otherwise provided in the related Loan Documents or Intercreditor Agreement, any amounts received in respect of a Mortgage Loan or Serviced Whole Loan as to which a default has occurred and is continuing in excess of Periodic Payments shall be applied to Default Interest and other amounts due on such Mortgage Loan or Serviced Whole Loan prior to the application to late fees.

 

(d)            Allocations of payments between a Mortgage Loan and the related Serviced Companion Loans in a Whole Loan shall be made in accordance with the related Intercreditor Agreement.

 

(e)            If an expense under this Agreement relates in the reasonable judgment of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Paying Agent, as applicable, primarily to the administration of the Trust Fund, any Trust REMIC or the Grantor Trust or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, or Grantor Trust tax or expense or this Agreement states that any expense is solely “an expense of the Trust Fund” or words of similar import, then such expense shall not be allocated to, deducted or reimbursed from, or otherwise charged against any Serviced Companion Loan Noteholder and such Serviced Companion Loan Noteholder shall not suffer any adverse consequences as a result of the payment of such expense.

 

(f)            All amounts collected by or on behalf of the Trust in respect of any Mortgage Loan (other than an REO Loan) in the form of payments from the related Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive, if applicable, in the case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan, pursuant to the related Intercreditor

 

 




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Agreement) shall be allocated to amounts due and owing under the related Loan Documents (including for principal and accrued and unpaid interest) in accordance with the express provisions of the related Loan Documents and, with respect to any Mortgage Loan that is part of a Serviced Whole Loan, the related Intercreditor Agreement; provided that, absent such express provisions, all such amounts collected (exclusive, if applicable, in the case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order of priority:

 

(i)       as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to such Mortgage Loan;

 

(ii)      as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution Amount);

 

(iii)     to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable interest accrual period for the related Mortgage Loan, over (B) the sum of (a)(x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v) below on earlier dates) or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

(iv)     to the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if such Mortgage Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)      as a recovery of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts or would have

 

 




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occurred in connection with the related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination by the Master Servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)     as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

(vii)    as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)   as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

(ix)     as a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under such Mortgage Loan;

 

(x)      as a recovery of any Assumption Fees and Modification Fees then due and owing under such Mortgage Loan;

 

(xi)     as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal;

 

(xii)    as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and

 

(xiii)   in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that, to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Mortgage Loan Seller’s rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including in connection with a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan (or Serviced Whole Loan) exceeds 125% or would exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the Mortgage Loan (or Serviced Whole Loan) in the manner permitted by the REMIC Provisions.

 

 




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(g)        Collections by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of an REO Property related to a Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order of priority:

 

(i)       as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to such Mortgage Loan;

 

(ii)      as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated to principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution Amount);

 

(iii)     to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable interest accrual period for the related Mortgage Loan, over (B) the sum of (a)(x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v) below or Section 1.02(f)(v) on earlier dates) or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

(iv)     to the extent not previously allocated pursuant to clause (i)-(ii) above, as a recovery of principal of the related Mortgage Loan to the extent of its entire unpaid principal balance;

 

(v)      as a recovery of (i) accrued and unpaid interest on the related Mortgage Loan to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts or would have occurred in connection with the related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination by the Master Servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent that

 

 




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collections have not theretofore been allocated as a recovery of accrued and unpaid interest pursuant to this clause (v) or Section 1.02(f)(v) on earlier dates);

 

(vi)       as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the related Mortgage Loan;

 

(vii)      as a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under the related Mortgage Loan;

 

(viii)     as a recovery of any Assumption Fees and Modification Fees then due and owing under the related Mortgage Loan;

 

(ix)        as a recovery of any other amounts then due and owing under the related Mortgage Loan other than remaining unpaid principal; and

 

(x)         in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.

 

(h)          All amounts collected by or on behalf of the Trust in respect of the Trust Subordinate Companion Loans (other than an REO Loan) in the form of payments from the related Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive of any amounts payable to the holder of the related Mortgage Loan or any other Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall be allocated to amounts due and owing under the related Loan Documents (including for principal and accrued and unpaid interest) in accordance with the express provisions of the related Loan Documents and the related Intercreditor Agreement; provided that, absent such express provisions, all such amounts collected (exclusive of any amounts payable to the holder of the related Mortgage Loan or any other Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Trust Subordinate Companion Loans in the following order of priority:

 

(i)         as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the Trust Subordinate Companion Loans and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to the Trust Subordinate Companion Loans;

 

(ii)        as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid or reimbursed from principal collections on the Trust Subordinate Companion Loans (as described in the first proviso in the definitions of BX Industrial Portfolio Aggregate Principal Distribution Amount, Tower 333 Aggregate Principal Distribution Amount and Tower 333 Aggregate Principal Distribution Amount);

 

(iii)       to the extent not previously allocated pursuant to clause (h)(i) above, as a recovery of accrued and unpaid interest on the Trust Subordinate Companion Loans (exclusive of Default Interest) to the extent of the excess of (A) accrued and unpaid interest on the Trust Subordinate Companion Loans at the related Mortgage Rate in effect from

 

 




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time to time through the end of the applicable mortgage interest accrual period, over (B) the sum of (a)(x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the Trust Subordinate Companion Loans that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (h)(v) below on earlier dates) or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for the Trust Subordinate Companion Loans that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

(iv)     to the extent not previously allocated pursuant to clause (f)(i) above, as a recovery of principal of the Trust Subordinate Companion Loans then due and owing, including by reason of acceleration of the Trust Subordinate Companion Loans following a default thereunder (or, if either Trust Subordinate Companion Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)      as a recovery of (i) accrued and unpaid interest on the Trust Subordinate Companion Loans to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the Trust Subordinate Companion Loans that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts or would have occurred in connection with the related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination by the Master Servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause (h)(v) on earlier dates);

 

(vi)     as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments and insurance premiums and similar items relating to the Trust Subordinate Companion Loans;

 

(vii)   as a recovery of any other reserves to the extent then required to be held in escrow with respect to the Trust Subordinate Companion Loans;

 

(viii)   as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the Trust Subordinate Companion Loans;

 

(ix)     as a recovery of any late payment charges and Default Interest then due and owing under the Trust Subordinate Companion Loans;

 

(x)      as a recovery of any Assumption Fees and Modification Fees then due and owing under the Trust Subordinate Companion Loans;

 

(xi)     as a recovery of any other amounts then due and owing under the Trust Subordinate Companion Loans other than remaining unpaid principal; and

 

 




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(xii)    as a recovery of any remaining principal of the Trust Subordinate Companion Loans to the extent of its entire remaining unpaid principal balance;

 

provided that, to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Mortgage Loan Seller’s rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including in connection with a condemnation) at a time when the loan-to-value ratio of the related Serviced Whole Loan exceeds 125% or would exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the related Serviced Whole Loan in the manner permitted by the REMIC Provisions.

 

(i)          Collections by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and exclusive of any amounts payable to the holder of the related Mortgage Loan or any other Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Trust Subordinate Companion Loans in the following order of priority:

 

(i)       as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the Trust Subordinate Companion Loans and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to the Trust Subordinate Companion Loans;

 

(ii)       as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated to principal collections on the Trust Subordinate Companion Loans (as described in the first proviso in the definitions of BX Industrial Portfolio Aggregate Principal Distribution Amount, Tower 333 Aggregate Principal Distribution Amount and Tower 333 Aggregate Principal Distribution Amount);

 

(iii)     to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the Trust Subordinate Companion Loans (exclusive of Default Interest) to the extent of the excess of (A) accrued and unpaid interest on the Trust Subordinate Companion Loans at the related Mortgage Rate in effect from time to time through the end of the applicable mortgage interest accrual period, over (B) the sum of (a)(x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the Trust Subordinate Companion Loans that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (i)(v) below or Section 1.02(h)(v) on earlier dates) or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for the Trust Subordinate Companion Loans that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

 




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(iv)       to the extent not previously allocated pursuant to clause (i)-(ii) above, as a recovery of principal of the Trust Subordinate Companion Loans to the extent of its entire unpaid principal balance;

 

(v)        as a recovery of (i) accrued and unpaid interest on the Trust Subordinate Companion Loans to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the Trust Subordinate Companion Loans that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts or would have occurred in connection with the related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination by the Master Servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent that collections have not theretofore been allocated as a recovery of accrued and unpaid interest pursuant to this clause (i)(v) or Section 1.02(h)(v) on earlier dates);

 

(vi)        as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the Trust Subordinate Companion Loans;

 

(vii)       as a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under the Trust Subordinate Companion Loans;

 

(viii)     as a recovery of any Assumption Fees and Modification Fees then due and owing under the Trust Subordinate Companion Loans; and

 

(ix)        as a recovery of any other amounts then due and owing under the Trust Subordinate Companion Loans other than remaining unpaid principal.

 

(j)            The applications of amounts received in respect of any Mortgage Loan or the Trust Subordinate Companion Loans pursuant to paragraph (e) or paragraph (h) of this Section 1.02 shall be determined by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of any Mortgage Loan or the Trust Subordinate Companion Loans or any REO Property pursuant to paragraph (g) or paragraph (i) of this Section 1.02 shall be determined by the Special Servicer in accordance with the Servicing Standard.

 

(k)           All net present value calculations and determinations made hereunder with respect to the Mortgage Loans or a Mortgaged Property or REO Property (including for purposes of the definition of “Servicing Standard”) shall be made in accordance with the Loan Documents or, if the Loan Documents are silent, using the Calculation Rate.

 

(l)            For purposes of calculations required herein, Excess Interest shall not be added to the outstanding principal balance of the Mortgage Loans notwithstanding that the related Loan Documents may provide otherwise.

 

Section 1.03 
Certain Constructions.  For purposes of this Agreement, references to the most or next most subordinate Class of Non-VRR Certificates outstanding at any time shall mean the most or next most subordinate Class of Non-VRR Certificates then outstanding as among the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and

 

 




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Class D Certificates.  For purposes of this Agreement, each Class of Principal Balance Certificates and the Class RR Certificates shall be deemed to be outstanding only to the extent its respective Certificate Balance has not been reduced to zero.  For purposes of this Agreement, the Excess Interest Certificates shall be outstanding so long as any of the ARD Loans are outstanding.  For purposes of this Agreement, the Class R Certificates shall be outstanding so long as the Trust Fund has not been terminated pursuant to Section 9.01 of this Agreement or any other Class of Certificates remains outstanding.  For purposes of this Agreement, the Class X-A Certificates shall be deemed to be outstanding until the Notional Amount has been reduced to zero. 

 

Notwithstanding anything to the contrary contained herein, for purposes of this Agreement, each reference to any action by the Master Servicer or Special Servicer that is subject to the consent or approval of the Directing Holder or consultation with the Directing Holder, any Risk Retention Consultation Party, shall in each case be further subject to the determination by the Master Servicer or Special Servicer that taking or refraining from taking the action as proposed by the Directing Holder or any Risk Retention Consultation Party, or not taking such action as proposed by the Master Servicer or Special Servicer if the Directing Holder fails to grant its consent or approval, or if the Directing Holder or any Risk Retention Consultation Party, as applicable, fail to express their concurrence, to any action proposed to be taken by the Master Servicer or Special Servicer, in each case, is consistent with the Servicing Standard.  In each case, (a) if the response by the Directing Holder or any Risk Retention Consultation Party hereunder is inconsistent with the Servicing Standard, the Master Servicer or the Special Servicer shall take such action as is consistent with the Servicing Standard, and (b) if the Master Servicer or Special Servicer determines that immediate action is necessary to protect the interests of the Certificateholders and the RR Interest Owner and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such Certificateholders, RR Interest Owner and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), and the Master Servicer or Special Servicer, as applicable, has made a reasonable effort to contact the Directing Holder or any Risk Retention Consultation Party, as applicable, it may take such action without waiting for a response from the Directing Holder or any Risk Retention Consultation Party, as applicable; provided that the Special Servicer or Master Servicer, as applicable, shall provide the Directing Holder or any Risk Retention Consultation Party with prompt written notice following such action including a reasonably detailed explanation of the basis for such action.

 

Section 1.04  Certain Matters Relating to the Non-Serviced Mortgage Loans

 

.  Each Other Servicer, Other Special Servicer, Other Depositor, Other Operating Advisor, Other Asset Representations Reviewer and Other Trustee, and any of their respective directors, officers, employees or agents (as and to the same extent the securitization trust formed under the related Other Pooling and Servicing Agreement is required to indemnify such parties in respect of other Mortgage Loans in the securitization trust formed under the related Other Pooling and Servicing Agreement pursuant to the terms of the Other Pooling and Servicing Agreement) and each Other Securitization (collectively, the “Other Indemnified Parties”), shall be indemnified by the Trust and held harmless against the Trust’s pro rata share (subject to the related Intercreditor Agreement) of any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal

 

 




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fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with servicing and administration of or any actual or threatened legal action or claim relating to the related Non-Serviced Mortgage Loan and the related non-serviced Mortgaged Property under the related Other Pooling and Servicing Agreement, this Agreement or the related Intercreditor Agreement (but excluding any such losses allocable to the related Companion Loans); provided that such indemnification will not extend to any losses, liabilities, costs or expenses: (i) specifically required to be borne by such party, without right of reimbursement, pursuant to the terms of the related Other Pooling and Servicing Agreement; (ii) incurred in connection with any legal action or claim against such party resulting from any breach of a representation or warranty made by such person under the related Other Pooling and Servicing Agreement or (iii) incurred in connection with any legal action or claim against such party resulting from any willful misfeasance, bad faith or negligence in the performance of such Person’s obligations and duties under the related Other Pooling and Servicing Agreement or the related Intercreditor Agreement or resulting from negligent disregard of such obligations and duties.

 

In connection with the securitization of any Serviced Companion Loan while it is a Serviced Companion Loan, upon the request of (and at the expense of) the related Companion Loan Noteholders, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, shall use reasonable efforts to cooperate with such Companion Loan Noteholders in attempting to cause the related Borrower to provide information relating to the related Serviced Whole Loan and the related notes, and that such holders reasonably determine to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

On the related Servicing Shift Securitization Date for each Servicing Shift Whole Loan (i) the Custodian shall, upon receipt of a Request for Release transfer the related Mortgage File (other than the note(s) designating such Servicing Shift Mortgage Loan), the original of which shall be retained by the Custodian for such Servicing Shift Whole Loan to the related Other Trustee under the related Other Pooling and Servicing Agreement and retain a copy of such Mortgage File and (ii) the Master Servicer shall, upon receipt of notice from the applicable Mortgage Loan Seller or the holder of the applicable Controlling Companion Loan that the related Servicing Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization Date, transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing File for such Servicing Shift Whole Loan, and any Escrow Payments, reserve funds and originals of items specified in Sections 2.01(a)(iii), (v), (vi), (vii), (ix) and (x) for such Servicing Shift Whole Loan, to the related Other Servicer on the related Servicing Shift Securitization Date.

 

Upon receipt of notice from the applicable Mortgage Loan Seller or the holder of the applicable Controlling Companion Loan that such Servicing Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization Date, the Master Servicer shall provide the Custodian with a Request for Release of the Mortgage File on such related Servicing Shift Securitization Date and transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing File to the related Other Servicer identified to it pursuant to the related notice from the related Mortgage Loan Seller on such related Servicing Shift Securitization Date.

 

 




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Article II

CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01           Conveyance of Mortgage Loans and Trust Subordinate Companion Loans; Assignment of Mortgage Loan Purchase Agreements. (a) The Depositor, concurrently with the execution and delivery hereof on the Closing Date, does hereby establish a trust designated as “Benchmark 2020-IG3 Mortgage Trust,” appoint the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey to the Trustee without recourse (except to the extent herein provided) all the right, title and interest of the Depositor in and to the Mortgage Loans and the Trust Subordinate Companion Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Depositor, and a security interest in all Reserve Accounts, Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to be included in the Trust Fund for the benefit of the Certificateholders and the RR Interest Owner. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans and the Trust Subordinate Companion Loans after the Cut-off Date and, in the case of a Mortgage Loan included in a Whole Loan, is subject to the related Intercreditor Agreement. Transfer and assignment of a Non-Serviced Mortgage Loan and the right to service a Non-Serviced Mortgage Loan is further subject to the terms and conditions of the Other Pooling and Servicing Agreement and the related Intercreditor Agreement. The Depositor, concurrently with the execution and delivery hereof, does also hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to the extent provided herein), for the benefit of the Certificateholders and the Serviced Companion Loan Noteholders, all the right, title and interest of the Depositor in, to and under Sections 1, 2, 3, 4, 5 (excluding Section 5(d), 5(f) and 5(g)), 6(a) (excluding clauses (viii) and (xii) of Section 6(a)), 6(c), 6(d), 6(e), 6(f), 6(g), 10, 11, 13, 14, 15, 17, 18 and 19 of each of the Mortgage Loan Purchase Agreements to the extent related to any Mortgage Loan or Trust Subordinate Companion Loan. In connection with the assignment to the Trustee of Sections 1, 2, 3, 4, 5 (excluding Section 5(d), 5(g) and 5(h)), 6(a) (excluding clauses (viii) and (xii) of Section 6(a)), 6(c), 6(d), 6(e), 6(f), 6(g), 10, 11, 13, 14, 15, 17, 18 and 19 of each of the Mortgage Loan Purchase Agreements, it is intended that the Trustee get the benefit of Sections 10, 11 and 14 thereof in connection with any exercise of rights under the assigned Sections, and the Depositor shall use its best efforts to make available to the Trustee the benefits of Sections 10, 11 and 14 in connection therewith

 

The Depositor shall cause the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Mortgage Loans or the Trust Subordinate Companion Loans to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the Mortgage Loan Sellers.

 

With respect to any Mortgage Loan or Trust Subordinate Companion Loan that is subject to an Intercreditor Agreement, the parties hereto intend that the provisions of this Section 2.01(a) serve as an assignment and assumption agreement between the Depositor, as the assignor, and the Trustee on behalf of the Trust, as the assignee. Accordingly, the Depositor hereby (and in accordance with and subject to all other applicable provisions of this Agreement)

 

 



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assigns, grants, sells, transfers, delivers, sets over, and conveys to the Trustee all right, title and interest of the Depositor in, to and arising out of the related Intercreditor Agreement and the Trustee on behalf of the Trust hereby accepts (subject to applicable provisions of this Agreement) the foregoing assignment and assumes all of the rights and obligations of the Depositor with respect to related Intercreditor Agreement from and after the Closing Date. In addition, the Trustee acknowledges that any such Mortgage Loan that is part of a Serviced Whole Loan shall be serviced pursuant to the terms of this Agreement.

 

In connection with such transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies to the Master Servicer and the Special Servicer, the following documents or instruments with respect to each Mortgage Loan and each Serviced Companion Loan (which, except for the Mortgage Note referred to in clause (i) below, relate to the Serviced Whole Loan) so assigned (provided that the with respect to letters of credit referred to in clause (xii) shall be delivered to the Master Servicer):

 

(i)            the original Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to “Pay to the order of Wells Fargo Bank, National Association, as Trustee for the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, without recourse, representation or warranty” or in blank and further showing a complete, unbroken chain of endorsement from the originator (or, if the original Mortgage Note has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy of the Mortgage Note and an indemnity properly assigned and endorsed to the Trustee);

 

(ii)           (A) the original of the Mortgage or a certified copy thereof from the applicable recording office (or a copy thereof from the applicable recording office if (to the knowledge of the applicable Mortgage Loan Seller or its third-party vendor, as certified by such party to the Custodian in writing) it is not the practice of such office to provide certified copies, provided that the Custodian may conclusively rely on any such certification by such Mortgage Loan Seller or third-party vendor and shall not be required to investigate whether any recording office cannot provide a certified copy) and, (B) if applicable, the originals or certified copies thereof from the applicable recording office (or copies thereof from the applicable recording office if (to the knowledge of the applicable Mortgage Loan Seller or its third-party vendor, as certified by such party to the Custodian in writing) it is not the practice of such office to provide certified copies, provided that the Custodian may conclusively rely on any such certification by such Mortgage Loan Seller or third-party vendor and shall not be required to investigate whether any recording office cannot provide a certified copy) of any intervening assignments thereof showing a complete chain of assignment from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior to the Trustee, if any, in each case with evidence of recording indicated thereon; 

 

(iii)         an original Assignment of Mortgage, in complete and recordable form (except for the name of the assignee, if delivered in blank, and except for recording information not yet available, if the Mortgage or an assignment thereof has not been returned from the applicable recording office), executed by the most recent assignee of record thereof prior to the Trustee, or if none, by the originator to “Wells Fargo Bank,

 

 



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National Association, as trustee for the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2020-IG3” or in blank and, in the case of any Serviced Whole Loan, in its capacity as “Lead Securitization Note Holder” or similar capacity under the related Intercreditor Agreement on behalf of the related Serviced Companion Noteholders;

 

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

 

(v)           an original assignment of any related assignment of leases (if such item is a document separate from the Mortgage) (a “Reassignment of Assignment of Leases, Rents and Profits”) in favor of the Trustee or in blank and (subject to the completion of certain missing recording information and, if applicable, the assignee’s name) in recordable form (or, if the related Mortgage Loan Seller is responsible for the recordation of that assignment, a copy thereof certified to be the copy of such assignment submitted or to be submitted for recording);

 

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

 

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

 

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

 

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

 

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

 

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

 

 



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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

The original assignments referred to in clauses (iii), (v), (vi), (vii), (ix) and (x), may be in the form of one or more instruments in recordable form in any applicable filing or recording offices.

 

Notwithstanding anything to the contrary contained in this Section 2.01(a) or in Section 2.01(b), Section 2.01(c), or Section 2.02, in connection with any Servicing Shift Whole Loan (1) instruments of assignment to the Trustee may be in blank and need not be recorded or filed pursuant to this Agreement until the earliest of (i) the related Servicing Shift Securitization Date, in which case such instruments shall be assigned and recorded in accordance with the related Other Pooling and Servicing Agreement, (ii) the date such Servicing Shift Whole Loan becomes a Specially Serviced Loan, in which case assignments and recordations shall be effected in accordance with this Section 2.01(a), and (iii) 90 days following the Closing Date, in which case assignments and recordations shall be effected in accordance with this Section 2.01(a), (2) no letter of credit need be amended (including, without limitation, to change the beneficiary thereon) until the earliest of (i) the related Servicing Shift Securitization Date, in which case such amendment shall be in accordance with the related Other Pooling and Servicing Agreement and (ii) the date such Servicing Shift Whole Loan becomes a Specially Serviced Loan, in which case such amendment shall be effected in accordance with the terms of this Section 2.01, and (iii) 90 days following the Closing Date, in which case such amendment shall be effected in accordance

 

 



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with the terms of this Section 2.01, and (3) on and following the related Servicing Shift Securitization Date, the Person selling the related Servicing Shift Lead Note to the related Other Depositor, at its own expense, shall be (a) entitled to direct in writing, which may be conclusively relied upon by the Custodian, the Custodian to deliver the originals of all the Loan Documents relating to such Servicing Shift Whole Loan in its possession (other than the original Note(s) evidencing such Servicing Shift Mortgage Loan) to the related Other Trustee or the related Other Custodian, (b) if the right under clause (a) is exercised, required to cause the retention by or delivery to the Custodian of photocopies of Loan Documents related to such Servicing Shift Whole Loan so delivered to such Other Trustee or such Other Custodian, (c) entitled to cause the completion (or, in the event of a recordation as contemplated by clause (1)(ii) of this paragraph, the preparation, execution and delivery) and recordation of instruments of assignment in the name of the related Other Trustee or related Other Custodian, (d) if the right under clause (c) is exercised, required to deliver to the Trustee or Custodian photocopies of any instruments of assignment so completed and recorded, and (e) entitled to require the Master Servicer to transfer, and to cooperate with all reasonable requests in connection with the transfer of, the Servicing File, and any Escrow Payments, reserve funds and the letters of credit referred to in clause (xii) of Section 2.01(a) for such Servicing Shift Whole Loan to the related Other Servicer.

 

With respect to Serviced Whole Loans, except for the Mortgage Note referred to in clause (i) of Section 2.01(a), only a single original set of the Loan Documents specified above is required to be delivered. Notwithstanding anything herein to the contrary, with respect to a Non-Serviced Mortgage Loan, any assignments or other transfer documents referred to in the third preceding paragraph as being in favor of the Trustee shall instead be in favor of the applicable Other Trustee and (1) if the Custodian is not also the related Non-Serviced Whole Loan Custodian, the preceding document delivery requirements will be met by the delivery by the applicable Mortgage Loan Seller to the Custodian of copies of the documents specified above (other than the Mortgage Note and intervening endorsements evidencing a Non-Serviced Mortgage Loan, with respect to which the originals shall be required), including a copy of the Mortgage securing the applicable Non-Serviced Mortgage Loan and copies of the companion notes or (2) if the Custodian is also the related Non-Serviced Whole Loan Custodian, the preceding document delivery requirements shall be met by the delivery by the Mortgage Loan Seller to the Custodian of only the original Mortgage Note and intervening endorsements evidencing such Non-Serviced Mortgage Loan (and, if any document specified in Section 2.01(a) of this Agreement was not required to be delivered in connection with the related Other Securitization, a copy of such document); provided that with respect to such Non-Serviced Mortgage Loan, if Wells Fargo Bank, National Association ceases to be Custodian with respect to such Non-Serviced Mortgage Loan, it shall, upon receipt of a request for release, provide the original note, allonge and intercreditor agreement and copies of all other Loan Documents specified above to the successor Custodian.

 

With respect to the Mortgage Loans, within 45 days after the Closing Date or, without limiting the requirements of the third paragraph of Section 2.01(b), after such later date on which the Mortgage Loan Seller has received all the missing recording/filing information, each Mortgage Loan Seller will, or will at the expense of such Mortgage Loan Seller retain a third party vendor to, except in the case of any Mortgage Loan that is a Non-Serviced Mortgage Loan, (1) complete (to the extent necessary) and submit for recording in favor of the Trustee in

 

 



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the following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3” (and with respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in the appropriate public recording office (a) each Assignment of Mortgage referred to in Section 2.01(a)(iii), which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(a)(v) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) complete (to the extent necessary) and file in the appropriate public filing office each UCC assignment of financing statement referred to in Section 2.01(a)(ix) which has not yet been submitted for filing or recording. Each such document shall reflect that the recorded original should be returned by the public recording office to the Custodian or its designee (or to the Mortgage Loan Seller or its designee as an alternative) following recording, and each such document shall reflect that the file copy thereof should be returned to the Custodian or its designee (or to the Mortgage Loan Seller or its designee as an alternative) following filing; provided that in those instances where the public recording office retains the original Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, the Custodian shall use commercially reasonable efforts to obtain therefrom a certified copy of the recorded original, at the expense of the Depositor. In the event that any such document or instrument in respect of any Mortgage Loan (or Trust Subordinate Companion Loan) is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the related Mortgage Loan Seller shall promptly prepare or cause the preparation of a substitute thereof or cure or cause the curing of such defect, as the case may be, and shall thereafter deliver the substitute or corrected document to or at the direction of the Custodian or such other third party vendor as retained by the Mortgage Loan Seller for recording or filing, as appropriate, at such Mortgage Loan Seller’s expense (as set forth in the related Mortgage Loan Purchase Agreement). In the event that any Mortgage Loan Seller receives the original recorded or filed copy, each Mortgage Loan Seller will, promptly upon receipt of the original recorded or filed copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian, with evidence of filing or recording thereon. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations of the related Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement shall be deemed to have been satisfied upon delivery to the Custodian of a copy of the recorded original of such Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable.

 

If a Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of the related lender’s title insurance policy referred to in Section 2.01(a)(viii) solely because such policy has not yet been issued, the delivery requirements of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will be deemed to have been included in the related Mortgage File by delivery to the Custodian of a binder marked as binding and countersigned by the title insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted or approved as binding in writing by the related title insurance company) or an acknowledged closing instruction or escrow letter, and the Mortgage Loan Seller will be required

 

 



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to deliver to the Custodian, promptly following the receipt thereof, the original related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments of Mortgage, Reassignments of Assignment of Leases, Rents and Profits and UCC assignments of financing statements shall be held by the Custodian.

 

Subject to the third preceding paragraph, all original documents relating to the Mortgage Loans which are not delivered to the Custodian are and shall be held by the Depositor or the Master Servicer (or a sub-servicer on its behalf), as the case may be, in trust for the benefit of the Certificateholders and, insofar as they also relate to the Serviced Companion Loans, on behalf of and for the benefit of the related Serviced Companion Loan Noteholders. In the event that any such original document, or in the case of a Serviced Companion Loan, the original Mortgage Note, is required pursuant to the terms of this Section to be a part of a Mortgage File in order to effectuate the purposes of this Agreement, such document shall be delivered promptly to the Custodian.

 

(b)           In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each of the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement to deliver to and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date (or, with respect to the original allonges related to the Mortgage Loan identified as “Tower 333” on the Mortgage Loan Schedule, on or before the third (3rd) Business Day immediately following the Closing Date), subject to Section 2.01(a), for each Mortgage Loan so assigned the Mortgage Note (or a copy of the Mortgage Note evidencing each related Serviced Companion Loan), the original or a copy of the related Mortgage, the original or a copy of the title policy for each Mortgage Loan (subject to the second-to-last paragraph under Section 2.01(a)), a copy of the related ground lease (or, with respect to a leasehold interest with respect to a space lease or air rights, a copy of the related space lease or air rights lease), if applicable, for each Mortgage Loan and an original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c) or the Mortgage Loan is a Non-Serviced Mortgage Loan) of any letters of credit held by the lender as beneficiary or assigned as security for the Mortgage Loan, and, except as otherwise provided in the following paragraph, within 30 days following the Closing Date, the remaining applicable documents referred to in Section 2.01(a) for each such Mortgage Loan or Serviced Companion Loan, in each case, with copies to the Master Servicer and (ii) the Master Servicer, on or before the Closing Date, all documents and records that are part of each applicable Servicing File. If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original Mortgage Note, such Mortgage Loan Seller shall deliver a copy or duplicate original of such Mortgage Note, together with an affidavit certifying that the original thereof has been lost or destroyed and an indemnification in favor of the Certificate Administrator, the Trustee and the Custodian.

 

If the applicable Mortgage Loan Seller or the Depositor cannot deliver, or cause to be delivered, as to any Mortgage Loan (subject to any qualifications provided for herein or in the related Mortgage Loan Purchase Agreement with respect to a Non-Serviced Mortgage Loan), the original or a copy of any of the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(iii), Section 2.01(a)(iv), Section 2.01(a)(v), Section 2.01(a)(vii) and Section 2.01(a)(ix), with evidence of recording or filing thereon, solely because of a delay caused by the public recording or filing office where such document or

 

 



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instrument has been delivered for recordation or filing, or because such original recorded or filed document has been lost or returned from the recording or filing office and subsequently lost, as the case may be, the delivery requirements of Section 2.01 shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage File, provided that a copy of such document or instrument (without evidence of recording or filing thereon, but certified (which certificate may relate to multiple documents and/or instruments) by the applicable public recording or filing office, the applicable title insurance company or the related Mortgage Loan Seller to be a true and complete copy of the original thereof submitted for recording or filing, as the case may be) has been delivered to the Custodian within 60 days after the Closing Date, and either the original of such missing document or instrument, or a copy thereof, with evidence of recording or filing, as the case may be, thereon, is delivered to the Custodian within 180 days after the Closing Date (or within such longer period after the Closing Date so long as the related Mortgage Loan Seller has provided the Custodian with evidence of such recording or filing, as the case may be, or has certified to the Custodian as to the occurrence of such recording or filing, as the case may be, and is, as certified to the Custodian no less often than quarterly, in good faith attempting to obtain from the appropriate county recorder’s or filing office such original or copy, provided such extensions do not exceed 24 months in the aggregate).

 

(c)           Notwithstanding anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xii) of this Agreement, the Master Servicer shall hold (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan will hold) the original of each such document in trust on behalf of the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan) in order to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan) and the applicable Mortgage Loan Seller shall be deemed to have satisfied the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01 of this Agreement by delivering the original of each such document to the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan) who shall forward a copy of the applicable document to the Custodian (or the custodian in the applicable Other Securitization with respect to any Non-Serviced Mortgage Loan). The applicable Mortgage Loan Seller shall pay any costs of assignment or amendment of such letter of credit (which amendment shall change the beneficiary of the letter of credit to the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan) in care of the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan)) required in order for the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan) to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan). In the event that the documents specified in Section 2.01(a)(xii) of this Agreement are missing with respect to any Serviced Mortgage Loan because the related assignment or amendment documents have not been completed, the applicable Mortgage Loan Seller shall take all necessary steps to enable the Master Servicer to draw on the related letter of credit on behalf of the Trust including, if necessary, drawing on the letter of credit in its own name pursuant to written instructions from the Master Servicer and immediately remitting such funds (or causing such funds to be remitted) to the Master Servicer.

 

(d)           [Reserved].

 

 



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(e)           Notwithstanding anything to the contrary contained herein, with respect to any Joint Mortgage Loan, the obligations of the related Mortgage Loan Seller to deliver a Note to the Trustee, or a Custodian on its behalf, shall be limited to delivery of only the Note held by such party to the Trustee, or Custodian on its behalf. With respect to any Joint Mortgage Loan, the obligations of each Mortgage Loan Seller to deliver the remaining portion of the related Mortgage File or any document required to be delivered with respect thereto shall be joint and several, provided that either of the related Mortgage Loan Sellers may deliver one Mortgage File or one of any other document required to be delivered with respect to any Joint Mortgage Loan hereunder and such delivery shall satisfy such delivery requirements for each of the related Mortgage Loan Sellers.

 

(f)            [Reserved].

 

(g)           [Reserved].

 

Section 2.02           Acceptance by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee acknowledges the assignment to it of the Mortgage Loans in good faith without notice of adverse claims and declares that the Custodian holds and will hold such documents and all others delivered to it constituting the Mortgage File (to the extent the documents constituting the Mortgage File are actually delivered to the Custodian) for any Mortgage Loan assigned to the Trustee hereunder in trust, upon the conditions herein set forth, for the use and benefit of all present and future Certificateholders, the RR Interest Owner and Serviced Companion Loan Noteholders.

 

The Custodian hereby certifies to each of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and each Mortgage Loan Seller that except as identified in the Custodian’s closing date certification, which shall be delivered no later than two Business Days after the Closing Date substantially in the form attached as Exhibit N-1 to this Agreement, (i) each Mortgage Note (or copy thereof, with respect to any Serviced Companion Loan) is in its possession and 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 (where appropriate) and (C) purports to relate to such Mortgage Loan and (ii) each of the documents specified in Section 2.01(a)(i), Section 2.01(a)(viii), Section 2.01(a)(xii) and Section 2.01(a)(xiii) of this Agreement have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule. If the Custodian does not send a closing date certification on the Closing Date, it shall send an email confirmation to the Trustee that it has received all of the Mortgage Notes (or copies or lost note affidavits as permitted), subject to any exceptions noted therein, on the Closing Date.

 

On or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the Closing Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day on which all material exceptions have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased or substituted for the last affected Mortgage Loan), the Custodian shall review each Mortgage File and shall certify to each of the Directing Holder, the Depositor, the

 

 



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Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and each Mortgage Loan Seller in the form attached as Exhibit N-2 to this Agreement that all documents specified in clauses (i) through (v), (viii), (ix), (xi), (xii) and (xiii) (or, with respect to clause (xii), a copy of such letter of credit and the required Officer’s Certificate) of Section 2.01(a) have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule. In so doing, the Custodian may rely on the purported due execution and genuineness of any such document and on the purported genuineness of any signature thereon. With respect to any Non-Serviced Mortgage Loan, the Custodian shall only be required to certify to each of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and each Mortgage Loan Seller that the document set forth in Section 2.01(a)(i) has been received, subject to the preceding provisions of this Section 2.02.

 

If at the conclusion of such review any document or documents constituting a part of a Mortgage File have not been executed or received, have not been recorded or filed (if required), are unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, appear not to be what they purport to be or have been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian shall promptly so notify (in the form attached as Exhibit M to this Agreement) the Trustee, the Directing Holder (but only if no Consultation Termination Event is continuing), the Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer and the related Mortgage Loan Seller by providing a written report, setting forth for each affected Mortgage Loan, with particularity, the nature of the defective or missing document. The Depositor shall or shall cause the related Mortgage Loan Seller to deliver to the Custodian an executed, recorded or undamaged document, as applicable, or, if the failure to deliver such document in such form constitutes a Material Defect, the Depositor shall cause the related Mortgage Loan Seller to cure, repurchase or substitute for the related Mortgage Loan in the manner provided in Section 2.03(d) of this Agreement. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the Trustee shall be responsible for any loss, cost, damage or expense to the Trust Fund resulting from any failure to receive any document constituting a portion of a Mortgage File noted on such a report or for any failure by the Depositor to use its best efforts to deliver any such document.

 

Upon written request from the Master Servicer or Special Servicer, each Mortgage Loan Seller shall deliver a power of attorney substantially in the form of Exhibit C to the applicable Mortgage Loan Purchase Agreement to the Master Servicer and Special Servicer, that permits such parties to take such other action as is necessary to effect the delivery, assignment and/or recordation of any documents and/or instruments relating to any Mortgage Loan which have not been delivered, assigned or recorded at the time required for enforcement by the Trust Fund. Pursuant to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers will be required to effect (at the expense of the applicable Mortgage Loan Seller) the assignment and recordation of its respective Loan Documents until the assignment and recordation of all such Loan Documents has been completed.

 

In reviewing any Mortgage File pursuant to the third preceding paragraph or Section 2.01 of this Agreement, the Master Servicer shall have no responsibility to cause the

 

 



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Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to, examine any opinions or determine whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

The Custodian shall hold that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such term is defined in Section 9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota and, except as otherwise specifically provided in this Agreement, shall not remove such instruments from Minnesota unless it receives an Opinion of Counsel (obtained and delivered at the expense of the Person requesting the removal of such instruments from Minnesota) that if the transfer of the Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess a first priority perfected security interest in such instruments.

 

Section 2.03           Representations, Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans. (a) The Depositor hereby represents and warrants that:

 

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

 

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

 

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

 

 



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Depositor has obtained any consent, approval, authorization or order of any court or governmental agency or body required for the execution, delivery and performance by the Depositor of this Agreement;

 

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

 

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

 

(vi)          [Reserved].

 

(b)           It is understood and agreed that the representations and warranties set forth in this Section 2.03 shall survive delivery of the respective Mortgage Files to the Custodian until the termination of this Agreement, and shall inure to the benefit of the Certificateholders, any Serviced Companion Loan Noteholders, Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer.

 

(c)           If the Master Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement of a Mortgage Loan because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase Request”, and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request, the “Repurchase Request Recipient” with respect to such Repurchase Request); (ii) receives a Repurchase Communication of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”), (iii) receives a Repurchase Communication that any Mortgage Loan that was subject to a Repurchase Request has been repurchased or replaced (a “Repurchase”), or (iv) receives a Repurchase Communication of the rejection of a Repurchase Request (a “Repurchase Request Rejection”), then such Person shall deliver written notice of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection (each such notice, a “Rule 15Ga-1 Notice”) to the Depositor, the Master Servicer, the Special Servicer and the related Mortgage Loan Seller, in each case within ten (10) Business Days from such party’s receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable; provided, however, if the Master Servicer or the Special Servicer receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer or the Master Servicer, as applicable, then such receiving party shall have no obligation to deliver such notice to any other party.

 

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

 

 



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No Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(c) (a “Rule 15Ga-1 Notice Provider”) shall be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section 2.03(c) is so provided only to assist the related Mortgage Loan Seller, the Depositor and its 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 Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(c) by a Rule 15Ga-1 Notice Provider, shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice Provider may have with respect to the related Mortgage 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, the Certificate Administrator or the Custodian 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 Master Servicer, if relating to a Performing Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following statement in the related correspondence: “This is a “Repurchase Request [Withdrawal]” under Section 2.03(c) of the Pooling and Servicing Agreement relating to the Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 requiring action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”. Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Master 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 2.03(c) with respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall the Custodian, by virtue of this provision, be required to provide any notice other than as set forth in Section 2.02 of this Agreement in connection with its review of the Mortgage File.

 

(d)           A “Defect” shall exist with respect to a Mortgage Loan or Trust Subordinate Companion Loan if any document constituting a part of the related Mortgage File has not been delivered within the time periods provided for in the related Mortgage Loan Purchase Agreement, has not been properly executed, is missing, does not appear to be regular on its face or contains information that does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a breach of any representation or warranty of any Mortgage Loan Seller made pursuant to the related Mortgage Loan Purchase Agreement with respect to any Mortgage Loan or Trust Subordinate Companion Loan. If any party hereto discovers or receives notice of a Defect or a Breach, and if such Defect is a Material Defect or such Breach is a Material Breach, as applicable, then such party, on behalf of the Trust Fund, shall give prompt written notice thereof (which notice shall be accompanied by a written demand to cure, repurchase or substitute in accordance with the applicable Mortgage Loan Purchase Agreement) to the related Mortgage Loan Seller, the other parties hereto, the 17g-5 Information Provider (who shall promptly post

 

 



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such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event is continuing, the Directing Holder. If any such Defect or Breach materially and adversely affects the value of any Mortgage Loan or Trust Subordinate Companion Loan, the value of the related Mortgaged Property or the interests of the Trustee, any Certificateholders or the RR Interest Owner in any Mortgage Loan or Mortgaged Property, or causes the related Mortgage Loan or Trust Subordinate Companion Loan to be other than a Qualified Mortgage, then such Defect shall constitute a “Material Defect” or such Breach shall constitute a “Material Breach”, as the case may be. The Custodian, the Certificate Administrator and the Trustee shall not be required to make any such determination.

 

Subject to the applicable Mortgage Loan Seller’s right to cure as contemplated above in this Section 2.03, and further subject to Section 2.01(a), Section 2.01(b) and Section 2.01(c), any of the following shall cause a document in the Mortgage File to be deemed to have a “Defect” that constitutes a Material Defect: (a) the absence from the Mortgage File of the original signed Mortgage Note, unless the Mortgage File contains a signed lost note affidavit and indemnity with a copy of the Mortgage Note that appears to be regular on its face; (b) the absence from the Mortgage File of the original signed Mortgage that appears to be regular on its face, unless there is included in the Mortgage File either a copy of the Mortgage with evidence of recording thereon or a copy of the Mortgage and a certificate from the related Mortgage Loan Seller stating that the original signed Mortgage was sent for recordation; (c) the absence from the Mortgage File of the item called for by clause (viii) of the definition of “Mortgage File”; (d) the absence from the Mortgage File of any intervening assignments required to create a complete chain of assignments to the Trustee on behalf of the Trust, unless there is included in the Mortgage File either a copy of the assignment with evidence of recording thereon or a copy of the intervening assignment and a certificate from the related Mortgage Loan Seller stating that the original intervening assignments were sent for filing or recordation, as applicable; (e) the absence from the Mortgage File of any required letter of credit (except as permitted under Section 2.01(c)); or (f) with respect to any related leasehold Mortgage Loan, the absence from the related Mortgage File of a copy (or an original, if available) of the related Ground Lease; provided, however, that no Defect (except the Defects previously described in subclauses (a) through (f) of this Section 2.03(d)) shall be considered to materially and adversely affect the value of the related Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee or Certificateholders unless the document with respect to which the Defect exists is required in connection with an imminent enforcement of the mortgagee’s rights or remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the related Mortgage Loan, establishing the validity or priority of any lien on any collateral securing the related Mortgage Loan or for any immediate significant servicing obligation; provided, further, that no Defect relating to any Non-Serviced Mortgage Loan previously described in subclauses (b) through (f) of this Section 2.03(d) shall be considered to materially and adversely affect the value of such Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee or Certificateholders unless the related Mortgage Loan Seller, after receipt of notice of such Defect, fails to produce a copy of the document with respect to which the Defect exists within a reasonable period after receiving such notice or otherwise establish that the original or copy, as applicable, of such document has been delivered, in compliance with the terms of the related Other Pooling and Servicing Agreement, to the custodian under the related Other Pooling and Servicing Agreement. Notwithstanding the

 

 



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foregoing, the delivery of executed escrow instructions or a binding commitment to issue a lender’s title insurance policy, as provided in clause (viii) of the definition of “Mortgage File” herein, in lieu of the delivery of the actual policy of lender’s title insurance, shall not be considered a Material Defect with respect to any Mortgage File if such actual policy is delivered to the Custodian not later than eighteen (18) months following the Closing Date. Notwithstanding the foregoing, to the extent a Mortgage Loan Seller has otherwise complied with its document delivery requirements under this Agreement and the related Mortgage Loan Purchase Agreement, in the event that the Custodian has acknowledged receipt pursuant to Section 2.02 above of a document that is part of the Mortgage File or a Mortgage Loan Seller can otherwise prove delivery of the document, and the Custodian subsequently loses a document, the fact that such document is lost may not be utilized as the basis for a claim of a Material Defect against a Mortgage Loan Seller pursuant to Section 6(e) of the related Mortgage Loan Purchase Agreement and/or this Section 2.03 and the Custodian shall be liable for any such loss to the extent provided for in Section 8.01 hereof.

 

Promptly upon receiving written notice of any such Material Defect or Material Breach with respect to a Mortgage Loan or Trust Subordinate Companion Loan, accompanied by a written demand to take the actions contemplated by this sentence from the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, on behalf of the Trust Fund, the applicable Mortgage Loan Seller shall, not later than ninety (90) days following the earlier of (i) such Mortgage Loan Seller’s discovery of any Material Defect, (ii) such Mortgage Loan Seller’s receipt of notice of any Material Defect from any party to this Agreement or (iii) in the case of a Material Defect relating to a Mortgage Loan or Trust Subordinate Companion Loan not being a Qualified Mortgage, the earlier of (x) the discovery of any Material Defect by any party to this Agreement or (y) receipt of a notice of any Material Defect by the applicable Mortgage Loan Seller (any such 90-day period, the “Initial Cure Period”), (i) cure the same in all material respects, (ii) repurchase the affected Mortgage Loan, Trust Subordinate Companion Loan or REO Loan at the applicable Purchase Price in conformity with the applicable Mortgage Loan Purchase Agreement or (iii) substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, as applicable, for which no substitution will be permitted) for such affected Mortgage Loan (provided that, in no event shall such substitution occur later than the second anniversary of the Closing Date) and pay to the Master Servicer for deposit into the Collection Account (or, with respect to any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account) any Substitution Shortfall Amount in connection therewith; provided that, GACC may not repurchase such Trust Subordinate Companion Loan without repurchasing the related Mortgage Loan; provided, however, that except with respect to a Material Defect resulting solely from the failure by the Mortgage Loan Seller to deliver to the Trustee or Custodian the actual policy of lender’s title insurance required pursuant to clause (viii) of the definition of “Mortgage File” by a date not later than eighteen (18) months following the Closing Date, if such Material Defect is capable of being cured but is not cured within the Initial Cure Period, and the applicable Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such Material Defect within the Initial Cure Period, the applicable Mortgage Loan Seller shall have an additional ninety (90) days commencing immediately upon the expiration of the Initial Cure Period (such additional ninety (90) day period, the “Extended Cure Period”) to complete such cure (or, failing such cure, to repurchase the related Mortgage Loan, Trust Subordinate Companion Loan or REO Loan (excluding any related Serviced Companion Loan, if applicable) or substitute a Qualified

 

 



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Substitute Mortgage Loan (other than with respect to the Whole Loans, for which no substitution will be permitted)) and provided, further, that with respect to such Extended Cure Period the applicable Mortgage Loan Seller shall have delivered an officer’s certificate to the Trustee, the Certificate Administrator (who shall promptly deliver a copy of such officer’s certificate to the 17g-5 Information Provider), the Master Servicer, the Special Servicer and (with respect to any Mortgage Loan, prior to the occurrence of a Consultation Termination Event, but in no event with respect to any Mortgage Loan that is an Excluded Loan) the Directing Certificateholder, setting forth the reason such Material Defect is not capable of being cured within the Initial Cure Period and what actions the applicable Mortgage Loan Seller is pursuing in connection with the cure thereof and stating that the applicable Mortgage Loan Seller anticipates that such Material Defect will be cured within the Extended Cure Period. Notwithstanding the foregoing, any Defect or Breach which causes any Mortgage Loan or Trust Subordinate Companion Loan not to be a Qualified Mortgage shall be deemed to materially and adversely affect the interests of Certificateholders therein, and (subject to the applicable Mortgage Loan Seller’s right to cure such Defect or Breach during the Initial Cure Period) such Mortgage Loan shall be repurchased or substituted for without regard to the Extended Cure Period described in the preceding sentence. If the affected Mortgage Loan is to be repurchased, the funds in the amount of the Purchase Price remitted by the applicable Mortgage Loan Seller (or, in the case of a Joint Mortgage Loan, the applicable Mortgage Loan Seller Percentage Interest thereof) are to be remitted by wire transfer to the Master Servicer for deposit into the Collection Account. Notwithstanding the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated by a Borrower), healthcare facility, nursing home, assisted living facility, theatre or fitness center (operated by a Borrower), then the failure to deliver to the Custodian copies of the UCC financing statements with respect to such Mortgage Loan shall not be a Material Defect. With respect to any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage Loan. With respect to the Non-Serviced Mortgage Loans, the related Mortgage Loan Seller agrees that any Defect as such term is defined in the related Other Pooling and Servicing Agreement (other than a Defect related to the promissory note for the related Companion Loan) will constitute a Defect under the related Mortgage Loan Purchase Agreement.

 

Notwithstanding the foregoing, if there is a Material Breach or Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage Loan (or Trust Subordinate Companion Loan), the applicable Mortgage Loan Seller will not be obligated to repurchase the Mortgage Loan (or Trust Subordinate Companion Loan) and such Material Breach or Material Defect will be considered Resolved if (i) the affected Mortgaged Property may be released pursuant to the terms of any partial release provisions in the related Loan Documents (and such Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth in the Loan Documents and the Mortgage Loan Seller provides an Opinion of Counsel to the effect that such release would not cause an Adverse REMIC Event to occur and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

 

If a cross-collateralized Mortgage Loan is required to be repurchased or substituted for and the applicable Material Defect does not constitute a Material Defect as to any

 

 



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other cross-collateralized Mortgage Loan in the related group of cross-collateralized Mortgage Loans (without regard to this paragraph), then the applicable Material Defect shall be deemed to constitute a Material Defect as to any other cross-collateralized Mortgage Loan in the related cross-collateralized group for purposes of this paragraph, and the related Mortgage Loan Seller shall be required to repurchase or substitute for the other cross-collateralized Mortgage Loan(s) in the related cross-collateralized group unless such other cross-collateralized Mortgage Loans satisfy the Cross-Collateralized Mortgage Loan Repurchase Criteria. In the event that the remaining cross-collateralized Mortgage Loans in such cross-collateralized group satisfy the Cross-Collateralized Mortgage Loan Repurchase Criteria, the applicable Mortgage Loan Seller may elect either to repurchase or substitute for only the affected cross-collateralized Mortgage Loan(s) as to which the related Material Defect exists or to repurchase or substitute for all of the cross-collateralized Mortgage Loans in the related cross-collateralized group. Any reserve or other cash collateral or letters of credit securing the cross-collateralized Mortgage Loans shall be allocated among the related cross-collateralized Mortgage Loans in accordance with the related Mortgage Loan documents or otherwise on a pro rata basis based upon their outstanding Stated Principal Balances. Except as provided in this paragraph and the following paragraph, all other terms of the related Mortgage Loans shall remain in full force and effect without any modification thereof.

 

Notwithstanding the immediately preceding paragraph, if the related Mortgage provides for the partial release of one or more of the cross-collateralized Mortgage Loans, the related Mortgage Loan Seller may repurchase only that cross-collateralized Mortgage Loan required to be repurchased, pursuant to the partial release provisions of the related Mortgage; provided, however, that (i) the remaining related cross-collateralized Mortgage Loan(s) fully comply with the terms and conditions of the related Mortgage, this Agreement and the related Mortgage Loan Purchase Agreement, including the Cross-Collateralized Mortgage Loan Repurchase Criteria, (ii) in connection with such partial release, the related Mortgage Loan Seller obtains an opinion of counsel (at such Mortgage Loan Seller’s expense) to the effect that the contemplated action shall not (A) cause any Trust REMIC to fail to qualify as a REMIC or (B) result in the imposition of a tax upon any Trust REMIC or the issuing entity and (iii) in connection with such partial release, the related Mortgage Loan Seller shall deliver or cause to be delivered to the custodian original modifications to the Mortgage prepared and executed in connection with such partial release.

 

With respect to any cross-collateralized Mortgage Loan, to the extent that the applicable Mortgage Loan Seller is required or elects, as applicable, to repurchase or substitute for such cross-collateralized Mortgage Loan in the manner prescribed in either of the two preceding paragraphs while the trustee continues to hold any other cross-collateralized Mortgage Loans in the related cross-collateralized group, the applicable Mortgage Loan Seller, the Master Servicer and the Special Servicer, on behalf of the trustee, as assignee of the depositor, shall, as set forth in the related Mortgage Loan Purchase Agreement, forbear from enforcing any remedies against the other’s Primary Collateral but each will be permitted to exercise remedies against the Primary Collateral securing its respective related Mortgage Loans, including with respect to the trustee, the Primary Collateral securing the Mortgage Loans still held by the trustee, so long as such exercise does not materially impair the ability of the other party to exercise its remedies against its Primary Collateral. If the exercise of the remedies by one party would materially impair the ability of the other party to exercise its remedies with respect to the Primary Collateral securing the cross-collateralized Mortgage Loans held by such party, then both parties have

 

 



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agreed in the related Mortgage Loan Purchase Agreement to forbear from exercising such remedies until the Mortgage Loan documents evidencing and securing the relevant Mortgage Loan can be modified in a manner that complies with the related Mortgage Loan Purchase Agreement to remove the threat of material impairment as a result of the exercise of remedies.

 

If a Mortgage Loan Seller, in connection with a Material Defect or a Material Breach (or an allegation of a Material Defect or a Material Breach) pertaining to a Mortgage Loan (or Trust Subordinate Companion Loan), makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and the Special Servicer on behalf of the Trust (and, for so long as no Control Termination Event is continuing and only with respect to any Mortgage Loan that is not an applicable Excluded Loan or any Servicing Shift Mortgage Loan, with the consent of the Directing Holder) (or the BX industrial Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class Representative, as applicable, in respect of the related Trust Subordinate Companion Loans) if no Control Termination Event has occurred and is continuing (each such payment, a “Loss of Value Payment”) with respect to such Mortgage Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section 3.06(e) of this Agreement. In connection with any such determination with respect to any Performing Loan, the Master Servicer shall promptly provide the Special Servicer, but in any event within the time frame and in the manner set forth in Section 3.23, with the Servicing File and all information, documents (but excluding the original documents constituting the Mortgage File) and records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and reasonably requested by the Special Servicer pursuant to Section 2.03 in order to permit the Special Servicer to calculate the Loss of Value Payment. If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders, the RR Interest Owner and the Trustee on their behalf regarding any such Material Breach or Material Defect in lieu of any obligation of the Mortgage Loan Seller to otherwise cure such Material Breach or Material Defect or repurchase or substitute for the affected Mortgage Loan or Trust Subordinate Companion Loan based on such Material Breach or Material Defect under any circumstances. This paragraph is intended to apply only to a mutual agreement or settlement between the applicable Mortgage Loan Seller and the Trust, provided that (i) prior to any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Trustee from exercising any of its rights related to a Material Defect or a Material Breach in the manner and timing set forth in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute for such Mortgage Loan or Trust Subordinate Companion Loan); (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage Loan or Trust Subordinate Companion Loan; and (iii) a Material Defect or a Material Breach as a result of a Mortgage Loan or Trust Subordinate Companion Loan not constituting a Qualified Mortgage may not be cured by a Loss of Value Payment. With respect to any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage Loan.

 

If any Breach pertains to a representation or warranty to the effect that the related Mortgage Loan documents or any particular Mortgage Loan document requires the related

 

 



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Borrower to bear the costs and expenses associated with any particular action or matter under such Mortgage Loan document(s), then the related Mortgage Loan Seller shall cure such Breach within the applicable cure period (as the same may be extended) by reimbursing the Trust Fund (by wire transfer of immediately available funds) the reasonable amount of any such costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust Fund that are incurred as a result of such Breach and have not been reimbursed by the related Borrower; provided, however, that in the event any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either repurchase or substitute for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in the proviso to the immediately preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses and upon its making such remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects. To the extent any fees or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained from the related Borrower, the portion of the cure payment made by the related Mortgage Loan Seller equal to such fees or expenses obtained from the related Borrower shall promptly be returned to the related Mortgage Loan Seller. With respect to any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage Loan.

 

(e)           In connection with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.03, (A) the Custodian, the Master Servicer (with respect to any Performing Loan) and the Special Servicer (with respect to any Specially Serviced Loan) shall each tender to the applicable Mortgage Loan Seller all portions of the Mortgage File (in the case of the Custodian) and the Servicing File (in the case of the Master Servicer and the Special Servicer, as applicable) and other documents pertaining to such Mortgage Loan possessed by it (other than attorney-client communications that are privileged communications), upon delivery (i) to each of the Master Servicer or the Special Servicer, as applicable, of a trust receipt and (ii) to the Custodian by the Master Servicer or the Special Servicer, as applicable, of a Request for Release and an acknowledgement by the Master Servicer or Special Servicer, as applicable, of its receipt of the Purchase Price or the Substitution Shortfall Amount from the applicable Mortgage Loan Seller, (B) each document that constitutes a part of the Mortgage File that was endorsed or assigned to the Trustee shall be endorsed or assigned without recourse in the form of endorsement or assignment provided to the Custodian by the applicable Mortgage Loan Seller, as the case may be, to the applicable Mortgage Loan Seller as shall be necessary to vest in the applicable Mortgage Loan Seller the legal and beneficial ownership of such Mortgage Loan to the extent such ownership was transferred to the Trustee (provided that the Master Servicer or Special Servicer, as applicable, shall use reasonable efforts to cooperate in furnishing necessary information to the extent in its possession to the Mortgage Loan Seller in connection with such Mortgage Loan Seller’s preparation of such endorsement or assignment) and (C) the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall release, or cause a release of, any escrow payments and reserve funds held by the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, or on the Trustee’s, the Certificate Administrator’s, the Master Servicer’s and the Special Servicer’s, as applicable, behalf, in respect of such Mortgage Loan to the applicable Mortgage Loan Seller.

 

 



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(f)            The Special Servicer (with respect to a Specially Serviced Loan) or the Master Servicer (with respect to a non-Specially Serviced Loan) shall, for the benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement. Such enforcement, including, without limitation, the legal prosecution of claims, shall be carried out in accordance with the Servicing Standard. The Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as the case may be, shall be reimbursed for the reasonable costs of such enforcement: first, pursuant to Section 3.06 of this Agreement (with respect to the related Mortgage Loan), out of the related Purchase Price or Substitution Shortfall Amount, as applicable, to the extent that such expenses are a specific component thereof; and second, if at the conclusion of such enforcement action it is determined that the amounts described in clause first are insufficient, then pursuant to Section 3.06 of this Agreement, out of general collections on the Mortgage Loans on deposit in the Collection Account in each case with interest thereon at the Reimbursement Rate from the time such expense was incurred to, but excluding, the date such expense was reimbursed. To the extent the applicable Mortgage Loan Seller prevails in such proceeding, such Mortgage Loan Seller shall be entitled to reimbursement from the Trust for all necessary and reasonable costs and expenses incurred in connection with such proceeding, including reasonable attorneys’ fees.

 

So long as document exceptions are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward to the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Directing Holder (as identified to the Custodian by the Certificate Administrator), the BX Industrial Portfolio Controlling Class Representative (only with respect to the BX Industrial Portfolio Mortgage Loan), the Tower 333 Controlling Class Representative (only with respect to the Tower 333 Mortgage Loan), the Tower 333 Controlling Class Representative (only with respect to the Tower 333 Mortgage Loan) and the applicable Mortgage Loan Seller, a document exception report setting forth the then current status of any Defects related to the Mortgage Files pertaining to the Mortgage Loans sold by such Mortgage Loan Seller.

 

As to any Qualified Substitute Mortgage Loan, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties) shall direct the related Mortgage Loan Seller to deliver to the Custodian for such Qualified Substitute Mortgage Loan (with a copy to the Master Servicer), the related Mortgage File with the related Mortgage Note endorsed as required by Section 2.01(a)(i) hereof. Periodic Payments due with respect to Qualified Substitute Mortgage Loans in or prior to the month of substitution shall not be part of the Trust Fund and, if received by the Master Servicer, shall be remitted by the Master Servicer to the related Mortgage Loan Seller on the next succeeding Distribution Date. For the month of repurchase or substitution, distributions to Certificateholders will include the Periodic Payment(s) due on the related Removed Mortgage Loan, if and to the extent received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase or substitution, as applicable, and such Mortgage Loan Seller shall be entitled to retain all amounts received thereafter in respect of such Removed Mortgage Loan.

 

In any month in which a Mortgage Loan Seller substitutes one or more Qualified Substitute Mortgage Loans for one or more Removed Mortgage Loans, the Master Servicer will

 

 



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determine the applicable Substitution Shortfall Amount and promptly notify the Certificate Administrator thereof. Promptly upon receipt of such notice, the Certificate Administrator shall direct such Mortgage Loan Seller to deposit into the Collection Account and/or the applicable Serviced Whole Loan Collection Account, as applicable, cash equal to such amount concurrently with the delivery of the Mortgage Files for such Qualified Substitute Mortgage Loans, without any reimbursement thereof. The Certificate Administrator shall also direct such Mortgage Loan Seller to give written notice to the Depositor, the Trustee and the Master Servicer of such deposit. The Certificate Administrator shall cause its Distribution Date Statement to reflect the removal of each Removed Mortgage Loan and, if applicable, the substitution of the Qualified Substitute Mortgage Loan. Upon any such substitution, the Qualified Substitute Mortgage Loans shall be subject to the terms of this Agreement in all respects.

 

It is understood and agreed that Section 6 of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders, the RR Interest Owner and the Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect to a Mortgage Loan or Trust Subordinate Companion Loan failing to constitute a Qualified Mortgage) or any Defect.

 

(g)           In the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach of any of the Depositor’s representations and warranties relating to the Mortgage Loans, the Depositor hereby reserves the right to conduct the defense of such litigation at its expense and shall not be required to obtain any consent from the Master Servicer, the Special Servicer or the Directing Holder, unless such defense results in any liability of the Master Servicer, the Special Servicer or the Directing Holder, as applicable.

 

(h)           If for any reason a Mortgage Loan Seller fails to fulfill its obligations under the related Mortgage Loan Purchase Agreement with respect to any Mortgage Loan, the Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts in enforcing any obligation of such Mortgage Loan Seller (including but not limited to) to cure, repurchase or substitute for such Mortgage Loan under the terms of the related Mortgage Loan Purchase Agreement all at the expense of such Mortgage Loan Seller.

 

(i)            Notwithstanding anything to the contrary contained in this Agreement, for the purposes of Section 2.03 of this Agreement and any provision relating to repurchase and substitution obligations for a Material Breach or Material Defect, with respect to any Joint Mortgage Loan, the obligations of each of the applicable Mortgage Loan Sellers to repurchase or substitute such Joint Mortgage Loan shall be limited to a repurchase, substitution or Loss of Value Payment with respect to the Note it sold to the Depositor in accordance with the related Mortgage Loan Purchase Agreement. With respect to any Joint Mortgage Loan, any cure by either of the applicable Mortgage Loan Sellers with respect to the Note sold by it to the Depositor in accordance with the related Mortgage Loan Purchase Agreement that also cures the Material Defect or Material Breach with respect to the entire related Joint Mortgage Loan shall satisfy the cure obligations of both Mortgage Loan Sellers with respect to such Joint Mortgage Loan.

 

 



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Section 2.04           Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee. (a) The Master Servicer, as Master Servicer, hereby represents and warrants with respect to itself to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator, the Special Servicer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)            The Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the United States of America, and the Master Servicer is in compliance with the laws of each state (within the United States of America) in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)           The execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this Agreement or its financial condition;

 

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

 

(iv)          This Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator, the Special Servicer and the Depositor, constitutes a valid, legal and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)          
The Master Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or
demand of any federal, state, municipal or governmental agency, which default, in the Master Servicer’s reasonable
judgment is likely to materially and adversely affect the financial condition or operations of the Master Servicer or its
properties taken as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)          No litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable

 

 



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judgment is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this Agreement or the financial condition of the Master Servicer;

 

(vii)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Master Servicer of, or compliance by the Master Servicer with, this Agreement or the consummation of the transactions of the Master Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Master Servicer to perform its obligations hereunder; and

 

(viii)        Each officer and employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage required by this Agreement or the Master Servicer self-insures for such risks in compliance with the requirements of Section 3.08(d) of this Agreement.

 

(b)           The Special Servicer, as Special Servicer, hereby represents and warrants to and covenants with the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator, the Master Servicer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)            The Special Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the United States, and the Special Servicer is in compliance with the laws of each state (within the United States of America) in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)           The execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under this Agreement or its financial condition; 

 

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

 

(iv)         This Agreement, assuming due authorization, execution and delivery by the Trustee, the Certificate Administrator, the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation of the Special Servicer, enforceable

 

 



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against the Special Servicer in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)           The Special Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand of any federal, state, municipal or governmental agency, which default, in the Special Servicer’s reasonable judgment is likely to materially and adversely affect the financial condition or operations of the Special Servicer or its properties taken as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)          No litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer which would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable judgment is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(vii)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement or the consummation of the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Special Servicer to perform its obligations hereunder; and

 

(viii)        Each officer and employee of the Special Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage required by this Agreement or the Special Servicer self-insures for such risks in compliance with the requirements of Section 3.08(d) of this Agreement.

 

(c)           [Reserved].

 

(d)          The Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Serviced Companion Loan Noteholders as of the Closing Date, that:

 

(i)            The Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted and to execute, deliver and perform the terms of this Agreement;

 

(ii)            This Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with its terms, except as such enforcement may be limited by bankruptcy,

 

 



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insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law);

 

(iii)          Neither the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation, judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations under this Agreement;

 

(iv)          The Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on the Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would materially and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties;

 

(v)           No consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse effect on the Trustee’s ability to perform its obligations hereunder; and

 

(vi)         To the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification Agreement, dated and effective the Pricing Date, between the Trustee, the Depositor and the Initial Purchasers.

 

(e)           The Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)            The Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws of the United States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted and to execute, deliver and perform the terms of this Agreement;

 

 



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(ii)            This Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law);

 

(iii)           Neither the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its properties or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument or indenture to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator to perform its obligations under this Agreement;

 

(iv)          The Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that are likely to affect materially and adversely the ability of the Certificate Administrator to perform its obligations under this Agreement;

 

(v)           No consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse effect on the Certificate Administrator’s ability to perform its obligations hereunder; and

 

(vi)          To the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification Agreement, dated and effective the Pricing Date, between the Certificate Administrator, the Depositor and the Initial Purchasers.

 

(f)            [Reserved].

 

(g)           [Reserved].

 

 



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(h)           It is understood and agreed that the representations and warranties set forth in this Section shall survive delivery of the respective Mortgage Files to the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure to the benefit of the Trustee, the Depositor, the Certificate Administrator, the Serviced Companion Loan Noteholders and the Master Servicer or Special Servicer, as the case may be. Upon discovery by the Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee (or upon written notice thereof from any Certificateholder) of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders, the Certificate Administrator, the Master Servicer, Special Servicer, the Serviced Companion Loan Noteholders or the Trustee in any Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, the Serviced Companion Loan Noteholders and the Mortgage Loan Sellers.

 

Section 2.05           Execution and Delivery of Certificates; Issuance of Upper-Tier Regular Interests; Issuance of Lower-Tier Regular Interests and Issuance of the Trust Subordinate Companion Loan REMIC Regular Interests. The Trustee acknowledges the assignment to it of the Mortgage Loans and the Trust Subordinate Companion Loans and the delivery of the Mortgage Files to the Custodian (to the extent the documents constituting the Mortgage Files are actually delivered to the Custodian), subject to the provisions of Section 2.01 and Section 2.02 of this Agreement and, concurrently with such delivery, (i) acknowledges and hereby declares that it holds the Mortgage Loans (excluding the Excess Interest) for the benefit of (y) the Holders of the Class R Certificates (in respect of the Class LTR Interest) and (z) the Holder of the Lower-Tier Regular Interests; (ii) acknowledges and hereby declares that it holds the BX Industrial Portfolio Trust Subordinate Companion Loan for the benefit of (y) the Holders of the Class R Certificates (in respect of the LBX-R Interest) and (z) the Holders of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests, (iii) acknowledges and hereby declares that it holds the Tower 333 Trust Subordinate Companion Loan for the benefit of (y) the Holders of the Class R Certificates (in respect of the LT333-R Interest) and (z) the Holders of the Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests, (iv) acknowledges and hereby declares that it holds the 825 South Hill Trust Subordinate Companion Loan for the benefit of (y) the Holders of the Class R Certificates (in respect of the L825S-R Interest) and (z) the Holders of the 825 South Hill Trust Subordinate Companion Loan REMIC Regular Interests, (v) acknowledges and hereby declares that it holds the Excess Interest for the benefit of the Holders of the Excess Interest Certificates and the RR Interest; (vi) in exchange for the Mortgage Loans, acknowledges the issuance of the Lower-Tier Regular Interests and the Class LTR Interest represented by the Class R Certificates; (vii) in exchange for the BX Industrial Portfolio Trust Subordinate Companion Loan, acknowledges the issuance of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests and the LBX-R Interest represented by the Class R Certificates; (viii) in exchange for the Tower 333 Trust Subordinate Companion Loan, acknowledges the issuance of the Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests and the LT333-R Interest represented by the Class R Certificates; (ix) in exchange for the 825 South Hill Trust Subordinate Companion Loan, acknowledges the issuance of the 825 South Hill Trust Subordinate Companion Loan REMIC Regular Interests and the L825S-R Interest represented by the Class R Certificates; (x) acknowledges the contribution by the Depositor of the Lower-Tier Regular Interests and the Trust Subordinate Companion Loan REMIC Regular Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular Interests on behalf

 

 



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of the Upper-Tier REMIC and the Holders of the Pooled Regular Certificates and holds the Trust Subordinate Companion Loan REMIC Regular Interests on behalf of the Upper-Tier REMIC and the Holders of the Loan-Specific Certificates; and (xi) in exchange for the Lower-Tier Regular Interests and the Trust Subordinate Companion Loan REMIC Regular Interests, has caused to be executed and caused to be authenticated and delivered to or upon the order of the Depositor, or as directed by the terms of this Agreement, the Pooled Regular Certificates, the Loan-Specific Certificates, and the Class UTR Interest, the Class LBX-R Interest, the Class LT333-R Interest, and the Class L825S-R Interest, each represented by the Class R Certificates, in authorized denominations; and the Depositor hereby acknowledges the receipt by it or its designees of the Certificates, which Certificates evidence ownership of the entire Trust Fund.

 

The Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the right, title and interest of the Depositor in and to the Excess Interest and any other property constituting the Grantor Trust to the Trustee for the benefit of the Holders of the Grantor Trust Certificates and the RR Interest Owner. The Trustee (i) acknowledges the assignment to it of the VRR Regular Interests, the T333-VRR Regular Interests and the Class S Specific Grantor Trust Assets, (ii) declares that it holds and will hold such Class S Specific Grantor Trust Assets in trust for the exclusive use and benefit of all present and future Holders of the Grantor Trust Certificates and the RR Interest Owner, and (iii) has caused to be executed and caused to be authenticated and delivered to or upon the order of the Depositor, in exchange for the Class S Specific Grantor Trust Assets, and the Depositor hereby acknowledges the receipt by it or its designees of, the Grantor Trust Certificates in authorized Denominations.

 

Section 2.06           Miscellaneous REMIC and Grantor Trust Provisions. (a) The Lower-Tier Regular Interests and the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests, the Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests and the 825 South Hill Trust Subordinate Companion Loan REMIC Regular Interests issued hereunder are hereby designated as the “regular interests” in the Lower-Tier REMIC and the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC, the Tower 333 Trust Subordinate Companion Loan REMIC and the 825 South Hill Trust Subordinate Companion Loan REMIC, respectively, within the meaning of Section 860G(a)(1) of the Code, and the Class LTR 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, the Class LBX-R Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC within the meaning of Section 860G(a)(2) of the Code, the Class LT333-R Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Tower 333 Trust Subordinate Companion Loan REMIC within the meaning of Section 860G(a)(2) of the Code, and the Class L825S-R Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the 825 South Hill Trust Subordinate Companion Loan REMIC within the meaning of Section 860G(a)(2) of the Code. The Pooled Regular Certificates and the Loan-Specific Certificates are hereby designated as “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class UTR 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 Closing Date is

 

 



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hereby designated as the “Startup Day” of each Trust REMIC within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Lower-Tier Regular Interests, the Trust Subordinate Companion Loan REMIC Regular Interests, the Loan-Specific Certificates and the Non-VRR Certificates for purposes of Section 860G(a)(l) of the Code is the Rated Final Distribution Date.

 

(b)           None of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated herein.

 

(c)           Each Class of Grantor Trust Certificates (other the T333-VRR Interest) and the RR Interest shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the VRR Regular Interest and the Class S Specific Grantor Trust Assets with the corresponding alphabetic or alphanumeric designation. The T333-VRR Interest shall represent an undivided beneficial interest in the portion of the Grantor Trust consisting of the T333-VRR Regular Interest and the Class S Specific Grantor Trust Assets with the corresponding alphabetic or alphanumeric designation. The Grantor Trust shall be treated as a “grantor trust” within the meaning of the Grantor Trust Provisions. The RR Interest evidences beneficial ownership of a portion of the Class S Grantor Trust Assets. 

 

Article III

ADMINISTRATION AND SERVICING
OF THE TRUST FUND

 

Section 3.01           The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans, the Trust Subordinate Companion Loans and the Serviced Companion Loans. (a) The Master Servicer (generally with respect to Serviced Mortgage Loans, Trust Subordinate Companion Loans and any related Serviced Companion Loans that are not Specially Serviced Loans) and the Special Servicer (generally with respect to Specially Serviced Loans and Serviced REO Loans), each as an independent contractor servicer, shall service and administer the Serviced Mortgage Loans and any related Serviced Companion Loans (which includes the Trust Subordinate Companion Loans) on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders and the RR Interest Owner) and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholder(s), (as a collective whole as if such Certificateholders, the RR Interest Owner and Serviced Companion Loan Noteholder(s), as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan)), in each case, in accordance with the Servicing Standard.

 

The Master Servicer’s or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or Special Servicer, as the case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof). To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Master Servicer and Special Servicer shall seek to maximize the timely and complete

 

 



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recovery of principal and interest on the Mortgage Notes; provided that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or Special Servicer of the collectability of the Mortgage Loans or the Serviced Companion Loans. Subject only to the Servicing Standard, the Master Servicer and Special Servicer shall have full power and authority, acting alone or through sub-servicers (subject to paragraph (c) of this Section 3.01, to the related sub-servicing agreement with each sub-servicer and to Section 3.02 of this Agreement), to do or cause to be done any and all things in connection with such servicing and administration that it may deem consistent with the Servicing Standard and, in its reasonable judgment, in the best interests of the Certificateholders, including, without limitation, with respect to each Serviced Mortgage Loan and, in the case of any Serviced Whole Loan, in the best interests of the Certificateholders and the Serviced Companion Loan Noteholder(s), as a collective whole as if such Certificateholders and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder(s) constituted a single lender (and with respect to any Serviced Whole Loan with any related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan) to prepare, execute and deliver, on behalf of the Certificateholders and Serviced Companion Loan Noteholders and the Trustee or any of them: (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien on each Mortgaged Property and related collateral; (ii) any modifications, waivers, consents or amendments to or with respect to any documents contained in the related Mortgage File; and (iii) any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to such Mortgage Loans and the Mortgaged Properties. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer shall modify, amend, waive or otherwise consent to any change of the terms of any Mortgage Loan except under the circumstances described in Section 3.03, Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26 and Section 3.27 hereof. The Master Servicer (with respect to Serviced Mortgage Loans and any related Serviced Companion Loans that are non-Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans and Serviced REO Loans) shall provide to the Borrowers related to such Mortgage Loans that it is servicing any reports required to be provided to them pursuant to the related Loan Documents. Subject to Section 3.11 of this Agreement, the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver to the Master Servicer and Special Servicer, as applicable, any powers of attorney (in the form attached hereto as Exhibit DD-1 or Exhibit DD-2, as applicable, or such other form as mutually agreed to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and other documents (including but not limited to other powers of attorney) prepared by the Master Servicer and Special Servicer, as applicable, and necessary or appropriate (as certified in such written request) to enable the Master Servicer and Special Servicer, as applicable, to carry out their servicing and administrative duties hereunder. The Trustee shall not be held liable for any misuse of any such power of attorney or such other documents by the Master Servicer and Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary, none of the Master Servicer or the Special Servicer shall, without the Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or the Special Servicer’s, as the case may be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction in which any such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided that the Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business Days’ written notice to the Trustee of the

 

 



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initiation of such action, suit or proceeding (or such shorter time period as is reasonably required in the judgment of the Master Servicer or the Special Servicer, as applicable, made in accordance with the Servicing Standard) prior to filing such action, suit or proceeding), and shall not be required to obtain the Trustee’s consent or indicate the Master Servicer’s or the Special Servicer’s, as applicable, representative capacity); or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be registered to do business in any state.

 

(b)           Unless otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any partial Principal Prepayment received on a Serviced Mortgage Loan or Serviced Companion Loan, as applicable, on a date other than a Due Date to the Stated Principal Balance of such Serviced Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately following the date of receipt of such partial Principal Prepayment. Unless otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any amounts received on U.S. Treasury obligations in respect of a Serviced Mortgage Loan or Serviced Companion Loan, as applicable, being defeased pursuant to its terms to the Stated Principal Balance of and interest on such Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately following the receipt of such amounts.

 

(c)           The Master Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its respective obligations hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all material respects with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions of this Agreement, the terms of the respective Loan Documents and, in the case of a Serviced Companion Loan, the related Intercreditor Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, any such agreement provides that (x) the failure of such Sub-Servicer to comply with any of the requirements under Article X of this Agreement applicable to such Sub-Servicer, including the failure to deliver any reports or certificates at the time such report or certification is required under Article X and (y) the failure of such Sub-Servicer to comply with any requirements to deliver any items required by Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating to any other series of certificates offered by the Depositor shall constitute an event of default by such Sub-Servicer upon the occurrence of which (following the expiration of any applicable grace period) the Master Servicer shall (and the Depositor may) immediately terminate the related Sub-Servicer under the related Sub-Servicing Agreement, which termination shall be deemed for cause, (iii) no Sub-Servicer retained by the Master Servicer or the Special Servicer, as applicable, shall grant any modification, waiver or amendment to any Mortgage Loan or Serviced Companion Loan, as applicable, or foreclose any Mortgage without the approval of the Master Servicer or the Special Servicer, as applicable, which approval shall be given or withheld in accordance with the procedures set forth in Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26, Section 3.27, (as applicable), (iv) such Sub-Servicing Agreement shall be consistent with the Servicing Standard and (v) with respect to any Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited Party. Any such Sub-Servicing Agreement may permit the Sub-Servicer to delegate its duties to agents or Subcontractors so long as the related agreements or arrangements with such agents or Subcontractors are consistent with

 

 



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the provisions of this Section 3.01(c) (including, for the avoidance of doubt, that no such agent or Subcontractor is a Prohibited Party, if such agent or Subcontractor would be a Servicing Function Participant, at the time the related sub-servicing agreement is entered into). Any monies received by a Sub-Servicer pursuant to a Sub-Servicing agreement (other than sub-servicing fees) shall be deemed to be received by the Master Servicer on the date received by such Sub-Servicer.

 

Any Sub-Servicing Agreement entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may be assumed or terminated by the Trustee (in its sole discretion, but must be assumed with respect to any Mortgage Loan Seller Sub-Servicer so long as such Mortgage Loan Seller Sub-Servicer is not in default under the applicable Sub-Servicing Agreement) if the Trustee has assumed the duties of the Master Servicer or the Special Servicer, respectively, or any successor Master Servicer or Special Servicer, as applicable, without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations, except to the extent they arose prior to the date of assumption, of the Master Servicer or the Special Servicer, as applicable, pursuant to Section 7.02 (it being understood that any such obligations shall be the obligations of the terminated Master Servicer or Special Servicer, as applicable, only).

 

Any Sub-Servicing Agreement, and any other transactions or services relating to the Mortgage Loans or the Serviced Companion Loans involving a Sub-Servicer, shall be deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the Trustee, the Certificate Administrator, the Trust Fund, the Certificateholders and, if applicable, Serviced Companion Loan Noteholders shall not be deemed parties thereto and shall have no claims, rights (except as specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except as set forth in Section 3.01(c)(ii) and Section 3.01(d).

 

Any Sub-Servicing Agreement as to which a Mortgage Loan Seller required the Master Servicer to enter into shall provide that the Master Servicer (and any successor Master Servicer) or Trustee may only terminate the related Mortgage Loan Seller Sub-Servicer for cause pursuant to such Sub-Servicing Agreement and as otherwise specified in such Sub-Servicing Agreement.

 

Notwithstanding any other provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for the performance by third parties of any or all of its obligations herein, without the consent of the Directing Holder for so long as no Control Termination Event is continuing, except to the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

 

The Master Servicer or the Special Servicer, as applicable, shall monitor the performance and enforce the obligations of each Mortgage Loan Seller Sub-Servicer and each Sub-Servicer that it retains under a related Sub-Servicing Agreement, except that the Master Servicer shall only be required to use commercially reasonable efforts to cause any Mortgage Loan Seller Sub-Servicer to comply with Article X hereof. No Sub-Servicer shall be permitted under any Sub-Servicing Agreement to make material servicing decisions, such as loan modifications or determinations as to the manner or timing of enforcing remedies under the Mortgage Loan documents, without the consent of the Master Servicer or Special Servicer, as

 

 



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applicable. The Master Servicer’s consent may also be required for certain other servicing decisions as provided in the related Sub-Servicing Agreement.

 

(d)           If the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any successor Special Servicer assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02, the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02, shall, without act or deed on the part of the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, succeed to all of the rights and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing Agreement entered into by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c). In such event, such successor shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s interest, as applicable, therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer or the Special Servicer, as applicable, prior to such deemed assumption) and to have replaced the Master Servicer or the Special Servicer, as applicable, as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned to such successor, except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved of any liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of such successor.

 

If the Trustee or any successor Master Servicer or Special Servicer, as applicable, assumes the servicing obligations of the Master Servicer or the Special Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer, as applicable, shall at its own expense (except (i) in the event that the Special Servicer is terminated pursuant to Section 3.22(b), at the expense of the Certificateholders effecting such termination, as applicable; or (ii) in the event that the Master Servicer or the Special Servicer is terminated pursuant to Section 6.04(c), at the expense of the Trust) deliver to such successor all documents and records relating to any Sub-Servicing Agreement and the Mortgage Loans and/or the Serviced Companion Loans, as applicable, then being serviced hereunder or thereunder and an accounting of amounts collected and held by it, if any, and shall otherwise use commercially reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to such successor. The Master Servicer shall not be required to assume the obligations of the Special Servicer and nothing in this paragraph shall imply otherwise.

 

(e)           The parties hereto acknowledge that each Whole Loan is subject to the terms and conditions of the related Intercreditor Agreement and, with respect to a Non-Serviced Mortgage Loan, further subject to the servicing under and all other terms and conditions of the Other Pooling and Servicing Agreement. The parties hereto further recognize the respective rights and obligations of each Companion Loan Noteholder under the related Intercreditor Agreement, including, without limitation with respect to (A) the allocation of collections (and all other amounts received in connection with the related Whole Loan) on or in respect of the related Mortgage Loan and (B) the allocation of Default Interest on or in respect of the related Mortgage Loan.

 

Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s obligations and responsibilities

 

 



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hereunder and the Master Servicer’s and the Special Servicer’s authority with respect to the Serviced Whole Loans are limited by and subject to the terms of the related Intercreditor Agreement and, with respect to any Non-Serviced Mortgage Loan, the rights of the Other Servicer and the Other Special Servicer under the Other Pooling and Servicing Agreement. The Master Servicer shall, consistent with the applicable Servicing Standard, enforce the rights of the Trustee (as holder of a Non-Serviced Mortgage Loan) under the related Intercreditor Agreement and the Other Pooling and Servicing Agreement. The parties hereto acknowledge that each Non-Serviced Whole Loan and any related REO Property are being serviced and administered under the related Other Pooling and Servicing Agreement and the Other Servicer will make any Servicing Advances required thereunder in respect of such Non-Serviced Whole Loan and remit collections on the Non-Serviced Mortgage Loan to or on behalf of the Trust. None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any obligation or authority to supervise the related Other Servicer, the related Other Special Servicer or the related Other Trustee or to make Servicing Advances with respect to any such Non-Serviced Whole Loan. Although each Non-Serviced Whole Loan is being serviced under the related Other Pooling and Servicing Agreement, the Directing Holder may have certain information and consultation rights relating to the servicing of the Non-Serviced Whole Loan pursuant to the terms of the related Intercreditor Agreement and the related Other Pooling and Servicing Agreement. Any obligation of the Master Servicer or Special Servicer, as applicable, to provide information and collections to the Trustee, the Certificate Administrator and the Certificateholders with respect to any Non-Serviced Whole Loan shall be dependent on its receipt of the corresponding information and collections from the related Other Servicer or the related Other Special Servicer. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect to the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations with respect to such Non-Serviced Whole Loans. In the event of any inconsistency or discrepancy between the provisions, terms or conditions of an Intercreditor Agreement related to a Non-Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the related Intercreditor Agreement shall govern.

 

If any Mortgage Loan included in any Serviced Whole Loan is no longer part of the Trust Fund and the servicing and administration of such Serviced Whole Loan is to be governed by a separate servicing agreement and not by this Agreement, the Master Servicer and, if such Serviced Whole Loan is then being specially serviced hereunder, the Special Servicer, shall continue to act in such capacities under such separate servicing agreement, which agreement shall be reasonably acceptable to the Master Servicer and/or the Special Servicer, as the case may be, and shall contain servicing and administration, limitation of liability, indemnification and servicing compensation provisions substantially similar to the corresponding provisions of this Agreement, except that such Serviced Whole Loan and the related Mortgaged Property shall be serviced as if they were the sole assets serviced and administered thereunder and the sole source of funds thereunder and except that there shall be no further obligation of any Person to make P&I Advances. All amounts due the Master Servicer, the Trustee and the Special Servicer (including Advances and interest thereon) pursuant to this Agreement and the applicable Intercreditor Agreement shall be paid to the Master Servicer, the Trustee and the Special Servicer by the successor Master Servicer or Special Servicer, as applicable, or as an Additional Trust Fund Expense on the first Master Servicer Remittance Date following termination. In addition, until such time as a separate servicing agreement with respect to such

 

 



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Serviced Whole Loan and any related Serviced REO Property has been entered into and, notwithstanding that neither such Mortgage Loan nor any related Serviced REO Property is part of the Trust Fund, the Custodian shall continue to hold the Mortgage File and the Master Servicer and, if applicable, the Special Servicer shall (subject to the preceding sentence) continue to service such Serviced Whole Loan or any related Serviced REO Property, as the case may be, under this Agreement as if it were a separate servicing agreement. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect to the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations with respect to such Serviced Whole Loans. In the event of any inconsistency or discrepancy between the provisions, terms or conditions of an Intercreditor Agreement related to a Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the related Intercreditor Agreement shall govern, and as to any matter on which such Intercreditor Agreement is silent or makes reference to this Agreement, this Agreement shall govern.

 

(f)            The parties hereto acknowledge and agree that the servicing and administration of the each Trust Subordinate Companion Loan shall continue hereunder by the Master Servicer and the Special Servicer even if the related BX Industrial Portfolio Mortgage Loan, Tower 333 Mortgage Loan or 825 South Hill Mortgage Loan is no longer part of the Trust Fund.

 

Section 3.02           Liability of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as applicable, and any Person acting as sub-servicer (or its agents or Subcontractors) or any reference to actions taken through any Person acting as sub-servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated and primarily liable to the Trustee (on behalf of the Certificateholders), the Certificateholders the Certificateholders and, with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders, for the servicing and administering of the Mortgage Loans, Trust Subordinate Companion Loans and Serviced Companion Loans in accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue of such sub-servicing agreements or arrangements or by virtue of indemnification from the Depositor or any other Person acting as sub-servicer (or its agents or Subcontractors) to the same extent and under the same terms and conditions as if the Master Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans, Trust Subordinate Companion Loans and Serviced Companion Loans. Each of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with any sub-servicer providing for indemnification of the Master Servicer or the Special Servicer, as applicable, by such sub-servicer, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification shall be deemed to limit or modify this Agreement.

 

Section 3.03           Collection of Mortgage Loan and Serviced Companion Loan Payments. The Master Servicer (with respect to all the Serviced Mortgage Loans and any related Serviced Companion Loans (other than Specially Serviced Loans) that the Master Servicer is servicing) and the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts to collect all payments called for under the terms and provisions of the Serviced Mortgage Loans and any related Serviced Companion Loans each is obligated to

 

 



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service hereunder, and shall follow the Servicing Standard with respect to such collection procedures; provided that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectability of the Mortgage Loans or the Serviced Companion Loans; provided, further, that with respect to such Serviced Mortgage Loans and any related Serviced Companion Loans, as applicable, that have Anticipated Repayment Dates, so long as the related Borrower is in compliance with each provision of the related Loan Documents, the Master Servicer and Special Servicer (including the Special Servicer in its capacity as a Certificateholder, if applicable) shall not take any enforcement action with respect to the failure of the related Borrower to make any payment of Excess Interest, other than requests for collection, until the final maturity date of such Mortgage Loan or Serviced Whole Loan, as applicable, or the outstanding principal balance of such Mortgage Loan or Serviced Whole Loan, as applicable, has been paid in full, however, consistent with the applicable Servicing Standard, the Master Servicer, or the Special Servicer each may in its discretion waive the Excess Interest (even at the final maturity date) in connection with any Mortgage Loan it is obligated to service hereunder if taking such action is in the best interest of the Certificateholders as a collective whole. With respect to each Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents and the terms hereof. The Master Servicer shall provide at least 90 days’ notice (with a copy to the Special Servicer) to the Borrowers of Balloon Payments coming due on Performing Loans (other than a Non-Serviced Mortgage Loan). Consistent with the foregoing, the Master Servicer (with respect to each Performing Loan) or the Special Servicer (with respect to Specially Serviced Loans) may in their discretion waive any late payment charge or Default Interest it is entitled to receive in connection with any delinquent Periodic Payment or Balloon Payment with respect to any Mortgage Loan or Serviced Companion Loan that it is servicing. In addition, the Special Servicer shall be entitled to take such actions with respect to the collection of payments on the Mortgage Loans and the Serviced Companion Loans as are permitted or required under this Agreement.

 

Section 3.04           Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Master Servicer, in the case of all Serviced Mortgage Loans that it is servicing, shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums payable with respect thereto. With respect to each Specially Serviced Loan, the Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents. The Special Servicer, in the case of Serviced REO Loans, and the Master Servicer, in the case of all Serviced Mortgage Loans that it is servicing, shall use reasonable efforts consistent with the Servicing Standard to, from time to time, (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect, or, if the Special Servicer, to use reasonable efforts to cause the Master Servicer to effect, payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Loan Documents for the related Mortgage Loan or Serviced Companion Loan. If a Borrower under a Serviced Mortgage Loan fails to make any such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Servicing

 

 



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Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d) of this Agreement). The Master Servicer shall be entitled to reimbursement of Servicing Advances, with interest thereon at the Reimbursement Rate, that it makes pursuant to this Section 3.04 of this Agreement from amounts received on or in respect of the related Mortgage Loan or Serviced Whole Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders or Serviced Companion Loan Noteholders, be added to the amount owing under the related Mortgage Loans or Serviced Companion Loans, notwithstanding that the terms of such Mortgage Loans or Serviced Companion Loans so permit.

 

The parties acknowledge that with respect to Non-Serviced Mortgage Loans, the Other Servicer is obligated to make (or any other service provider provided for in the related Other Pooling and Servicing Agreement may make) Servicing Advances with respect to such Non-Serviced Mortgage Loans pursuant to the related Other Pooling and Servicing Agreement. The Other Servicer (or other service provider) shall be entitled to reimbursement for nonrecoverable Servicing Advances (as such term or similar term may be defined in the related Other Pooling and Servicing Agreement) with, in each case, any accrued and unpaid interest thereon provided for under the related Other Pooling and Servicing Agreement in the manner set forth in such Other Pooling and Servicing Agreement, the related Intercreditor Agreement and Section 3.06(a)(v) of this Agreement.

 

(b)           The Master Servicer shall segregate and hold all funds collected and received pursuant to any Serviced Mortgage Loan or any Serviced Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds and maintained in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and in accordance with the Servicing Standard. The Master Servicer shall also deposit into each Escrow Account any amounts representing losses on Permitted Investments to the extent required pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Loan Documents require it to be held in an account that is not an Eligible Account); provided that, if the ratings of the financial institution holding such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the related Loan Documents require it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30 days (or such longer time as confirmed by a Rating Agency Confirmation, obtained at the expense of the Master Servicer relating to the Certificates and any related Serviced Companion Loan Securities) to transfer such account to an Eligible Account. Escrow Accounts shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wells

 

 



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Fargo Bank, National Association, as Trustee, for the benefit of the Holders of J.P. Morgan Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 and Various Borrowers and, if applicable, Serviced Companion Loan Noteholders”. Withdrawals from an Escrow Account may be made by the Master Servicer only:

 

(i)            to effect timely payments of items constituting Escrow Payments for the related Mortgage;

 

(ii)           to transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Collection Account (or any sub-account thereof) to reimburse the Master Servicer or the Trustee for any Servicing Advance (with interest thereon at the Reimbursement Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan and/or Serviced Whole Loan, as applicable, which represent late collections of Escrow Payments thereunder;

 

(iii)          for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and/or Serviced Whole Loan, as applicable, and the Servicing Standard;

 

(iv)          to clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related Mortgage Loan and/or Serviced Whole Loan, as applicable;

 

(v)           to pay from time to time to the related Borrower any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Borrower under law or by the terms of the Loan Documents for such Mortgage Loan or Serviced Whole Loan, or otherwise to the Master Servicer; or

 

(vi)         to remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to Borrowers determined to be overages.

 

(c)           The Master Servicer shall, as to each Serviced Mortgage Loan and each Serviced Companion Loan that it is servicing, (i) maintain accurate records with respect to the related Mortgaged Property reflecting the status of real estate taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise confirm) the payment of such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the related Borrower to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of effecting any such payment for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed under the terms of the related Loan Documents for such Mortgage Loan and Serviced Companion Loan (or, if such Mortgage Loan or Serviced Companion Loan does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent with the Servicing Standard to cause the related Borrower to comply with the requirement of the related Loan Documents that the Borrower make payments in respect of such items at the time they first become due and, in 

 

 



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any event, prior to the institution of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items). Subject to Section 3.21 of this Agreement, the Master Servicer shall timely make a Servicing Advance with respect to the Serviced Mortgage Loans and any related Serviced Companion Loans that it is servicing, if any, to cover any such item which is not so paid, including any penalties or other charges arising from the Borrower’s failure to timely pay such items.

 

Section 3.05           Collection Accounts; Gain-on-Sale Reserve Account; BX Industrial Portfolio Gain-on-Sale Reserve Account; Tower 333 Gain-on-Sale Reserve Account; 825 South Hill Gain-on-Sale Reserve Account; Trust Subordinate Companion Loan REMIC Distribution Accounts; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection Accounts. (a) The Master Servicer shall establish and maintain a Collection Account, on behalf of the Trustee as the Holder of the Lower-Tier Regular Interests with respect to the Mortgage Loans that it is servicing and for the benefit of the Certificateholders and the RR Interest Owner. The Collection Account shall be established and maintained as an Eligible Account. Amounts attributable to Excess Interest will be assets of the Grantor Trust. Amounts attributable to the Companion Loans (other than the Trust Subordinate Companion Loans) will not be assets of the Trust Fund.

 

Within two (2) Business Days following receipt of properly identified funds, the Master Servicer shall deposit or cause to be deposited in the Collection Account the following payments and collections received or made by or on behalf of it on or with respect to the Mortgage Loans subsequent to the Cut-off Date:

 

(i)            all payments on account of principal on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), including the principal component of all Unscheduled Payments;

 

(ii)           all payments on account of interest on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) (net of the related Servicing Fees), including Prepayment Premiums, Default Interest, Excess Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

(iii)          any amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net losses realized on Permitted Investments with respect to funds held in the Collection Account;

 

(iv)         all Net REO Proceeds withdrawn from the related REO Account (other than the Serviced Whole Loan REO Account) pursuant to Section 3.15(b) of this Agreement;

 

(v)           any amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)          all Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of any Mortgage Loan (other than any Mortgage Loan related to a Serviced Whole Loan) or any REO Property (other than a Serviced REO Property related



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to a Serviced Whole Loan), other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution Account pursuant to Section 9.01 of this Agreement, together with any amounts representing recoveries of Nonrecoverable Advances, including any recovery of Unliquidated Advances, in respect of the related Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan); provided that any Liquidation Proceeds related to a sale, pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement, of a Mortgage Loan included in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to pay expenses relating to that Mortgage Loan and to Aggregate Available Funds;

 

(vii)         Penalty Charges on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) to the extent required to offset interest on Advances and Additional Trust Fund Expenses pursuant to Section 3.12(d) of this Agreement;

 

(viii)       any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of this Agreement in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan);

 

(ix)          any other amounts required by the provisions of this Agreement (including without limitation any amounts to be transferred from the Serviced Whole Loan Collection Account pursuant to Section 3.06(b)(i)(B) and, with respect to the Companion Loans or any mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable, other than in respect of a Serviced Whole Loan) to be deposited into the Collection Account by the Master Servicer or Special Servicer;

 

(x)           any Compensating Interest Payments in respect of the Mortgage Loans that the Master Servicer is servicing (other than any Non-Serviced Mortgage Loan or any Mortgage Loan related to a Serviced Whole Loan) pursuant to Section 3.17(b) of this Agreement;

 

(xi)           any Loss of Value Payments, as set forth in Section 3.06(e) of this Agreement; and

 

(xii)         in the case of any Mortgage Loan that is part of a Serviced Whole Loan, the amounts to be withdrawn from the related Serviced Whole Loan Collection Account and deposited into the Collection Account pursuant to Section 3.06(b)(i).

 

In the case of Gain-on-Sale Proceeds, the Master Servicer shall make appropriate ledger entries received with respect thereto, which the Master Servicer shall hold for (i) the Trustee for the benefit of the Lower-Tier Regular Interests, (ii) for the benefit of the Pooled Certificateholders, the VRR Interest Owners and the Trustee as the Holder of the Lower-Tier Regular Interests, (iii) the Trustee for the benefit of the Trust Subordinate Companion Loan REMIC Regular Interests, (iv) for the benefit of the Loan-Specific Certificateholders and the



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Trustee as the Holder of the Trust Subordinate Companion Loan REMIC Regular Interests and (v) for the benefit of any Serviced Companion Loan Noteholder entitled thereto. Any Gain-on-Sale Proceeds shall be identified separately from any other amounts held in the Collection Account (with amounts attributable to each Class or Classes and any Serviced Companion Loan also identified separately).

 

The foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the related Intercreditor Agreement), Assumption Fees, assumption application fees, Modification Fees and consent fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans that it is servicing as additional compensation.

 

If the Master Servicer deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any of the amounts described in clauses (i), (ii), (v) and (vi) above with respect to any Specially Serviced Loan which is not a Serviced REO Loan, the Special Servicer shall remit such amounts within one Business Day after receipt thereof (except, if such amounts are not properly identified, the Special Servicer shall promptly identify such amounts and shall remit such amounts within one Business Day after such identification) to the Master Servicer for deposit into the Collection Account in accordance with the second paragraph of this Section 3.05 of this Agreement, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer with respect to a Serviced REO Property (other than any Serviced REO Property related to the Serviced Whole Loans) shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any related Serviced Whole Loan, the Special Servicer shall comply with Section 3.05(g) of this Agreement. With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.

 

(b)           The Certificate Administrator shall establish and maintain (1) the Lower-Tier Distribution Account in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class S Certificates) and the Trustee as the Holder of the Lower-Tier Regular Interests and (2) the Trust Subordinate Companion Loan REMIC Distribution Account in its own name for the benefit of the Trustee, for the benefit of the Certificateholders of the Loan-Specific Certificates. Each of the Lower-Tier Distribution Account and the Trust Subordinate Companion Loan REMIC Distribution Accounts shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.



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(c)           With respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before the Master Servicer Remittance Date the funds then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a) of this Agreement and deposits from the Serviced Whole Loan Collection Account pursuant to Section 3.06 of this Agreement. Upon receipt from the Master Servicer of such amounts held in the Collection Account, the Certificate Administrator shall deposit in (A) the Lower-Tier Distribution Account, (i) the amount of Pooled Aggregate Available Funds to be distributed pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to any Mortgage Loan to be deposited into the Lower-Tier Distribution Account (which the Certificate Administrator shall then deposit in the Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (B) the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account, (i) the amount of BX Industrial Portfolio Available Funds to be distributed pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to the BX Industrial Portfolio Trust Subordinate Companion Loan to be deposited into the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account (which the Certificate Administrator shall then deposit in the BX Industrial Portfolio Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (C) the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account, (i) the amount of Tower 333 Available Funds to be distribution pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to the Tower 333 Trust Subordinate Companion Loan to be deposited into the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account (which the Certificate Administrator shall then deposit in the Tower 333 Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (D) the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account, (i) the amount of 825 South Hill Available Funds to be distribution pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to the 825 South Hill Trust Subordinate Companion Loan to be deposited into the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account (which the Certificate Administrator shall then deposit in the 825 South Hill Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (E) the Interest Reserve Account as part of the Lower-Tier REMIC, the amount of any Withheld Amounts to be deposited pursuant to Section 3.05(e) of this Agreement and (F) in the Excess Interest Distribution Account, the Excess Interest to be distributed to the Holders of the Excess Interest Certificates and the RR Interest Owner.

 

(d)           If any Loss of Value Payments are received in connection with a Material Defect or Material Breach, as the case may be, pursuant to or as contemplated by Section 2.03(d) of this Agreement, the Master Servicer shall establish and maintain one or more accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders, for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible Account or a sub-account of an Eligible Account. The Master Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all Loss of Value Payments received by it and, upon the direction of and receipt of requisite information from the Special Servicer separately notate by ledger entry any amounts attributable to the Mortgage Loans and any amount attributable to the Trust Subordinate Companion Loans shall remit or apply as set forth in Section 3.06(e). The Certificate Administrator shall account for the Loss of Value Reserve Fund as an outside reserve fund within the meaning of Treasury



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Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC or the Grantor Trust. Furthermore, for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders as contributed to and distributed by the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all income earned thereon.

 

(e)           The Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class S Certificates) and the Trustee as the Holder of the Lower-Tier Regular Interests. The Interest Reserve Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

On each Master Servicer Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each calendar year, unless in either case such Master Servicer Remittance Date is the final Master Servicer Remittance Date, the Certificate Administrator shall calculate the Withheld Amounts. On each such Master Servicer Remittance Date, the Certificate Administrator shall, with respect to each Mortgage Loan that does not accrue interest on the basis of a 360-day year of twelve 30-day months and the Trust Subordinate Companion Loans, withdraw or be deemed to withdraw from (1) the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest Reserve Account an amount equal to the aggregate of the Withheld Amounts with respect to the Mortgage Loans, as calculated in accordance with the previous sentence and (2) the Trust Subordinate Companion Loan REMIC Distribution Accounts and deposit or be deemed to deposit in the Interest Reserve Account an amount equal to the aggregate of the Withheld Amounts with respect to the Trust Subordinate Companion Loans, as calculated in accordance with the previous sentence. If the Certificate Administrator shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On or prior to the Master Servicer Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such month), the Certificate Administrator shall transfer to (1) the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account with respect to the Mortgage Loans and (2) the Trust Subordinate Companion Loan REMIC Distribution Accounts the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account with respect to the Trust Subordinate Companion Loans.

 

(f)            The Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit of the Trustee and for the benefit of the Certificateholders (other than the Holders of the Class S Certificates). The Upper-Tier Distribution Account shall be established and maintained as an Eligible Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate Administrator shall withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and the Trust Subordinate Companion Loan REMIC Distribution Accounts and deposit or be deemed to deposit in the Upper-Tier Distribution Account on or before such date the



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Lower-Tier Distribution Amount, the Trust Subordinate Companion Loan REMIC Distribution Amounts and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date to be distributed in respect of the Lower-Tier Regular Interests or the Trust Subordinate Companion Loan REMIC Regular Interests pursuant to Section 4.01(a) and Section 4.01(b), as applicable, of this Agreement on such date. The Certificate Administrator shall establish and maintain the Trust Subordinate Companion Loan REMIC Distribution Accounts in its own name on behalf of the Trustee, for the benefit of the Certificateholders of the Loan-Specific Certificates. The Trust Subordinate Companion Loan REMIC Distribution Accounts shall be established and maintained as an Eligible Account or a sub-account of an Eligible Account, and may be a sub-account of the Upper-Tier Distribution Account but shall, for purposes of this Agreement, be treated as a separate account. Promptly on each Distribution Date, the Certificate Administrator shall withdraw from the Trust Subordinate Companion Loan REMIC Distribution Accounts the amounts to be distributed in respect of the Loan-Specific Certificates pursuant to Section 4.01(a) of this Agreement on such date.


 

(g)           With respect to each Serviced Whole Loan, Trust Subordinate Companion Loan or any related Serviced REO Property, the Master Servicer shall maintain, or cause to be maintained, a Serviced Whole Loan Collection Account in which the Master Servicer shall deposit or cause to be deposited within two Business Days following receipt of properly identified funds the following payments and collections received or made by or on behalf of it on such Serviced Whole Loan, Trust Subordinate Companion Loan or Serviced REO Property subsequent to the Cut-off Date:

 

(i)            all payments on account of principal on such Serviced Whole Loan, including the principal component of Unscheduled Payments;

 

(ii)           all payments on account of interest on such Serviced Whole Loan (net of the related Servicing Fees), including Prepayment Premiums, Default Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

(iii)          any amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on Permitted Investments with respect to funds held in such Serviced Whole Loan Collection Account;

 

(iv)          all Net REO Proceeds withdrawn from the related REO Account in respect of such Serviced Whole Loan pursuant to Section 3.15(b);

 

(v)          any amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to such Serviced Whole Loan, to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)         all Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of such Serviced Whole Loan or any related Serviced REO Property (other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution Account pursuant to Section 9.01), together with any amounts representing recoveries of Nonrecoverable Advances, including any recovery of Unliquidated Advances, in respect of such Serviced



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Whole Loan; provided that (1) any Liquidation Proceeds related to a sale pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement of (A) a Mortgage Loan included in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to pay expenses relating to that Mortgage Loan and to Pooled Aggregate Available Funds; (B) the BX Industrial Portfolio Trust Subordinate Companion Loan shall be deposited directly into the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account applied solely to pay expenses relating to the BX Industrial Portfolio Trust Subordinate Companion Loan and to the BX Industrial Portfolio Available Funds; (C) the Tower 333 Trust Subordinate Companion Loan shall be deposited directly into the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account applied solely to pay expenses relating to the Tower 333 Trust Subordinate Companion Loan and to the Tower 333 Available Funds; (B) the 825 South Hill Trust Subordinate Companion Loan shall be deposited directly into the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account applied solely to pay expenses relating to the 825 South Hill Trust Subordinate Companion Loan and to the 825 South Hill Trust Available Funds; and (2) any Liquidation Proceeds related to a sale of a related Serviced Companion Loan (other than the Trust Subordinate Companion Loans) included in a Serviced Whole Loan shall be deposited into the Serviced Whole Loan Collection Account and applied solely to pay expenses relating to that Serviced Companion Loan and to pay amounts due to the related Serviced Companion Loan Noteholder;


 

(vii)         Penalty Charges on such Serviced Whole Loan to the extent required to offset interest on Advances and debt service advances made by a Serviced Companion Loan Service Provider and Additional Trust Fund Expenses pursuant to Section 3.12(d);

 

(viii)        any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) in connection with losses resulting from a deductible clause in a blanket or master force placed policy in respect of such Serviced Whole Loan;

 

(ix)           any other amounts required by the provisions of this Agreement (including with respect to the Companion Loans or any mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable) to be deposited into the applicable Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer;

 

(x)           any cure payments remitted by any Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement; and

 

(xi)          any Compensating Interest Payments in respect of such Serviced Whole Loan pursuant to Section 3.17(c).

 

The foregoing requirements for deposits into the applicable Serviced Whole Loan Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 hereof), Assumption Fees, assumption application fees, Modification Fees, consent fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited into the



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applicable Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled to retain any such charges and fees received with respect to the Serviced Whole Loans as additional compensation. If the Master Servicer deposits in the applicable Serviced Whole Loan Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Serviced Whole Loan Collection Account, any provision herein to the contrary notwithstanding.

 

Each Serviced Whole Loan Collection Account shall be maintained as a segregated account, separate and apart from any trust fund created for mortgage backed securities of other series and the other accounts of the Master Servicer; provided that such Serviced Whole Loan Collection Account may be a sub-account of the Master Servicer’s Collection Account or may be maintained on a ledger basis but shall, for purposes of this Agreement, be treated as a separate account. Each Serviced Whole Loan Collection Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.


 

Upon receipt of any of the foregoing amounts described in clauses (i), (ii), (v) and (vi) above with respect to each Serviced Whole Loan for so long as it is a Specially Serviced Loan but is not a Serviced REO Loan, the Special Servicer shall remit within one Business Day such amounts to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account in accordance with the first paragraph of this Section 3.05(g), unless the Special Servicer determines, consistent with the applicable Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer with respect to a Serviced REO Property related to any Serviced Whole Loan shall initially be deposited by the Special Servicer into the related Serviced Whole Loan REO Account and remitted to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account pursuant to Section 3.15(b). With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer (A) with respect to any Specially Serviced Loan shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier and (B) with respect to any REO Loan shall deposit such check into the applicable Whole Loan REO Account.

 

(h)           Except as otherwise set forth in Section 3.06(b), with respect to each Due Date and any related Serviced Companion Loan, on each Serviced Whole Loan Remittance Date, the Master Servicer shall remit, from amounts on deposit in the applicable Serviced Whole Loan Collection Account in accordance with Section 3.06(b)(i)(A), to the applicable Serviced Companion Loan Noteholder by wire transfer in immediately available funds to the account of such Serviced Companion Loan Noteholder or an agent therefor appearing on the Serviced Companion Loan Noteholder Register on the related date such amounts as are required to be remitted (or, if no such account so appears or information relating thereto is not provided at least five (5) Business Days prior to the date such amounts are required to be remitted, by check sent by first class mail to the address of such Serviced Companion Loan Noteholder or its agent appearing on the Serviced Companion Loan Noteholder Register) the portion of the applicable



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Serviced Whole Loan Remittance Amount allocable to such Serviced Companion Loan Noteholder.

 

(i)            Prior to the Master Servicer Remittance Date relating to any Collection Period in which Gain-on-Sale Proceeds are received with respect to (i) the Mortgage Loans, the Certificate Administrator shall establish and maintain the Gain-on-Sale Reserve Account, which may have one or more sub-accounts, to be held in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class S Certificates) and the RR Interest Owner, and with respect to each Serviced Whole Loan, the related Serviced Companion Loan Noteholders, and the Trustee as holder of the Lower-Tier Regular Interests and (ii) each of the Trust Subordinate Companion Loans, the Certificate Administrator shall establish  and maintain the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account and the 825 South Hill Gain-on-Sale Reserve Account, as applicable, which each may have one or more sub-accounts, to be held in its own name for the benefit of the Trustee, for the benefit of the related Loan-Specific Certificateholders, and the Trustee as holder of the related Trust Subordinate Companion Loan REMIC Regular Interests. Each account that constitutes a Gain-on-Sale Reserve Account, BX Industrial Portfolio Gain-on-Sale Reserve Account, Tower 333 Gain-on-Sale Reserve Account or 825 South Hill Gain-on-Sale Reserve Account shall be an Eligible Account or a sub-account of an Eligible Account. On each Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account or, if allocable to any Serviced Whole Loan, the Master Servicer shall withdraw from the applicable Serviced Whole Loan Collection Account, and remit to the Certificate Administrator (i) in the case of the Mortgage Loans (other than the Serviced Whole Loans), for deposit in the Lower-Tier Distribution Account, as applicable (which the Certificate Administrator shall then deposit in the Gain-on-Sale Reserve Account), (ii) in the case of the Trust Subordinate Companion Loans, for deposit in the related Trust Subordinate Companion Loan REMIC Distribution Account (which the Certificate Administrator shall then deposit in the BX Industrial Portfolio Gain-on-Sale Reserve Account, Tower 333 Gain-on-Sale Reserve Account or 825 South Hill Gain-on-Sale Reserve Account, as applicable), and (iii) in the case of the Serviced Whole Loans, for deposit in the Gain-on-Sale Reserve Account, all Gain-on-Sale Proceeds received during the Collection Period ending on the Determination Date immediately prior to such Master Servicer Remittance Date which are allocable to a Serviced Whole Loan (other than, with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan, the portion allocable the related Trust Subordinate Companion Loan), Mortgage Loan or Trust Subordinate Companion Loan; provided that on the Business Day prior to the final Distribution Date, the Certificate Administrator shall withdraw from the Gain-on-Sale Reserve Account and deposit in the Lower-Tier Distribution Account (after allocation to any related Serviced Companion Loan as provided in Section 4.01(k)), for distribution on such Distribution Date, any and all amounts then on deposit in the Gain-on-Sale Reserve Account attributable to the Mortgage Loans.


 

(j)            Funds in the Collection Account, the Serviced Whole Loan Collection Account, the Distribution Accounts, the Trust Subordinate Companion Loan REMIC Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account or the 825 South Hill Gain-on-Sale Reserve Account and the REO Account may be invested in Permitted Investments in accordance with the provisions of Section 3.07 of this



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Agreement; provided, however, that for so long as Wells Fargo Bank, National Association is the Certificate Administrator, funds on deposit in the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account or the 825 South Hill Gain-on-Sale Reserve Account shall not be invested.

 

The Master Servicer shall give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the location and account number of the Collection Account and, if applicable, the Serviced Whole Loan Collection Accounts as of the Closing Date and shall notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, in writing on or prior to the Closing Date and prior to any

 

subsequent change thereof. In addition, the Master Servicer shall provide notice to each affected holder of a Serviced Companion Loan of the location and account number of the relevant Serviced Whole Loan Collection Account as well as notice in writing on or prior to the Closing Date and prior to any subsequent change thereof. The Certificate Administrator shall give written notice to the Depositor, the Trustee, the Special Servicer and the Master Servicer of the location and account number of the Interest Reserve Account and the Distribution Accounts as of the Closing Date and shall notify the Depositor, the Trustee, the Special Servicer and the Master Servicer, as applicable, in writing prior to any subsequent change thereof.

 

(k)           The Certificate Administrator shall establish and maintain the Excess Interest Distribution Account, in its own name, for the benefit of the Holders of the Excess Interest Certificates and the RR Interest Owner, with respect to the Excess Interest, which shall be an asset of the Grantor Trust and beneficially owned by the Holders of the Excess Interest Certificates and the RR Interest Owner and shall not be an asset of any Trust REMIC. The Excess Interest Distribution Account shall be established and maintained as an Eligible Account or as a subaccount of an Eligible Account. Following the distribution of the applicable portions of Excess Interest to the Holders of the Excess Interest Certificates and the RR Interest Owner, as applicable, on the first Distribution Date after which there are no longer any Mortgage Loans outstanding which pursuant to their terms could pay Excess Interest, the Certificate Administrator shall terminate the Excess Interest Distribution Account.

 

(l)            [Reserved].

 

(m)          [Reserved].

 

(n)           The Certificate Administrator shall establish (upon written notice from the Special Servicer to the Master Servicer (who shall deliver a copy of such notice to the Certificate Administrator) of an event occurring that generates Gain-on-Sale Proceeds) and maintain (i) the Gain-on-Sale Reserve Account for the benefit of the Pooled Certificateholders, (ii) the BX Industrial Portfolio Gain-on-Sale Reserve Account for the benefit of the BX Industrial Portfolio Loan-Specific Certificateholders, (iii) the Tower 333 Gain-on-Sale Reserve Account for the benefit of the Tower 333 Loan-Specific Certificateholders and (iv) the 825 South Hill Gain-on-Sale Reserve Account for the benefit of the 825 South Hill Loan-Specific Certificateholders. Each of the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account or the 825 South Hill Gain-on-Sale Reserve Account shall be maintained as an Eligible Account (or as a subaccount of an Eligible



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Account), separate and apart from trust funds for mortgage pass through certificates of other series administered by the Certificate Administrator.

 

Section 3.06           Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust Ledger. (a) The Master Servicer shall maintain a separate Trust Ledger with respect to the Mortgage Loans that it is servicing on which it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified below), with respect to each Mortgage Loan (other than any Mortgage Loan related to a Serviced Whole Loan unless otherwise specified in clauses (i), (ii), (v), (vi), (x), (xi), (xii), (xiii), (xv), (xvi) and (xvii) of this (a)), the Master Servicer shall make withdrawals from amounts allocated thereto in the Collection Account (and may debit the Trust Ledger) for the purposes listed below (the order set forth below not constituting an order of priority for such withdrawals):


 

(i)            on or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, to remit to the Certificate Administrator the amounts to be deposited into the Lower-Tier Distribution Account (including any amount transferred from the Serviced Whole Loan Collection Account in respect of each Mortgage Loan that is part of a Serviced Whole Loan) (or the Trust Subordinate Companion Loan REMIC Distribution Accounts in respect of the Trust Subordinate Companion Loans) (including without limitation the aggregate of the Available Funds, Prepayment Premiums, Yield Maintenance Charges and Gain-on-Sale Proceeds) which the Certificate Administrator shall then deposit into the Upper-Tier Distribution Account, the Trust Subordinate Companion Loan REMIC Distribution Account, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account and the 825 South Hill Gain-on-Sale Reserve Account pursuant to Section 3.05(e), Section 3.05(f) and Section 3.05(i) of this Agreement, respectively;

 

(ii)           to pay (A) itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable, the Master Servicer’s or Special Servicer’s, as applicable, rights to payment of Servicing Fees and Special Servicing Fees, Liquidation Fees and Workout Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, Specially Serviced Loan or Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable, being limited to amounts received on or in respect of such Mortgage Loan, Specially Serviced Loan or REO Loan, as applicable (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) the Special Servicer, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Loan or Serviced REO Loan, as applicable, remaining unpaid out of general collections on the Mortgage Loans, Specially Serviced Loans and REO Properties, but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the



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applicable Serviced Whole Loan Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (C) each month to the Other Servicer or Other Special Servicer (or Other Indemnified Party under Section 1.04 of this Agreement), as applicable, the Trust’s pro rata portion (based on the related Mortgage Loan’s Stated Principal Balance) of any unpaid special servicing fees, liquidation fees, workout fees and additional trust expenses in respect of a Non-Serviced Mortgage Loan remaining unpaid (including amounts payable to such parties and Other Indemnified Parties under Section 1.04 of this Agreement), out of general collections on the Mortgage Loans, Specially Serviced Loans and REO Properties;


 

(iii)          to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances (other than Nonrecoverable Advances, which are reimbursable pursuant to clause (v) below, and exclusive of the Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans) the Master Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent Late Collections for the applicable Mortgage Loan (exclusive of the Mortgage Loan or Serviced REO Loan included in the Serviced Whole Loan; provided that to the extent such amounts are insufficient to repay such P&I Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be reimbursed, on a pro rata basis with any reimbursement to the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances with respect to any related Serviced Pari Passu Companion Loan, from collections on the related Serviced Whole Loan allocable to such Serviced Subordinate Companion Loan) during the applicable period; provided, further, that if such P&I Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of all of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal to the extent provided in clause (v) below;

 

(iv)         to reimburse the Trustee or itself, in that order, (with respect to any Mortgage Loan or Serviced REO Property) (exclusive of the Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans or any Serviced REO Property securing any Serviced Whole Loan), for unreimbursed Servicing Advances, the Master Servicer’s or the Trustee’s respective rights to receive payment pursuant to this clause (iv) with respect to any Mortgage Loan, Trust Subordinate Companion Loan or Serviced REO Property being limited to, as applicable, payments received from the related Borrower which represent reimbursements of such Servicing Advances, Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds with respect to the applicable Mortgage Loan or Serviced REO Property; provided that if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall



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thereafter be reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal to the extent provided in clause (v) below;

 


(v)     (A) to reimburse the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property), (1) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds, if any, received on the related Mortgage Loan or Trust Subordinate Companion Loan and related REO Properties, second, out of the principal portion of general collections on the Mortgage Loans (which excludes the Trust Subordinate Companion Loans) and REO Properties, and then, to the extent the principal portion of general collections is insufficient and with respect to such deficiency only, subject to any election at its sole discretion (or at the Trustee’s sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this Section 3.06(a) of this Agreement, out of other collections on the Mortgage Loans (which excludes the Trust Subordinate Companion Loans) and REO Properties; provided that Nonrecoverable Advances that are P&I Advances made in respect of the Trust Subordinate Companion Loans (and any interest due on such Advances) may not be reimbursed directly from general collections on the Mortgage Loans in the Mortgage Pool, but can be reimbursed only from collections relating to the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan, the 825 South Hill Mortgage Loan, as applicable, and the related Trust Subordinate Companion Loans, provided, further, that, neither the Master Servicer nor the trustee shall be entitled to recover (1) any Nonrecoverable Advance made in respect of a Mortgage Loan (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 South Hill Mortgage Loan) or any interest due on such Advance from any collections on the BX Industrial Portfolio Whole Loan, Tower 333 Whole Loan and the 825 South Hill Whole Loan, as applicable, allocable to the Trust Subordinate Companion Loans or (2) any Nonrecoverable Advance that is a P&I Advance made in respect of a Trust Subordinate Companion Loan or any interest due on such Advance from any collections or amounts allocable to the Mortgage Loans (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 South Hill Mortgage Loan); however, with respect to the Trust Subordinate Companion Loans, the Master Servicer or the Trustee shall only be entitled to reimbursement for a P&I Advance and interest thereon from the amounts that would have been allocable to the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan, the 825 South Hill Mortgage Loan, as applicable, and the related Trust Subordinate Companion Loans; and (2) with respect to the Workout-Delayed Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to the preceding clause (1) above, but in the case of either clause (1) or (2) above with respect to each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related


 






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Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion (or such other amount as may be set forth in the related Intercreditor Agreement) of such amount representing Servicing Advances allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders); provided, however, that neither the Master Servicer nor the Trustee shall be entitled to recover (1) any Workout-Delayed Reimbursement Amounts in respect of a Mortgage Loan (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 South Hill Mortgage Loan) from any collections on the BX Industrial Portfolio Whole Loan, Tower 333 Whole Loan and the 825 South Hill Whole Loan, as applicable, allocable to the Trust Subordinate Companion Loans or (2) any Workout-Delayed Reimbursement Amounts in respect of the Trust Subordinate Companion Loans from any collections on or allocable to the Mortgage Loans (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 South Hill Mortgage Loan); however, if the Workout-Delayed Reimbursement Amount relates to a Servicing Advance for the BX Industrial Portfolio Whole Loan, Tower 333 Whole Loan or the 825 South Hill Whole Loan, the Master Servicer shall be entitled to recover such Workout-Delayed Reimbursement Amount from general collections on deposit in the Collection Account for the Mortgage Pool including the related Trust Subordinate Companion Loan; and (B) to pay itself or the Special Servicer out of general collections on the Mortgage Loans and REO Properties, with respect to any Mortgage Loan or Serviced REO Property any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with respect to such Mortgage Loan or Serviced REO Property and the deposit into the Collection Account of all amounts received in connection therewith, but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (C) to reimburse the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, out of general collections on the Mortgage Loans and REO Properties for the Trust’s pro rata portion (based on the related Non-Serviced Mortgage Loan’s Stated Principal Balance) of nonrecoverable servicing advances (and interest thereon at the Reimbursement Rate) previously made with respect to the related Non-Serviced Mortgage Loans, provided that with respect to the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan, the 825 South Hill Mortgage Loan and the related Trust Subordinate Companion Loans, reimbursement of Nonrecoverable Advances from funds collected from the related Serviced Whole Loan shall be made first, from amounts collected with respect to the Trust Subordinate Companion Loans and then, from amounts collected on the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 South Hill Mortgage Loan, in accordance with the terms of the related Intercreditor Agreement;


 






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(vi)          (A) at such time as it reimburses the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property), for (1) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage Loan pursuant to clause (iii) above, to pay itself or the Trustee, as applicable, any Advance Interest Amounts accrued and payable thereon, (2) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage Loan or Serviced REO Property pursuant to clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon or (3) any Nonrecoverable P&I Advances made with respect to a Mortgage Loan or Serviced REO Property and any Nonrecoverable Servicing Advances made with respect to a Mortgage Loan or REO Property or any Workout-Delayed Reimbursement Amounts pursuant to clause (v) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon, in each case, first, from Penalty Charges as provided in Section 3.12(d) and then, from general collections, but in the case of a Serviced Whole Loan only to the extent that such Nonrecoverable Advance has been reimbursed and only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount representing Advance Interest Amounts on Servicing Advances allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (B) at such time as it reimburses the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, for any nonrecoverable servicing advances made with respect to any related Non-Serviced Mortgage Loan or the related REO Property pursuant to clause (v) above, to pay the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, any interest accrued and payable thereon;


 

(vii)        to reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase or substitution obligation of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance of its duties under Section 2.03 of this Agreement or out of the enforcement of the repurchase or substitution obligation of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement, together with interest thereon at the Reimbursement Rate, each such Person’s right to reimbursement pursuant to this clause (vii) with respect to any Mortgage Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan) or Trust Subordinate Companion Loan, as applicable, subject to the following: (a) if the Purchase Price is paid for such Mortgage Loan or the Trust Subordinate Companion Loans, as applicable, then such Person’s right to reimbursement shall be limited to that portion of the Purchase Price that represents such expense in



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accordance with clause (f) of the definition of Purchase Price, or (b) if no Purchase Price is paid or if an amount less than the Purchase Price is paid and proceedings are instituted to enforce the related Mortgage Loan Seller’s payment or performance pursuant to the applicable Mortgage Loan Purchase Agreement or if a Loss of Value Payment is made, then such Person shall be entitled to reimbursement from the Trust following the adjudication of such proceedings in favor of such Mortgage Loan Seller, settlement of the Breach or Defect claim, or payment of such Loss of Value Payment, as the case may be;

 

(viii)        to pay itself all Prepayment Interest Excesses on the Mortgage Pool (exclusive of any Mortgage Loan or Serviced REO Loan included in the Serviced Whole Loan) not required to be used pursuant to Section 3.17(b) of this Agreement;

 

(ix)          (A) to pay itself, as additional servicing compensation in accordance with Section 3.12(a) of this Agreement, (1) interest and investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section 3.12(b) of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) Penalty Charges on the Mortgage Loans that are non-Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable with respect to the related Mortgage Loan have been paid and are not needed to pay interest on Advances in accordance with Section 3.12 and/or pay or reimburse the Trust for Additional Trust Fund Expenses incurred with respect to such Mortgage Loan during or prior to the related Collection Period (including Special Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay the Special Servicer, as additional servicing compensation in accordance with Section 3.12(b), Net Default Interest and any other Penalty Charges on Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in the Serviced Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable with respect to the related Specially Serviced Loan have been paid and are not needed to pay interest on Advances or Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees or Liquidation Fees), all in accordance with Section 3.12;

 

(x)            to pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)); provided that for the purposes of allocating Additional Trust Fund Expenses, any amounts so paid shall be deemed allocated, (a) if relating to a



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particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xi)          to pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a), 3.15(b) and 12.08 of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)); provided that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;


 

(xii)         to pay out of general collections on the Mortgage Loans and REO Properties any and all federal, state and local taxes imposed on the Lower-Tier REMIC, the Upper-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses, to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement, except to the extent such amounts relate solely to the Serviced Whole Loans, in which case, such amounts will be reimbursed, first, out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Companion Loan and the related Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of the Collection Account; provided that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xiii)        to reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage Loans, the Trust Subordinate Companion Loans and REO Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts relate solely to a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced Whole Loan Collection Account(s) in accordance with Section 3.06(b) and then, out of general collections on the Mortgage Loans; provided that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;



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(xiv)   to pay any Person permitted to purchase a Mortgage Loan (or the Trust Subordinate Companion Loans) under Section 3.16 of this Agreement with respect to each Mortgage Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;

 

(xv)    (A) to pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Depositor, as the case may be, any amount specifically required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of this Section 3.06(a) of this Agreement and (B) to reimburse or pay any party to this Agreement any unpaid expenses specifically reimbursable from the Collection Account under this Agreement (and, in the case of an amount specifically related to a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)), it being acknowledged that this clause (xv) shall not be construed to modify any limitation or requirement otherwise set forth in this Agreement as to the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment or reimbursement is permitted to be made; provided that (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;


 

(xvi)   to withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto (including any amounts relating to a Mortgage Loan that is part of a Serviced Whole Loan);

 

(xvii)  to pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account;

 

(xviii) to transfer Gain-on-Sale Proceeds (A) allocable to Mortgage Loans to the Lower-Tier Distribution Account for deposit by the Certificate Administrator into the Gain-on-Sale Reserve Account, (B) allocable to the BX Industrial Portfolio Trust Subordinate Companion Loan to BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account for deposit into the BX Industrial Portfolio Gain-on-Sale Reserve Account, (C) allocable to the Tower 333 Trust Subordinate Companion Loan to Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account for deposit into the Tower 333 Gain-on-Sale Reserve Account and (D) allocable to the 825 South Hill Trust Subordinate Companion Loan to 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account for deposit into the 825 South Hill Gain-on-Sale Reserve Account, in accordance with Section 3.05(i) of this Agreement;



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(xix)   to reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage Loans, the Trust Subordinate Companion Loans and REO Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts relate solely to a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced Whole Loan Collection Account(s) in accordance with Section 3.06(b) and then, out of general collections on the Mortgage Loans; provided that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;


 

(xx)    to pay itself, the Special Servicer or the related Mortgage Loan Seller, as the case may be, with respect to each Mortgage Loan, if any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution, with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month of substitution, in accordance with the third paragraph of Section 2.03(f) of this Agreement;

 

(xxi)   to pay any Person permitted to purchase a Mortgage Loan (or Trust Subordinate Companion Loan) under Section 3.16 of this Agreement with respect to each Mortgage Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;

 

(xxii)  to pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d) of this Agreement; provided that any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xxiii) pursuant
to the CREFC® License Agreement, to pay the CREFC® Intellectual Property Royalty
License Fee to CREFC® on a monthly basis; and

 

(xxiv) to clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement.

 

The Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement of amounts required to be paid to the applicable Non-Serviced Mortgage Loan Service Providers and the related trust of the applicable Other Securitization by the holder of a Non-Serviced Mortgage Loan pursuant to the applicable Intercreditor Agreement and the applicable Other Pooling and Servicing Agreement.

 






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The Master Servicer shall pay to the Special Servicer from the Collection Account amounts permitted to be paid to it therefrom promptly upon receipt of a certificate of a Servicing Officer of the Special Servicer describing the item and amount to which the Special Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and Serviced REO Loan and any related Serviced Companion Loan, on a loan-by-loan and, if appropriate, property-by-property basis, for the purpose of justifying any request for withdrawal from the Collection Account.


 

The Master Servicer shall keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts allocable to each Mortgage Loan, and on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal, debit or credit from the Collection Account or the Trust Ledger. Upon written request, the Master Servicer shall provide to the Certificate Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator to determine the amounts attributable to (i) the Lower-Tier REMIC with respect to the Mortgage Loans, (ii) the Excess Interest and (iii) the Companion Loans.

 

The Master Servicer shall pay to the Trustee, the Certificate Administrator, the Special Servicer, the Other Trustee, the Other Servicer or the Other Special Servicer, from the Collection Account amounts permitted to be paid to such Person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee, a responsible officer of the Other Trustee, a Responsible Officer of the Certificate Administrator, a certificate of a Servicing Officer or a certificate of the Other Servicer or Other Special Servicer, as applicable, describing the item and amount to which such Person is entitled (unless such payment to the Trustee, the Certificate Administrator, the Special Servicer, the Other Trustee, the Other Servicer or Other Special Servicer, as the case may be, is specifically required pursuant to this Agreement and the timing and the amount of payment is specified in, or calculable pursuant to, this Agreement, in which case a certificate is not required). The Master Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein.

 

The Trustee, the Certificate Administrator, the Custodian, the Special Servicer, the Master Servicer, CREFC® and the Non-Serviced Mortgage Loan Service Providers (to the extent specified in Section 12.12) shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Compensation (including investment income), Certificate Administrator/Trustee Fees, Special Servicing Compensation (including investment income), the CREFC® Intellectual Property Royalty License Fee, Advances, Advance Interest Amounts (for each of such Persons other than CREFC®), their respective indemnification payments (if any) pursuant to Section 6.03, Section 8.05 or Section 12.02 of this Agreement (for each of such Persons other than CREFC®), their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement. For the avoidance of doubt, any fees or expenses (including legal fees) for which a party is to be indemnified pursuant to Section 6.03 herein may be submitted directly to the Trust Fund and paid from amounts on deposit in the Collection Account on behalf of such party pursuant to this Agreement. In addition, the Certificate Administrator, the Trustee, the Special Servicer and the Master Servicer shall in all cases have a right prior to the



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Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement and payment of any federal, state or local taxes imposed on any Trust REMIC.

 

Upon the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full amount of the principal portion of general collections on the Mortgage Loans (or with respect to Servicing Advances, the Serviced Whole Loans) deposited in the Collection Account and available for distribution on the next Distribution Date, the Master Servicer or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance pursuant to Section 3.06(a) or Section 3.06(b) of this Agreement immediately, may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance during the Collection Period ending on the then-current Determination Date for successive one-month periods for a total period not to exceed 12 months (with the consent of the Directing Holder, for so long as no Control Termination Event is continuing, for any deferral in excess of 6 months). If the Master Servicer or the Trustee makes such an election at its sole option and in its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is acknowledged that, in such a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described above prior to payment from other collections). In connection with a potential election by the Master Servicer or the Trustee to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month Collection Period ending on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further be authorized (in its sole discretion) to wait for principal collections on the Mortgage Loans, the Trust Subordinate Companion Loans and Serviced Companion Loans, as applicable, to be received before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance (or portion thereof) until the end of such Collection Period; provided that the Master Servicer or the Trustee shall use reasonable efforts to give notice of its election to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), at least 15 days prior to any reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer or the Trustee determines in its sole discretion that waiting 15 days after such a notice could jeopardize its ability to recover Nonrecoverable Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the Master Servicer or the Trustee has not timely received from the Certificate Administrator information requested by the Master Servicer or the Trustee to consider in determining whether to defer reimbursement of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee shall give notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Neither the Master Servicer nor the 




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Trustee shall have any liability for any loss, liability or expense resulting from any notice provided to each Rating Agency contemplated by the immediately preceding sentence.


 

The foregoing shall not, however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply with the conditions to making such an election under this Section 3.06(a) or to comply with the terms of this Section 3.06(a) and the other provisions of this Agreement that apply once such an election, if any, has been made. If the Master Servicer or the Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable Advances without deferral as described above, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection Accounts for such Distribution Date. Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance or portion thereof with respect to any one or more Collection Periods shall not limit the accrual of interest at the Reimbursement Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master Servicer’s or the Trustee’s, as applicable, election to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and, as applicable, the Serviced Companion Loan Noteholders and shall not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders or the Serviced Companion Loan Noteholders. Nothing herein shall be deemed to create in the Certificateholders or the Serviced Companion Loan Noteholders a right to prior payment of distributions over the Master Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise). In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and neither the Master Servicer, the Trustee nor the other parties to this Agreement shall have any liability to one another or to any of the Certificateholders or any of the Serviced Companion Loan Noteholders for any such election that such party makes as contemplated by this Section 3.06(a) or for any losses, damages or other adverse economic or other effects that may arise from such an election.


 

None of the Master Servicer, the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination, or to prohibit any such other authorized Person from making a determination, that an Advance constitutes, or would constitute a Nonrecoverable Advance.

 

If the Master Servicer, the Trustee or any Non-Serviced Mortgage Loan Service Provider, as applicable, is reimbursed out of general collections for any unreimbursed Advances that are determined to be Nonrecoverable Advances (together with any Advance Interest Amount), then (for purposes of calculating distributions on the Certificates) such reimbursement and payment of interest shall be deemed to have been made: first, out of the Principal Distribution Amount, which, but for its application to reimburse a Nonrecoverable Advance and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date and, second, out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date.



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If and to the extent that any payment is deemed to be applied as contemplated in the paragraph above to reimburse a Nonrecoverable Advance or to pay the Advance Interest Amount, then the Principal Distribution Amount for such Distribution Date shall be reduced, to not less than zero, by the amount of such reimbursement. If and to the extent (i) any Advance is determined to be a Nonrecoverable Advance, (ii) such Advance and/or the Advance Interest Amount is reimbursed out of the Principal Distribution Amount as contemplated above and (iii) the particular item for which such Advance was originally made is subsequently collected out of payments or other collections in respect of the related Mortgage Loan, then the Principal Distribution Amount for the Distribution Date that corresponds to the Collection Period in which such item was recovered shall be increased by an amount equal to the lesser of (A) the amount of such item and (B) any previous reduction in the Principal Distribution Amount for a prior Distribution Date as contemplated in the paragraph above resulting from the reimbursement of the subject Advance and/or the payment of the Advance Interest Amount.


 

(b)           The Master Servicer shall maintain a separate Trust Ledger with respect to each Serviced Whole Loan that it is servicing on which it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified below), with respect to each Serviced Whole Loan, the Master Servicer shall make withdrawals from amounts allocated thereto in the related Serviced Whole Loan Collection Account (and may debit the Trust Ledger) for any of the following purposes (the order set forth below not constituting an order of priority for such withdrawals):

 

(i)       to make remittances each month in an aggregate amount of immediately available funds equal to the allocable portion of the applicable Serviced Whole Loan Remittance Amount (A) to the related Serviced Companion Loan Noteholders or the Trust Subordinate Companion Loan REMIC Distribution Accounts, as applicable, within the time frame specified in, and otherwise in accordance with Section 3.05(h), (B) to the Collection Account for the benefit of the Trust in respect of amounts allocable to the related Mortgage Loan, in each case in accordance with the related Intercreditor Agreement (after taking into account the amounts permitted to be withdrawn from the Serviced Whole Loan Collection Account pursuant to this Section 3.06(b)) provided that Liquidation Proceeds relating to the repurchase of any Serviced Companion Loan (other than the Trust Subordinate Companion Loans) by the related seller thereof shall be remitted solely to the holder of such Serviced Companion Loan, as the case may be, and Liquidation Proceeds relating to the repurchase of a Mortgage Loan related to a Serviced Whole Loan by the related Mortgage Loan Seller shall be remitted solely to the Collection Account and (C) Liquidation Proceeds relating to the repurchase of the Trust Subordinate Companion Loans by the related Mortgage Loan Seller shall be remitted solely to the Trust Subordinate Companion Loan REMIC Distribution Accounts;

 

(ii)      to pay (A) to itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement) and to the Special Servicer unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced REO Loan, as applicable, the Master Servicer’s or the Special Servicer’s, as applicable, rights to payment of Servicing Fees,



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Special Servicing Fees, Liquidation Fees and Workout Fees, as applicable, pursuant to this clause (ii)(A) with respect to such Serviced Whole Loan or related Serviced REO Loan, as applicable, being limited to amounts received on or in respect of such Serviced Whole Loan (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), or such Serviced REO Loan (whether in the form of REO Proceeds, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of interest thereon and (B) to the Special Servicer, each month to the extent not covered by clause (ii)(A) above, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced REO Loan, as applicable, remaining unpaid out of general collections in the Collection Account as provided in Section 3.06(a)(ii) of this Agreement;


 

(iii)     to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances with respect to the applicable Mortgage Loan and the Trust Subordinate Companion Loans and to reimburse the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances with respect to the applicable Serviced Companion Loan, the Master Servicer’s, the Trustee’s and the applicable Serviced Companion Loan Service Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts received in the applicable Serviced Whole Loan Collection Account which represent Late Collections received in respect of such Mortgage Loan, the Trust Subordinate Companion Loans or Serviced Companion Loan, as applicable (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement), during the applicable period; provided that to the extent such amounts are insufficient to repay such P&I Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be reimbursed, from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan; provided, further, that if such P&I Advance on the applicable Mortgage Loan becomes a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(iv)    to reimburse the Trustee, the Special Servicer or itself, in that order, as applicable (with respect to such Serviced Whole Loan or Serviced REO Property), for unreimbursed Servicing Advances with respect to such Serviced Whole Loan or related Serviced REO Property, the Master Servicer’s or the Trustee’s respective rights to receive payment pursuant to this clause (iv) being limited to, as applicable, related payments by the applicable Borrower with respect to such Servicing Advance, Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds and REO Proceeds with respect to such Serviced Whole Loan; provided that if such Servicing Advance becomes a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(v)     (A) to reimburse the Trustee or itself, in that order, (with respect to such Serviced Whole Loan or related REO Property), as applicable (x) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds received on the related Serviced Whole Loan and related REO Properties, and second, out of general collections in the Collection Account as provided in Section 3.06(a) and (y) with respect to the Workout-Delayed



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Reimbursement Amounts, first, out of the principal portion of the general collections on the Serviced Whole Loan and related REO Properties, net of such amounts being reimbursed pursuant to the subclause first in the preceding clause (x) above and second out of general collections in the Collection Account as provided in Section 3.06(a); provided that in the case of both clause (x) and clause (y) of this clause (v), prior to making any reimbursement from general collections, such reimbursements shall be made first, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any, and then from collections on, and proceeds of the related Mortgage Loan, or in the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the Mortgage Loan and any related Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s principal balance) and then from general collections of the Trust (provided that, in the case of a Servicing Advance that is a Nonrecoverable Advance, the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) or (B) to pay itself or the Special Servicer out of general collections on such Serviced Whole Loan and related REO Properties, any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with respect to such Serviced Whole Loan or related REO Property and the deposit into the applicable Serviced Whole Loan Collection Account of all amounts received in connection therewith; provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant to this clause (v) with respect to any such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount that is a P&I Advance, being limited (except to the extent set forth in Section 3.06(a)) to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received in respect of the particular Mortgage Loan or Trust Subordinate Companion Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement) in the related Serviced Whole Loan as to which such Nonrecoverable Advance or such Workout-Delayed Reimbursement Amount were incurred (provided that to the extent such amounts are insufficient to repay such Advances on any Mortgage Loan as to which there is a related Subordinate Companion Loan, such P&I Advances may be reimbursed from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan);


 

(vi)    at such time as it reimburses the Trustee or itself, in that order, as applicable, for (A) any unreimbursed P&I Advance with respect to the applicable Mortgage Loan or Trust Subordinate Companion Loan (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) or any unreimbursed principal and/or interest advance with respect to the related Serviced Companion Loan pursuant to clause (iii) above, to pay itself, the Trustee or such Serviced Companion Loan Service Provider, as applicable, any Advance Interest Amounts accrued and payable thereon, (B) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iv) above, to pay itself, the



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Special Servicer or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon or (C) any Nonrecoverable Advances pursuant to clause (v) above, to pay itself, the Special Servicer, the Trustee or any Serviced Companion Loan Service Provider, as the case may be, any Advance Interest Amounts accrued and payable thereon, with such amounts payable in the case of clauses (A), (B) and (C) above, first, from Penalty Charges pursuant to Section 3.12(d), then, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any, and then, from collections on, and proceeds of on a pro rata basis as between the Mortgage Loan and any related other Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s principal balance), provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant to this clause (vi) with respect to any such interest on P&I Advances (including any such P&I Advance that is a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount) being limited to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received in respect of the particular Mortgage Loan or Trust Subordinate Companion Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement) in the related Serviced Whole Loan as to which such advance relates (provided that any Mortgage Loan as to which there is a related Subordinate Companion Loan, such interest on P&I Advances may be reimbursed from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan);


 

(vii)   to reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, as applicable, for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect with respect to the Mortgage Loan or the Trust Subordinate Companion Loan giving rise to a repurchase obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement or, with respect to a Serviced Companion Loan, under the related mortgage loan purchase agreement, including, without limitation, any expenses arising out of the enforcement of the repurchase obligation, each such Person’s right to reimbursement pursuant to this clause (vii) with respect to such Serviced Whole Loan being limited to that portion of the Purchase Price paid for the related Mortgage Loan that represents such expense in accordance with clause (e) of the definition of Purchase Price (or, with respect to a Serviced Companion Loan, a comparable expense);

 

(viii)  to pay itself all Prepayment Interest Excesses on any related Mortgage Loan or Serviced Companion Loan included in the Serviced Whole Loans not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)     (A) to pay itself, as additional servicing compensation in accordance with Section 3.12(a), (1) interest and investment income earned in respect of amounts relating to such Serviced Whole Loan held in the applicable Serviced Whole Loan Collection Account as provided in Section 3.07(b) (but only to the extent of the net investment earnings with respect to such Serviced Whole Loan Collection Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by the related Intercreditor Agreement and other than



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Specially Serviced Loans) but only to the extent collected from the related Borrower and to the extent that all amounts then due and payable with respect to the Serviced Whole Loans have been paid and are not needed to pay Advance Interest Amounts, interest on debt service advances made by the related Serviced Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor Agreement; and (B) to pay the Special Servicer, as additional servicing compensation in accordance with the second paragraph of Section 3.12, the portion of any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by the related Intercreditor Agreement), during the period it is a Specially Serviced Loan (but only to the extent collected from the related Borrower and to the extent that all amounts then due and payable with respect to the related Specially Serviced Loan have been paid and are not needed to pay interest on Advances, interest on debt service advances made by the related Serviced Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor Agreement);


 

(x)      to recoup any amounts deposited in such Serviced Whole Loan Collection Account in error;

 

(xi)     to pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) or 6.03(b), to the extent that such amounts relate to such Serviced Whole Loan;

 

(xii)    to pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), 3.10(e), 3.15(a), 3.15(b) and 12.08 to the extent that such opinions specifically relate to such Serviced Whole Loan;

 

(xiii)   to pay out of general collections on such Serviced Whole Loan and related Serviced REO Property any and all federal, state and local taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs or any of their assets or transactions, together with all incidental costs and expenses, in each case to the extent that neither the Master Servicer, the Special Servicer, the Certificate Administrator nor the Trustee is liable therefor pursuant to this Agreement and only to the extent that such amounts relate to the related Mortgage Loan or to the related Serviced Companion Loans (but only to the extent that any related Serviced Companion Loan is included in a REMIC);

 

(xiv)   to reimburse the Trustee and the Certificate Administrator out of general collections on such Serviced Whole Loan and related REO Properties for expenses incurred by and reimbursable to it by the Trust Fund specifically related to such Serviced Whole Loan;

 

(xv)    to pay any Person permitted to purchase a Mortgage Loan or Trust Subordinate Companion Loan under Section 3.16 with respect to the Mortgage Loan or Trust Subordinate Companion Loan included in such Serviced Whole Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;



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(xvi)   to deposit in the Interest Reserve Account the amounts with respect to the Mortgage Loan or Trust Subordinate Companion Loan included in such Serviced Whole Loan required to be deposited in the Interest Reserve Account pursuant to Section 3.05(e);

 

(xvii)  to pay to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as the case may be, to the extent that such amounts relate to the Mortgage Loan or Trust Subordinate Companion Loan included in such Serviced Whole Loan, any amount specifically required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of this Section 3.06(b), it being acknowledged that this clause (xvii) shall not be construed to modify any limitation or requirement otherwise set forth in this Agreement or in the related Intercreditor Agreement as to the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment or reimbursement is permitted to be made;

 

(xviii) to pay the related Mortgage Loan Seller with respect to the Mortgage Loan or Trust Subordinate Companion Loan included in such Serviced Whole Loan, if any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all amounts received on such Mortgage Loan or Trust Subordinate Companion Loan subsequent to the date of purchase or substitution, and, in the case of a substitution, with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month of substitution, in accordance with the third paragraph of Section 2.03(f); and

 

(xix)   to clear and terminate such Serviced Whole Loan Collection Account at the termination of this Agreement pursuant to Section 9.01.

 

In the case of the amounts payable as set forth above in this Section 3.06(b) with respect to any Serviced Whole Loan, if such amount is not specifically payable, pursuant to the terms of this Agreement or the related Intercreditor Agreement, out of collections or proceeds allocable to any particular note that is a part of such Serviced Whole Loan, such amount shall be paid from collections on, and proceeds of the related Serviced Subordinate Companion Loan, if any, and then, from collections on, and proceeds of, on a pro rata basis as between, the related Mortgage Loan and any related Serviced Pari Passu Companion Loans (based on the related Mortgage Loan’s principal balance or the related Serviced Pari Passu Companion Loan’s principal balance), and then, to the extent provided for in this Agreement, from general collections.

 

The Master Servicer shall keep and maintain separate accounting records, on a loan by loan and property by property basis when appropriate, for the purpose of justifying any withdrawal from any Serviced Whole Loan Collection Account. All withdrawals with respect to any Serviced Whole Loan shall be made first, from the applicable Serviced Whole Loan Collection Account and then, from the Master Servicer’s Collection Account to the extent permitted by Section 3.06(a). Upon request, the Master Servicer shall provide to the Certificate Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator to determine the amounts attributable to the Lower-Tier REMIC and the Companion Loans.



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The Master Servicer shall pay to the Special Servicer from the Serviced Whole Loan Collection Accounts amounts permitted to be paid to it therefrom promptly upon receipt of a certificate of a Servicing Officer of such Special Servicer describing the item and amount to which the Special Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan included in the Serviced Whole Loan and related REO Loan, on a loan-by-loan and, if appropriate, property-by-property basis, for the purpose of justifying any request for withdrawal from any Serviced Whole Loan Collection Account.


 

Any permitted withdrawals under this Section 3.06(b) with respect to reimbursement for advances or other amounts payable to an Other Trustee shall, if applicable, also be deemed to be a permitted withdrawal for similar amounts owed to the fiscal agent of the Other Trustee, if any.

 

Notwithstanding anything to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from the related Serviced Whole Loan Collection Account and remit to the related Serviced Companion Loan Noteholders, within (x) with respect to any Serviced Subordinate Companion Loan, if required pursuant to the terms of the related Intercreditor Agreement, two (2) Business Days of receipt of properly identified funds and (y) with respect to any Serviced Pari Passu Companion Loan, one (1) Business Day of receipt of properly identified funds, any amounts that represent Late Collections or Principal Prepayments on such Serviced Companion Loan or any successor REO Loan with respect thereto, that are received by the Master Servicer prior to 3:00 p.m. (New York City time) on any given Business Day (and to the extent any such amounts are received after 3:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such Late Collections or Principal Prepayments to the related Serviced Companion Loan Noteholders within one (1) Business Day of receipt of properly identified funds but, in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified funds) (exclusive of any portion of such amount payable or reimbursable to any third party in accordance with the related Intercreditor Agreement or this Agreement), unless such amount would otherwise be included in the monthly remittance to the holder of such Serviced Companion Loan for such month.

 

If the Master Servicer fails, as of 5:00 p.m. (New York City time) on any Master Servicer Remittance Date, any related Serviced Whole Loan Remittance Date or any other date a remittance is required to be made, as applicable, to remit to the Certificate Administrator (in respect of the related Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of any related Serviced Companion Loan) any amounts required to be so remitted hereunder by such date (including any P&I Advance pursuant to Section 4.07 and any Gain-on-Sale Proceeds allocable to the Serviced Companion Loans pursuant to Section 4.01(k)), the Master Servicer shall pay to the Certificate Administrator (in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loan), for the account of the Certificate Administrator (in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loans), interest, calculated at the Prime Rate, on such amount(s) not timely remitted, from the time such payment was required to be made (without regard to any grace period) until (but not including) the date such late payment is



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received by the Certificate Administrator or the Serviced Companion Loan Noteholders, as applicable.

 

(c)           On each Master Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer or the Special Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by the Master Servicer or the Special Servicer, as applicable.

 

(d)           With respect to the Serviced Whole Loans, if amounts required to pay the expenses allocable to any related Serviced Companion Loan exceed amounts on deposit in the Serviced Whole Loan Collection Account, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, may seek reimbursement from the Trust Fund with respect to such expenses allocable to such Serviced Companion Loan. The Master Servicer shall seek (on behalf of the Trust Fund, subject to the related Intercreditor Agreement) payment or reimbursement from the holder of the related Serviced Subordinate Companion Loan, if any, and then for the pro rata portion of such expenses allocable to a related Serviced Pari Passu Companion Loan from the related Serviced Companion Loan Noteholder or, if such Serviced Companion Loan has been deposited into a securitization, out of general collections in the collection account established pursuant to the related Other Pooling and Servicing Agreement.

 

(e)           If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related Serviced REO Property, then the Master Servicer shall (provided that, (1) with respect to clause (iv) below, the Special Servicer shall have provided notice to the Master Servicer of the occurrence of such liquidation event and (2) with respect to clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the Special Servicer with five Business Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion thereof) from the Loss of Value Reserve Fund to the Collection Account for the following purposes:

 

(i)       to reimburse the Master Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement, for any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with the Advance Interest Amount);

 

(ii)      to pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such Loss of Value Payments, would constitute an Additional Trust Fund Expense;

 

(iii)     to offset any portion of Realized Losses and VRR Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be (as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or any related successor REO Loan;

 

(iv)    following the occurrence of a liquidation event with respect to such Mortgage Loan, Trust Subordinate Companion Loan or any related Serviced REO Property and any related transfers from the Loss of Value Reserve Fund with respect to the items


 






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contemplated by the immediately preceding clauses (i)-(iii) as to such Mortgage Loan, Trust Subordinate Companion Loan or related Serviced REO Property, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect of any other Mortgage Loan or Serviced REO Loan; and


 

(v)     On the final Distribution Date after all distributions have been made as set forth in clauses (i)-(iv) above, to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses and VRR Realized Losses, that are attributable to such Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable Advances incurred with respect to the Mortgage Loan related to such contribution.

 

Any Loss of Value Payments transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated by clauses (i)-(iv) of the prior paragraph.

 

(f)            The Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any of the following purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not previously paid from the Collection Account:

 

(i)       to make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premium and Yield Maintenance Charges distributable pursuant to Section 4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions on the Class R Certificates in respect of the Class LTR Interest pursuant to Section 4.01(a) of this Agreement;

 

(ii)      to pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator Fees;

 

(iii)     to pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution Account pursuant to Section 3.07(b) of this Agreement;

 

(iv)    to pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(b), Section 8.05(c) and Section 8.05(d) of this Agreement;

 

(v)     to recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 






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(vi)    to clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement.

 

(g)     The Certificate Administrator may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)       to make distributions to Certificateholders (other than Holders of the Grantor Trust Certificates) and the RR Interest Owner on each Distribution Date pursuant to Section 4.01 or Section 9.01 of this Agreement (in the case of Holders of the Class R Certificates, in respect of the Class UTR Interest), as applicable;

 

(ii)      to recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)     to clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement.

 

(h)     The Certificate Administrator, on behalf of the Trustee, may, from time to time, make withdrawals from a Trust Subordinate Companion Loan REMIC Distribution Account for any of the following purposes:

 

(i)       to be deemed to make deposits of the related Trust Subordinate Companion Loan REMIC Distribution Amount pursuant to Section 4.01(a) and the amount of any Yield Maintenance Charges distributable pursuant to Section 4.01(p) in the Upper Tier Distribution Account for distribution to Holders of the related Loan-Specific Certificates, and to make distributions to Holders of the Class R Certificates in respect of the BX-VRR Interest, the T333-VRR Interest or the 825S-VRR Interest, as applicable, pursuant to Section 4.01(g), Section 4.01(h) and Section 4.01(i), respectively;

 

(ii)     to pay to the Trustee and the Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable or reimbursable to any such Person, with respect to the related Trust Subordinate Companion Loan pursuant to Section 3.12;

 

(iii)     to pay for the cost (without duplication) of the Opinions of Counsel sought by the Trustee or the Certificate Administrator (A) as provided in clause (vi) of the definition of “Disqualified Organization,” (B) as contemplated by Section 3.26(a), Section 3.12(e) and Section 8.05(c) to the extent payable out of the Trust Fund, or (C) as contemplated by Section 12.08 in connection with any amendment to this Agreement requested by the Trustee or the Certificate Administrator, which amendment is in furtherance of the rights and interests of Holders of the related Loan-Specific Certificates, in each case, to the extent not paid pursuant to Section 12.08;

 

(iv)    to pay any and all federal, state and local taxes imposed on the related Trust Subordinate Companion Loan REMIC or on the assets or transactions of such Trust REMIC, together with all incidental costs and expenses, to the extent none of the Trustee, the Certificate Administrator, the REMIC Administrator, the Master Servicer or the Special


 






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Servicer is liable therefor pursuant to Section 4.04(a) with respect to such Trust Subordinate Companion Loan REMIC;

 

(v)     to pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 4.04(a) with respect to such Trust Subordinate Companion Loan REMIC;

 

(vi)    to pay to the Master Servicer any amounts deposited by the Master Servicer in such Trust Subordinate Companion Loan REMIC Distribution Account not required to be deposited therein;

 

(vii)   to clear and terminate such Trust Subordinate Companion Loan REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01 and

 

(viii)  consistent with the above, with respect to the BX Industrial Portfolio Whole Loan, Tower 333 Whole Loan and 825 South Hill Whole Loan, subject to Section 3.06(a)(i), any withdrawals permitted pursuant to this Section 3.06(h), shall be paid or reimbursed (a) first, from amounts on deposit allocated to the related Trust Subordinate Companion Loan and (b) then from general collections in respect of all other Mortgage Loans.

 

Section 3.07           Investment of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts. (a) The Master Servicer (with respect to the Collection Account, and any Serviced Whole Loan Collection Account and any Borrower Accounts (as defined below and subject to the second succeeding sentence)), the Special Servicer (with respect to any REO Account and any Loss of Value Reserve Fund) and the Certificate Administrator (with respect to the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account and the 825 South Hill Gain-on-Sale Reserve Account) may direct any depository institution maintaining the Collection Account, any Serviced Whole Loan Collection Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account, any Borrower Accounts, any REO Account, any Loss of Value Reserve Fund, the Interest Reserve Account and the Distribution Accounts (each such account, for purposes of this Section 3.07, an “Investment Account”), to invest the funds in such Investment Account in one or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant to this Agreement. Any investment of funds on deposit in an Investment Account by the Master Servicer, the Special Servicer or the Certificate Administrator shall be documented in writing and shall provide evidence that such investment is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. In the case of any Escrow Account, Lock-Box Account, Cash Collateral Account or Reserve Account (the “Borrower Accounts”), the Master Servicer shall act upon the written request of the related Borrower or Manager to the extent that the Master Servicer is required to do so under the terms of the respective Loan Documents,




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provided that in the absence of appropriate written instructions from the related Borrower or Manager meeting the requirements of this Section 3.07, the Master Servicer shall have no obligation to, but will be entitled to, direct the investment of funds in such accounts in Permitted Investments. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Certificate Administrator shall have sole control (except with respect to investment direction which shall be in the control of the Master Servicer or the Special Servicer, with respect to any REO Accounts, as an independent contractor to the Trust Fund) over each such investment and any certificate or other instrument evidencing any such investment shall be delivered directly to the Certificate Administrator or its agent (which shall initially be the Master Servicer), together with any document of transfer, if any, necessary to transfer title to such investment to the Trustee or its nominee. Neither the Certificate Administrator nor the Trustee shall have any responsibility or liability with respect to the investment directions of the Master Servicer, the Special Servicer, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall have no responsibility or liability with respect to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility or liability with respect to the investment directions of the Master Servicer, the Certificate Administrator, the Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (or the Special Servicer or the Certificate Administrator, as applicable) shall:

 

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

 

(y)           demand payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer or the Certificate Administrator, 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 income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer (except with respect to the investment of funds deposited in (i) any Borrower Account, which shall be for the benefit of the related Borrower to the extent required under the related Loan Documents for the Mortgage Loan or applicable law, (ii) any REO Account and the Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer or (iii) the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account, the Interest Reserve Account and the Distribution Accounts, which shall be for the benefit of the Certificate Administrator) and, if held in the Collection Account, any Serviced Whole Loan Collection Account, REO Account or Distribution Account shall be subject to withdrawal by the Master Servicer, the Special Servicer



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or the Certificate Administrator, as applicable, in accordance with Section 3.06 or Section 3.15(b) of this Agreement, as applicable. The Master Servicer, or with respect to any REO Account or Loss of Value Reserve Fund, the Special Servicer, or with respect to the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account or the Distribution Accounts, the Certificate Administrator, shall deposit from its own funds into the Collection Account, applicable Serviced Whole Loan Collection Account, any REO Account or Loss of Value Reserve Fund, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account, the Interest Reserve Account or the Distribution Accounts, as applicable, the amount of any loss incurred in respect of any such Permitted Investment immediately upon realization of such loss; provided that the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, may reduce the amount of such payment to the extent it forgoes any investment income in such Investment Account otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Borrower Account immediately upon realization of such loss the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts are invested at the direction of or for the benefit of the Borrower under the terms of the related Loan Documents for the Mortgage Loan, Serviced Whole Loan or applicable law; provided that neither the Master Servicer nor the Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Investment Account, so long as such depository institution or trust company has satisfied the qualifications set forth in the definition of Eligible Account both (x) at the time the investment was made and (y) 30 days prior to such insolvency.

 

(c)           Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action or inaction of the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, the Trustee may, and upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. If the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit of the Master Servicer, (ii) the Special Servicer, if such Permitted Investment was for the benefit of the Special Servicer or (iii) the Certificate Administrator, if such Permitted Investment was for the benefit of the Certificate Administrator, shall pay or reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in connection therewith.

 

Section
3.08           Maintenance of Insurance Policies and Errors and
Omissions and Fidelity Coverage. (a) In the case of each Serviced
Mortgage Loan and any related Serviced Companion Loan, as applicable (but excluding any REO Loan), the Master Servicer shall
use commercially reasonable efforts consistent with the Servicing Standard to cause the related Borrower, with respect to the
Serviced Mortgage Loans and any related Serviced Companion Loans that it is servicing, to maintain the following insurance
coverage (including identifying the extent to which such Borrower is maintaining insurance
coverage and, if such Borrower does not so maintain, the Master Servicer will itself cause to be maintained with Qualified
Insurers) for


 






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the
related Mortgaged Property: (x) except where the Loan Documents permit a Borrower to rely on self-insurance provided by a tenant,
a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount
that is at least equal to the lesser of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced
Whole Loan, as applicable, and (ii) the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan, as applicable,
but, in any event, in an amount sufficient to avoid the application of any co-insurance clause and (y) all other insurance coverage
(including, but not limited to, coverage for acts of terrorism) that is required, subject to applicable law, under the related
Loan Documents; provided that:


 

(i)       the Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property unless the Trustee has an insurable interest and (x) such insurance policy was in effect at the time of the origination of the related Mortgage Loan or Serviced Whole Loan, as applicable, or (y) such insurance policy was required by the related Loan Documents and is available at commercially reasonable rates, provided that the Master Servicer shall require the related Borrower to maintain such insurance in the amount, in the case of clause (x), maintained at origination, and in the case of clause (y), required by such Mortgage Loan or Serviced Whole Loan, in each case, to the extent such amounts are available at commercially reasonable rates and to the extent the Trustee has an insurable interest;

 

(ii)      if and to the extent that any Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise) as to the insurance provider from whom the related Borrower is to obtain the requisite insurance coverage, the Master Servicer shall (to the extent consistent with the Servicing Standard) require the related Borrower to obtain the requisite insurance coverage from Qualified Insurers;

 

(iii)     the Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard to cause any Borrower to maintain the insurance required to be maintained under the Loan Documents; provided that this clause shall not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)    except as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause the Borrower to maintain, or itself obtain, insurance coverage to the extent that the failure of such Borrower to maintain insurance coverage is an Acceptable Insurance Default (as determined by the Master Servicer or the Special Servicer, as applicable);

 

(v)     to the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master Servicer will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis at commercially reasonable rates, and only to the extent the Trust as lender has an insurable interest thereon; and

 

(vi)    any explicit terrorism insurance requirements contained in the related Loan Documents shall be enforced by the Master Servicer in accordance with the Servicing Standard (unless the Master Servicer or the Special Servicer, as applicable, with the


 






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consent of, if no Control Termination Event is continuing, the Directing Holder, and after consultation with the Risk Retention Consultation Parties pursuant to Section 6.07, has consented to a waiver (including a waiver to permit the Master Servicer to accept insurance that does not comply with specific requirements contained in the Loan Documents) in writing of that provision in accordance with the Servicing Standard); provided that the Master Servicer shall promptly notify the Special Servicer, or the Special Servicer shall promptly notify the Master Servicer, as applicable, in writing of such waiver.

 

With respect to each GSMC Mortgage Loan, the Master Servicer shall not permit the related Borrower to maintain a “Non-Conforming Policy” (as such term is defined in the related Loan Agreement) unless a Rating Agency Confirmation has been obtained.

 

The Master Servicer shall notify the Special Servicer, the Certificate Administrator, the Trustee and the Directing Holder if the Master Servicer determines in accordance with the Servicing Standard that a Borrower under a Serviced Mortgage Loan has failed to maintain insurance required under the Loan Documents and such failure materially and adversely affects the interests of the Certificateholders or if a Borrower under a Serviced Mortgage Loan has notified the Master Servicer in writing that the Borrower does not intend to maintain such insurance and that the Master Servicer has determined in accordance with the Servicing Standard that such failure materially and adversely affects the interests of the Certificateholders.

 

Subject to Section 3.15(b) of this Agreement, with respect to each Serviced REO Property, the Special Servicer shall use reasonable efforts and only if the Trustee has an insurable interest, consistent with the Servicing Standard, to maintain (subject to the right of the Special Servicer to direct the Master Servicer to make a Servicing Advance for the costs associated with coverage that the Special Servicer determines to maintain, in which case the Master Servicer shall make such Servicing Advance) with Qualified Insurers to the extent reasonably available at commercially reasonable rates and to the extent the Trustee has an insurable interest, (a) a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal to the lesser of the full replacement value of the Mortgaged Property or the Stated Principal Balance of the Mortgage Loan, Serviced REO Loan or the Serviced Whole Loan, as applicable (or such greater amount of coverage required by the related Loan Documents (unless such amount is not available or, if no Control Termination Event is continuing, the Directing Holder has consented to a lower amount)), but, in any event, in an amount sufficient to avoid the application of any co-insurance clause, (b) a comprehensive general liability insurance policy with coverage comparable to that which would be required under prudent lending requirements and in an amount not less than $1.0 million per occurrence, and (c) to the extent consistent with the Servicing Standard, a business interruption or rental loss insurance covering revenues or rents for a period of at least 12 months; provided that the Special Servicer shall not be required in any event to maintain or obtain insurance coverage described in this paragraph beyond what is reasonably available at a commercially reasonable rate and consistent with the Servicing Standard, and in no case will any such insurance be an expense of the Special Servicer.

 

All such insurance policies maintained as described above shall contain (if they insure against loss to property) a “standard” mortgagee clause, with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and, with respect to a Serviced


 






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Whole Loan, the related Serviced Companion Loan Noteholders), or shall name the Trustee as the insured, with loss payable to the Special Servicer on behalf of the Trustee (on behalf of Certificateholders and, with respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) (in the case of insurance maintained in respect of an REO Property). Any amounts collected by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or Serviced REO Property or amounts to be released to the related Borrower, in each case in accordance with the Servicing Standard) shall be deposited in the Collection Account (or, in the case of the Serviced Whole Loans, in the applicable Serviced Whole Loan Collection Account), subject to withdrawal pursuant to Section 3.06 of this Agreement, in the case of amounts received in respect of a Serviced Mortgage Loan and any related Serviced Companion Loan, or in the applicable REO Account of the Special Servicer, subject to withdrawal pursuant to Section 3.15 of this Agreement, in the case of amounts received in respect of a Serviced REO Property. Any cost incurred by the Master Servicer or the Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly distributions to Certificateholders or Serviced Companion Loan Noteholders, be added to the Stated Principal Balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan so permit; provided that this sentence shall not limit the rights of the Master Servicer or Special Servicer on behalf of the Trust Fund to enforce any obligations of the related Borrower under such Serviced Mortgage Loan and any related Serviced Companion Loan. Any costs incurred by the Master Servicer in maintaining any such insurance policies in respect of the Mortgage Loans or Specially Serviced Loans (other than REO Properties) (i) if the Borrower defaults on its obligation to do so, shall be advanced by the Master Servicer as a Servicing Advance and will be charged to the related Borrower and (ii) shall not, for purposes of calculating monthly distributions to Certificateholders, be added to the Stated Principal Balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. Any cost incurred by the Special Servicer in maintaining any such insurance policies with respect to Serviced REO Properties shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) payable out of the related REO Account (or Serviced Whole Loan REO Account, as applicable) or, if the amount on deposit therein is insufficient therefor, advanced by the Master Servicer as a Servicing Advance (or paid from the Collection Account if the Master Servicer determines such Advance would be a Nonrecoverable Advance, subject to Section 3.21(d) of this Agreement).

 

(b)           If either:

 

(x) the Master Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master force-placed policy insuring against hazard losses on all of the Serviced Mortgage Loans and any related Serviced Companion Loans or Serviced REO Properties, as applicable, then, to the extent such policy

 

(i)       is obtained from a Qualified Insurer, and

 

(ii)      provides protection equivalent to the individual policies otherwise required, or



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(y) the Master Servicer or the Special Servicer (or, in each case, its corporate parent), as applicable, has long-term unsecured debt obligations or deposit accounts that are rated not lower than “A2” by Moody’s, “A-” by Fitch and “A (low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least any one other NRSRO (which may include Moody’s and/or Fitch) and the Master Servicer or Special Servicer self-insures for its obligation to maintain the individual policies otherwise required,

 

then the
Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause hazard
insurance to be maintained on the related Mortgaged Properties or Serviced REO Properties, as applicable. 


 


Such
a blanket or master force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case
the Master Servicer or Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been
maintained on any Mortgaged Property securing a Serviced Mortgage Loan or Serviced REO Property thereunder a hazard insurance
policy complying with the requirements of Section 3.08(a) of
this Agreement, and there shall have been one or more losses that would have been covered by such an individual policy,
promptly deposit into the Collection Account (or, in the case of a Serviced Whole Loan, in the related Serviced Whole Loan
Collection Account), from its own funds, the amount not otherwise payable under the blanket or master force-placed policy in
connection with such loss or losses because of such deductible clause to the extent that any such deductible exceeds the
deductible limitation that pertained to the related Mortgage Loan or the related Serviced Whole Loan, as applicable (or, in
the absence of any such deductible limitation, the deductible limitation for an individual policy which is consistent with
the Servicing Standard). The Master Servicer and Special Servicer shall prepare and present, on behalf of itself, the
Trustee, Certificateholders and, if applicable the Serviced Companion Loan Noteholders, claims under any such blanket or
master force-placed policy maintained by it in a timely fashion in accordance with the terms of such policy. If the Master
Servicer or Special Servicer, as applicable, causes any Mortgaged Property securing a Serviced Mortgage Loan or Serviced REO
Property to be covered by such “force-placed” insurance policy, the incremental costs of such insurance
applicable to such Mortgaged Property or Serviced REO Property (i.e.,
other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property or Serviced REO
Property is covered thereby) shall be paid as a Servicing Advance.


 

(c)          
With respect to each Serviced Mortgage Loan and any related Serviced Companion Loan that is subject to an Environmental
Insurance Policy, if the Master Servicer has actual knowledge of any event giving rise to a claim under an Environmental
Insurance Policy, the Master Servicer shall notify the Special Servicer to such effect and the Master Servicer shall take
reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental
Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder.
With respect to each Specially Serviced Loan and Serviced REO Property that is subject to an Environmental Insurance Policy,
if the Special Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy,
such Special Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the terms and
conditions of such Environmental Insurance Policy to make a claim thereunder and achieve the payment of all amounts to
which



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the Trust, on behalf of the Certificateholders and, if applicable, the Serviced Companion Loan Noteholders (giving due regard to the junior nature of the related Subordinate Companion Loan, if any), is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing Standard in connection with any claim under an Environmental Insurance Policy described above (whether by the Master Servicer or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Servicing Advance.

 

(d)           The Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties as to which it is the Special Servicer are included in the Trust Fund) keep in force with a Qualified Insurer, a fidelity bond in such form and amount as are consistent with the Servicing Standard. The Master Servicer and Special Servicer, as applicable, shall be deemed to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Master Servicer and Special Servicer, as the case may be. Such fidelity bond shall provide that it may not be canceled without ten days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not lower than “A2” by Moody’s, “A-” by Fitch and “A (low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least any one other NRSRO (which may include Moody’s and/or Fitch)), the Master Servicer or the Special Servicer, as applicable, may self-insure with respect to the fidelity bond coverage required as described above, in which case it shall not be required to maintain an insurance policy with respect to such coverage.

 

The
Master Servicer and Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of
the Special Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO
Properties exist as part of the Trust Fund) also keep in force with a Qualified Insurer a policy or policies of insurance covering
loss occasioned by the errors and omissions of its officers and employees in connection with their servicing obligations hereunder,
which policy or policies shall be in such form and amount as are consistent with the Servicing Standard. The Master Servicer or
the Special Servicer, as applicable, shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has
such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Master Servicer or
Special Servicer, as the case may be. Any such errors and omissions policy shall provide that it may not be canceled without ten
days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the
Master Servicer (or its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate
parent), as applicable, are rated not lower than “A2” by Moody’s, “A-” by Fitch and “A (low)”
by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least any one other NRSRO (which
may include Moody’s and/or Fitch)), the Master Servicer or the Special Servicer, as applicable, may self-insure with respect
to the errors and omissions coverage required as described above, in which case it shall not be required to maintain an insurance
policy with respect to such coverage.

 





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Section 3.09     Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a) If any Serviced Mortgage Loan and any related Serviced Companion Loan contains a provision in the nature of a “due-on-sale” clause (including, without limitation, sales or transfers of Mortgaged Properties (in full or part) or the sale, transfer, pledge or hypothecation of direct or indirect interests in the Borrower or its owners), which by its terms:

 

(i)     provides that such Serviced Mortgage Loan and any related Serviced Companion Loan will (or may at the mortgagee’s option) become due and payable upon the sale or other transfer of an interest in the related Mortgaged Property (including, without limitation, the sale, transfer, pledge or hypothecation of direct or indirect interests in the Borrower or its owners),

 

(ii)    provides that such Serviced Mortgage Loan and any related Serviced Companion Loan may not be assumed without the consent of the related mortgagee in connection with any such sale or other transfer, or

 

(iii)   provides that such Serviced Mortgage Loan and any related Serviced Companion Loan may be assumed or transferred without the consent of the mortgagee, provided certain conditions set forth in the Loan Documents are satisfied,

 

then, the Master Servicer (with respect to Performing Loans (other than Non-Serviced Mortgage Loans), to the extent such action is not a Special Servicer Major Decision) or the Special Servicer (with respect to Specially Serviced Loans and, to the extent such action is a Special Servicer Major Decision, Performing Loans (other than Non-Serviced Mortgage Loans)) shall determine, in each case in a manner consistent with the Servicing Standard, on behalf of the Trustee as the mortgagee of record, whether to (a) exercise any right it may have with respect to such Serviced Mortgage Loan or Serviced Whole Loan (x) to accelerate the payments thereon or (y) to grant or withhold its consent to any sale or transfer, consistent with the Servicing Standard or (b) waive any right to exercise such rights; provided that, (i) with respect to such consent or waiver of rights that is a Major Decision, prior to itself taking such an action, the Master Servicer or the Special Servicer, as applicable, shall obtain, other than during the continuance of a Control Termination Event, the prior written consent (or deemed consent) of the Directing Holder pursuant to Section 6.07 (or (1) during the continuance of a Control Termination Event, but other than during a Consultation Termination Event and (2) other than with respect to any applicable Excluded Loan, upon consultation with the Directing Holder and the Risk Retention Consultation Parties pursuant to Section 6.07) and (ii) the Master Servicer or the Special Servicer processing such action, prior to consenting to such action, shall obtain, a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and Serviced Companion Loan Securities, if any, in the case of any such Mortgage Loan that (1) represents more than 5% of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000, (2) has a Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000, (4) is the BX Industrial Portfolio Whole Loan, (5) is the Tower 333 Whole Loan, (6) is the 825 South Hill Whole Loan or (7) is a Mortgage Loan as to which the related Serviced Companion Loan (A) represents one of the ten largest mortgage loans in the related Other Securitization based on outstanding principal balance and has an outstanding principal balance of at least $10,000,000, (B) represents more than 5% of the aggregate 

 

 



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outstanding principal balance of the mortgage loans then outstanding in the related Other Securitization and has an outstanding principal balance of at least $10,000,000 or (C) has an outstanding principal balance that is more than $35,000,000 (provided that the Master Servicer or Special Servicer, as applicable, shall be entitled to request and reasonably rely upon the written notification provided by the master servicer, special servicer, trustee or certificate administrator of the applicable Other Securitization as to whether any condition in clause (4)(A) or (B) is met, or if no timely response is received, entitled to reasonably rely on the most recent CREFC® reports related to the applicable Other Securitization).

 

The Master Servicer or the Special Servicer processing such action shall notify the Trustee, the Certificate Administrator, the Directing Holder and the Master Servicer or the Special Servicer, as applicable, that any such assumption or substitution agreement has been completed by forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator, the Trustee and the Directing Holder, as applicable) the original copy of such agreement, which copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent not precluded by the Loan Documents, neither the Master Servicer nor the Special Servicer shall approve an assumption or substitution without requiring the related Borrower to pay any fees owed to the Rating Agencies associated with the approval of such assumption or substitution. However, if the related Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement); provided that in the case of a Serviced Whole Loan the Master Servicer shall be required, after receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion Loan and (ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Companion Loan from the holders of such Companion Loan.

 

(b)        If any Serviced Mortgage Loan and any related Serviced Companion Loan contains a provision in the nature of a “due-on-encumbrance” clause, which by its terms:

 

(i)     provides that such Serviced Mortgage Loan and any related Serviced Companion Loan shall (or may at the mortgagee’s option) become due and payable upon the creation of any lien or other encumbrance on the related Mortgaged Property or any direct or indirect ownership interest in the borrower (including, unless specifically permitted, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its owners),

 

(ii)    requires the consent of the related mortgagee to the creation of any such lien or other encumbrance on the related Mortgaged Property (including, without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its owners), or

 

 



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(iii)  provides that such Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its owners), provided certain conditions set forth in the Loan Documents are satisfied,

 

then, the Master Servicer (with respect to Performing Loans (other than Non-Serviced Mortgage Loans), to the extent such action is not a Special Servicer Major Decision) or the Special Servicer (with respect to Specially Serviced Loans and, to the extent such action is a Special Servicer Major Decision, Performing Loans (other than Non-Serviced Mortgage Loans)) shall determine, in each case in a manner consistent with the Servicing Standard, on behalf of the Trustee as the mortgagee of record, whether to (a) exercise any right it may have with respect to such Serviced Mortgage Loan or Serviced Whole Loan (x) to accelerate the payments thereon or (y) to withhold its consent to the creation of any additional lien or other encumbrance, consistent with the Servicing Standard or (b) grant or waive its right to exercise such rights; provided that, (i) with respect to such consent or waiver of rights that is a Major Decision, prior to itself taking such an action, the Master Servicer or the Special Servicer, as applicable, shall obtain, other than during the continuance of a Control Termination Event, the prior written consent (or deemed consent) of the Directing Holder pursuant to Section 6.07 (or (1) during the continuance of a Control Termination Event, but prior to a Consultation Termination Event and (2) other than with respect to any applicable Excluded Loan, upon consultation with the Directing Holder and the Risk Retention Consultation Parties pursuant to Section 6.07) and (ii) the Master Servicer or the Special Servicer processing such action, prior to consenting to such action, shall obtain, a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and Serviced Companion Loan Securities, if any, in the case of any such Mortgage Loan that (1) represents more than 2% of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding, (2) has a Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance, (4) has an aggregate loan-to-value ratio (including any existing and proposed additional debt) that is equal to or greater than 85%, (5) has an aggregate Debt Service Coverage Ratio (in each case, determined based upon the aggregate of the Stated Principal Balance of the related Mortgage Loan, any existing additional debt and the principal amount of the proposed additional lien) that is less than 1.20x or (6) is a Mortgage Loan as to which the related Serviced Companion Loan (A) represents one of the ten largest mortgage loans in the related Other Securitization based on outstanding principal balance, (B) represents more than 2% of the aggregate outstanding principal balance of the mortgage loans then outstanding in the related Other Securitization or (C) has an outstanding principal balance that is more than $35,000,000 (provided that the Special Servicer shall be entitled to request and reasonably rely upon the written notification provided by the master servicer, special servicer, trustee or certificate administrator of the applicable Other Securitization as to whether any condition in clause (6)(A) or (B) is met, or if no timely response is received, entitled to reasonably rely on the most recent CREFC® reports related to the applicable Other Securitization); provided that with respect to clauses (1), (3), (4) and (5), such Mortgage Loan shall have a Stated Principal Balance of at least $10,000,000 for the requirement of a Rating Agency Confirmation to apply.

 

The Master Servicer or the Special Servicer processing such action shall notify the Trustee, the Certificate Administrator, the Directing Holder and the Master Servicer or the

 

 



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Special Servicer, as applicable, that the creation of any lien or other encumbrance has been completed by forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator, the Trustee and the Directing Holder, as applicable) the original copy (if available, and otherwise, a copy) of the document creating such lien or encumbrance, which copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent not precluded by the Loan Documents, neither the Master Servicer nor the Special Servicer shall approve the creation of any lien or other encumbrance without requiring the related Borrower to pay any fees owed to the Rating Agencies associated with the approval of such lien or encumbrance. However, if the related Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement); provided that in the case of a Serviced Whole Loan the Master Servicer shall be required, after receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion Loan and (ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Companion Loan from the holders of such Companion Loan.

 

(c)        Notwithstanding any other provision of this Agreement, neither the Master Servicer nor the Special Servicer may waive its rights or grant its consent under any “due-on-sale” or “due-on-encumbrance” clause relating to any Mortgage Loan without, if no Control Termination Event is continuing, the consent of the Directing Holder. The Directing Holder shall have 10 Business Days (or longer period provided by the related Intercreditor Agreement) after receipt of notice along with the Special Servicer’s recommendation and analysis with respect to such waiver and any additional information the Directing Holder may reasonably request from the Special Servicer of a proposed waiver or consent under any “due-on-sale” or “due-on-encumbrance” clause in which to grant or withhold its consent (provided that if the Special Servicer fails to receive a response to such notice from the Directing Holder in writing within such period, then the Directing Holder shall be deemed to have consented to such proposed waiver or consent).

 

(d)        The Master Servicer and the Special Servicer, as applicable, shall provide copies of any waivers it effects pursuant to Section 3.09(a) or (b) of this Agreement to the other party, the 17g-5 Information Provider (who shall promptly post such waivers to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the related Other 17g-5 Information Provider (if any) with respect to each Mortgage Loan or Serviced Whole Loan.

 

(e)        Nothing in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien or other encumbrance with respect to such Mortgaged Property.

 

(f)         In connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a) of this Agreement

 

 



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shall contain any terms that are different from, any term of any Serviced Mortgage Loan and any related Serviced Companion Loan or the related Mortgage Note, other than pursuant to Section 3.26 hereof, as applicable.

 

(g)        With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan which permits release of Mortgaged Properties through defeasance:

 

(i)       Subject to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions, the Master Servicer shall process all defeasances of Serviced Mortgage Loans and Serviced Companion Loans in accordance with the terms of the related Loan Documents, and shall be entitled to any defeasance fees paid relating thereto (provided that for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to consent under this Agreement).

 

(ii)      If such Serviced Mortgage Loan and any related Serviced Companion Loan requires that the lender purchase the required government securities, then the Master Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust, at the related Borrower’s expense, in accordance with the terms of such Mortgage Loan; provided that the Master Servicer shall not accept the amounts paid by the related Borrower to effect defeasance until acceptable government securities have been identified.

 

(iii)      To the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require the related Borrower to provide an Opinion of Counsel (which shall be an expense of the related Borrower) to the effect that the Trustee has a first priority perfected security interest in the defeasance collateral (including the government securities) and the assignment of the defeasance collateral is valid and enforceable; such opinion, together with any other certificates or documents to be required in connection with such defeasance shall be in form and substance acceptable to each Rating Agency.

 

(iv)      To the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require a certificate at the related Borrower’s expense from an Independent certified public accountant certifying to the effect that the government securities will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Loan Documents.

 

(v)      Prior to permitting the release of any Mortgaged Property through defeasance, the Master Servicer shall obtain, at the related Borrower’s expense, a Rating Agency Confirmation; provided that the Master Servicer shall not be required to obtain such Rating Agency Confirmation from any Rating Agency if such Mortgage Loan at the time of such defeasance is not (x) a Mortgage Loan that (together with any Mortgage Loans cross-collateralized with such Mortgage Loan) is one of the ten largest Mortgage Loans by Stated Principal Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or greater than $35,000,000 or (z) a Mortgage Loan that represents 5% or more of the Stated Principal Balance of all Mortgage Loans.

 

 



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(vi)     Prior to permitting release of any Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel to the effect that such release will not cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding or cause a tax to be imposed on the Trust Fund under the REMIC Provisions; provided that to the extent not inconsistent with the Mortgage Loan or Serviced Whole Loan, the related Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise be a Servicing Advance).

 

(vii)     No defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs, or in the case of any Companion Loan, the later of the second anniversary of the Startup Day of the Trust REMICs and the second anniversary of the startup day of any REMIC holding such Companion Loan.

 

(viii)  The Trustee shall at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents) hold the U.S. government securities as pledgee for the benefit of the Certificateholders and, if applicable, the Serviced Companion Loan Noteholders, and the Certificate Administrator shall apply payments of principal and interest received on the government obligations to the Collection Account (or Serviced Whole Loan Collection Account) in respect of the defeased Mortgage Loan or Serviced Whole Loan according to the payment schedule existing immediately prior to the defeasance.

 

(ix)     The Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Mortgage Loans that it is servicing requiring Borrowers to pay all reasonable expenses associated with a defeasance.

 

(x)      To the extent not inconsistent with such Mortgage Loan, or to the extent the related Loan Documents provide the lender with discretion, the Master Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government securities related to one or more of the Mortgage Loans, to act as a successor borrower.

 

(xi)     The Master Servicer may accept as defeasance collateral of any “government security,” within the meaning of Treasury Regulation’s Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided that the Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not cause an Adverse REMIC Event.

 

(xii)    Neither the Master Servicer nor the Special Servicer shall charge a fee for defeasance in excess of that permitted under the Loan Documents in the event that the Loan Documents provide for such a fee limitation.

 

(h)        When the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed given 15 Business Days (or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Holder approval) after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis

 

 



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and recommendation with respect to such proposed action together with such other information reasonably requested by the Special Servicer.

 

Section 3.10     Appraisals; Realization upon Defaulted Loans. (a) Other than with respect to a Non-Serviced Mortgage Loan, contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date or extended Maturity Date, a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan or Serviced Whole Loan or any other term of a Mortgage Loan or Serviced Whole Loan, (B) extension of the Maturity Date or extended Maturity Date of a Mortgage Loan or Serviced Whole Loan as described below in Section 3.26 of this Agreement, or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of an Appraisal Reduction Event, (iii) a default in the payment of a Balloon Payment for which an extension is not granted, or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests an Updated Valuation, the Special Servicer shall use commercially reasonable efforts to obtain an Updated Valuation (or a letter update for an existing appraisal which is less than two years old) within 60 days of such request, the cost of which shall constitute a Servicing Advance; provided that the Special Servicer shall not be required to obtain an Updated Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate which is less than nine months old unless the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Appraisal, Updated Appraisal or Small Loan Appraisal Estimate. For so long as such Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, (i) the Special Servicer shall, within 30 days of the end of each 9-month period following the related Appraisal Reduction Event, use commercially reasonable efforts to order an Appraisal (which may be an update of a prior Appraisal), the cost of which shall constitute a Servicing Advance and (ii) the Master Servicer shall recalculate the Appraisal Reduction Amount prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan or Serviced Whole Loan. Subject to any required consent from the Directing Holder and consultation with the Risk Retention Consultation Parties pursuant to Section 6.07, nothing herein is intended to limit the Special Servicer’s ability to pursue multiple strategies contemporaneously if the Special Servicer deems such actions appropriate under the Servicing Standard. The Special Servicer shall update, in accordance with the timing described above, each Small Loan Appraisal Estimate or Updated Appraisal for so long as an Appraisal Reduction Event exists with respect to the related Mortgage Loan or Serviced Whole Loan and the Master Servicer shall recalculate the Appraisal Reduction Amount based on such updated Small Loan Appraisal Estimate or Updated Appraisal and receipt of information reasonably requested by the Master Servicer from the Special Servicer to the extent such information is in the possession of (or reasonably obtainable at no additional expense by) the Special Servicer, reasonably necessary to calculate the Appraisal Reduction Amount. The Special Servicer shall send all such letter updates and Updated Valuations to the Master Servicer, the Trustee, the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Serviced Companion Loan Noteholder (if any), the Risk Retention Consultation Parties and, for so long as no Consultation Termination Event is continuing, the Directing Holder.

 

 



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The Special Servicer shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over a reasonable period without significant impairment of the value of the related Mortgaged Property, initiate corrective action in cooperation with the Borrower if, in the Special Servicer’s judgment, cure is likely, and take such other actions (including without limitation, negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent with the Servicing Standard. If, in the Special Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and 3.09(b) of this Agreement, the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of the Directing Holder, if no Control Termination Event is continuing, and after consultation with each of the Risk Retention Consultation Parties pursuant to Section 6.07) and with the Servicing Standard, accelerate such Specially Serviced Loan and commence a foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided that the Special Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders, constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) on a present value basis (discounting at the related Calculation Rate) than would a waiver of such default or an extension or modification in accordance with the provisions of Section 3.26 hereof. In connection with causing the Trust to foreclose on collateral that consists of multiple properties held for sale to customers by the related Borrower (such as unsold condominium units in a single project), the Special Servicer directing such foreclosure shall consider the effect of the bidding price for the properties on the tax basis of such properties if such properties are likely to be treated in the hands of the Trust as properties held for sale to customers. The Master Servicer shall pay the costs and expenses in any such proceedings as a Servicing Advance unless the Master Servicer or the Special Servicer, as applicable, determines, in its good faith judgment, that such Servicing Advance would constitute a Nonrecoverable Advance; provided that, if such Servicing Advance would constitute a Nonrecoverable Advance but the Special Servicer determines that such payment would be in the best interests of the Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan)) (with the Master Servicer permitted to conclusively rely upon any such determination by the Special Servicer), the Special Servicer shall direct the Master Servicer to make such payment from the Collection Account (or, if applicable, the applicable Serviced Whole Loan Collection Account), which payment shall be an Additional Trust Fund Expense. The Trustee shall be entitled to conclusively rely upon any determination of the Master Servicer or Special Servicer that a Servicing Advance, if made, would constitute a Nonrecoverable Advance. If the Master Servicer does not make such Servicing Advance in violation of the second preceding sentence, the Trustee shall make such Servicing Advance, unless the Trustee determines that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement of 

 

 



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Servicing Advances (with interest at the Reimbursement Rate) made pursuant to this paragraph to the extent permitted by Section 3.06 of this Agreement.

 

(b)        If the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the related Borrower or any other liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or (ii) if the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination is evidenced by an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.

 

(c)        In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee (on behalf of the Trust Fund), or to its nominee (which shall not include the Special Servicer) or a separate Trustee or co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the Certificateholders and, if applicable, the Serviced Companion Loan Noteholders. Notwithstanding any such acquisition of title and cancellation of the related Mortgage Loan or Serviced Whole Loan, as applicable, such Mortgage Loan or Serviced Whole Loan, as applicable, shall (except for purposes of Section 9.01 of this Agreement) be considered to be a Serviced REO Loan until such time as the related Serviced REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of expenses. Consistent with the foregoing, for purposes of all calculations hereunder, so long as such Mortgage Loan or Serviced Whole Loan, as applicable, shall be considered to be an outstanding Mortgage Loan or Serviced Whole Loan, as applicable:

 

(i)     it shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged, such Mortgage Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule in effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)    subject to Section 1.02(g) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would have been payable under the related Mortgage Note(s) in accordance with the terms of such Mortgage Note(s) and any applicable Intercreditor Agreement. In the absence of such terms, Net REO Proceeds shall, subject to Section 1.02(g) of this Agreement, be deemed to have been received first, in payment of the accrued interest that remained unpaid on the date that the related Serviced REO Property was acquired by the Trust Fund; second, in respect of the delinquent principal installments that remained unpaid on such date; and thereafter, Net REO Proceeds received in any month shall be applied to the payment of installments of principal and accrued interest on such Mortgage Loan or Serviced Companion Loan, as applicable, deemed to be due and payable in accordance with the terms of such Mortgage Note(s) and such amortization schedule until such principal has been paid in full and then to other amounts due under such Mortgage Loan or Serviced Companion Loan, as applicable. If such Net REO Proceeds exceed the Periodic Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of such Mortgage Loan or Serviced Companion Loan, as applicable.

 

 



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(d)        Notwithstanding any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property pursuant to this Section 3.10 unless either:

 

(i)     such personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special Servicer for the benefit of the Trust Fund; or

 

(ii)    the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier REMIC) to the effect that the holding of such personal property by the Lower-Tier REMIC or the Trust Subordinate Companion Loan REMICs will not cause the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding (and such Opinion of Counsel may be premised on the designation hereby of any such personal property as being deemed part of an “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) with the owner of such personal property for federal income tax purposes to be designated at such time).

 

(e)        Notwithstanding any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to any direct or indirect partnership interest or other equity interest in any Borrower pledged pursuant to any pledge agreement unless the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement)) to the effect that the holding of such partnership interest or other equity interest by the Trust Fund will not cause the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding.

 

(f)         Notwithstanding any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the Trust Fund, to obtain title to a Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain title to any direct or indirect partnership interest in any Borrower pledged pursuant to a pledge agreement and thereby be the beneficial owner of a Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise cause the Trustee to acquire possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the Trustee, for the Trust Fund, the Certificateholders and the RR Interest Owner (including the holders of the Loan-Specific Certificates) or Serviced Companion Loan Noteholders, if applicable, would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with the Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts environmental audits (which report shall be an expense of the Trust), performed within six months prior to any such acquisition of title or other action that:

 

 



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(i)     such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant, that it would be in the best economic interests of the Certificateholders and the RR Interest Owner (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and RR Interest Owner and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, and

 

(ii)    there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders and the RR Interest Owner (and with respect to any Serviced Whole Loan, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and the RR Interest Owner and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), to take such actions with respect to the affected Mortgaged Property.

 

In the event that the environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates that such Mortgaged Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively establish such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders and, if applicable, the Serviced Companion Loan Noteholders. Any such tests shall be deemed part of the environmental assessment obtained by the Special Servicer for purposes of this Section 3.10.

 

(g)        The environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or as soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly conducts environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by the Special Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and delivery by the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the cost of preparation of such environmental assessments as a Servicing Advance unless the Master Servicer determines, in its good faith judgment, that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement of Servicing Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence to the extent permitted by Section 3.06. The Special Servicer shall provide written reports and a copy of any environmental assessments in electronic format to the Directing Holder 

 

 



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(if no Consultation Termination Event is continuing), the Risk Retention Consultation Parties, the Master Servicer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), monthly regarding any actions taken by the Special Servicer with respect to any Mortgaged Property securing a Defaulted Loan or defaulted Serviced Companion Loan as to which the environmental testing contemplated by Section 3.10(f) of this Agreement has revealed that either of the conditions set forth in clauses (i) and (ii) of the first sentence thereof has not been satisfied, in each case until the earlier to occur of (i) satisfaction of both such conditions, (ii) repurchase of the related Mortgage Loan by the Mortgage Loan Seller or (iii) release of the lien of the related Mortgage on such Mortgaged Property.

 

(h)        If the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that a Mortgaged Property is not in compliance with applicable environmental laws but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer determines pursuant to Section 3.10(f)(ii) of this Agreement that the circumstances referred to therein relating to Hazardous Materials are present but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged Property as is required by law or regulation, the Special Servicer shall (with the consent of the Directing Holder (if no Control Termination Event is continuing) and after consultation with the Risk Retention Consultation Parties pursuant to Section 6.07) take such action as it deems to be in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), but only if the Certificate Administrator has mailed notice to the Holders of the Pooled Regular Certificates, the Loan-Specific Certificateholders (in the case of the BX Industrial Portfolio Mortgaged Property, the Tower 333 Mortgaged Property or the 825 South Hill Mortgaged Property, as applicable), the VRR Interest Owners and the related Serviced Companion Loan Noteholders of such proposed action, which notice shall be prepared by the Special Servicer, and only if the Certificate Administrator does not receive, within 30 days of such notification, instructions from the Holders of Pooled Regular Certificates and the Loan-Specific Certificateholders (in the case of the BX Industrial Portfolio Mortgaged Property, the Tower 333 Mortgaged Property or the 825 South Hill Mortgaged Property, as applicable) and the VRR Interest Owners entitled to a majority of the Voting Rights and, with respect to Serviced Whole Loans, the applicable Serviced Companion Loan 

 

 



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Noteholders directing the Special Servicer not to take such action. Notwithstanding the foregoing, if the Special Servicer reasonably determines that it is likely that within such 30-day period irreparable environmental harm to such Mortgaged Property would result from the presence of such Hazardous Materials and provides a prior written statement to the Trustee and the Certificate Administrator setting forth the basis for such determination, then the Special Servicer may take or cause to be taken such action to remedy such condition as may be consistent with the Servicing Standard. None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be obligated to take any action or not take any action pursuant to this Section 3.10(g) at the direction of the Certificateholders or with respect to any Serviced Whole Loan, at the direction of the Certificateholders and the related Serviced Companion Loan Noteholders unless the Certificateholders and, with respect to any Serviced Companion Loan, the Serviced Companion Loan Noteholders agree to indemnify the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer with respect to such action or inaction. The Master Servicer shall advance the cost of any such compliance, containment, clean-up or remediation as a Servicing Advance unless the Master Servicer determines, in its good faith judgment, that such Advance would constitute a Nonrecoverable Advance.

 

(i)         The Special Servicer shall notify the Master Servicer of any Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) which is abandoned or foreclosed that requires reporting to the IRS and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be reported with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer shall report to the IRS and the related Borrower, in the manner required by applicable law, such information and the Master Servicer shall report, via Form 1099C or Form 1099A, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer by the Special Servicer. The Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(j)         The costs of any Updated Valuation obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a Servicing Advance and shall be reimbursable from the Collection Account or, with respect to the Serviced Whole Loans, first, from the applicable Serviced Whole Loan Collection Account and second, to the extent amounts in the Serviced Whole Loan Collection Accounts are insufficient therefor, from the Collection Account in accordance with Section 3.06(a); provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders.

 

Section 3.11     Custodian to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan or Serviced Whole Loan, or the receipt by the Master Servicer of a notification that payment in full has been escrowed in a manner customary for such purposes, the Master Servicer shall immediately notify the Custodian by a certification (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account or




    
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the applicable Serviced Whole Loan Collection Account, as applicable, pursuant to Section 3.05 of this Agreement have been or will be so deposited) of a Servicing Officer and shall request delivery to it of the related Mortgage File. Any expense incurred in connection with any instrument of satisfaction or deed of reconveyance that is not paid by the related Borrower shall be chargeable to the Trust Fund. The Master Servicer agrees to use reasonable efforts in accordance with the Servicing Standard to enforce any provision in the relevant Loan Documents that require the Borrower to pay such amounts. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be an expense of the Custodian.
 

From time to time upon request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release, the Custodian shall promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or the Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or conversion of the Mortgage Loan or the Serviced Whole Loan into a Serviced REO Property, or in the event of a substitution of a Mortgage Loan pursuant to Section 2.03 of this Agreement, or receipt by the Custodian of a certificate of a Servicing Officer stating that such Mortgaged Property was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, have been so deposited, or that such Mortgage Loan or Serviced Whole Loan has become a Serviced REO Property, or that the Master Servicer has received a Qualified Substitute Mortgage Loan and the applicable Substitution Shortfall Amount, the Custodian shall deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable. If from time to time, pursuant to the terms of the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of the related Non-Serviced Mortgage Loan, the Other Servicer or the Other Special Servicer requests delivery to it of the original Mortgage Note by providing the Trustee and the Custodian a Request for Release, then the Custodian shall release or cause the release of such original Mortgage Note to the Other Servicer or the Other Special Servicer or its designee.

 

Within five (5) Business Days (or, in case of an emergency, within such shorter period as is reasonable under the circumstances) after receipt of a written certification of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Loans) any court pleadings, requests for a trustee’s sale or other documents prepared by the Special Servicer, its agents or attorneys, necessary to the foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Borrower on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents be executed by the Trustee and a statement as to the reason such documents or pleadings are required, that the proposed action is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee’s sale.

 

 



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With respect to each Servicing Shift Whole Loan, on and after the related Servicing Shift Securitization Date, if pursuant to the related Intercreditor Agreement and the related Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of such Servicing Shift Whole Loan, as applicable, the related Other Servicer requests in writing delivery to it of the related original Note, then the Custodian shall release or cause the release of such related original Note to the related Other Servicer or its designee.

 

Section 3.12     Servicing Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation. (a) As compensation for its activities hereunder, the Master Servicer shall be entitled to the Servicing Fee with respect to each Mortgage Loan and Serviced Companion Loan. The Master Servicer’s rights to the Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Master Servicer’s responsibilities and obligations under this Agreement or as provided in the second succeeding paragraph with respect to the Excess Servicing Fee.


In addition, the Master Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent not prohibited by applicable law and the related Loan Documents and any related Intercreditor Agreement, (i) all investment income earned on amounts on deposit in the Collection Account (and with respect to each Serviced Whole Loan, the related Serviced Whole Loan Collection Account) and certain Reserve Accounts (to the extent consistent with the related Loan Documents); (ii) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on any Performing Loan (and the related Serviced Companion Loan, if applicable), in each case, remaining after application thereof during such Collection Period to pay the Advance Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) relating to such Performing Loan incurred during or prior to such Collection Period, and, in the case of the Serviced Whole Loans, to the extent allocated to the related Mortgage Loan in the related Intercreditor Agreement and as further described in Section 3.12(d); (iii) any amounts collected for checks returned for insufficient funds (with respect to any Performing Loan or Specially Serviced Loan); and (iv) 100% of any Modification Fees and consent fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments of any Serviced Mortgage Loans (and any related Serviced Companion Loan) that are non-Specially Serviced Loans that do not involve a Special Servicer Major Decision or Special Servicer Non-Major Decision, 50% of any Modification Fees, loan service transaction fees and consent fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments of any Serviced Mortgage Loans (and any related Serviced Companion Loan) that are non-Specially Serviced Loans that involve one or more Special Servicer Major Decisions or Special Servicer Non-Major Decisions (whether or not processed by the Special Servicer), 100% of any defeasance fees (provided that for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement), 100% of Assumption Fees or processing fees with respect to Serviced Mortgage Loans (and any related Serviced Companion Loan) that do not involve a Special Servicer Major Decision or Special Servicer Non-Major Decision, 50% of Assumption Fees with respect to non-Specially Serviced Mortgage Loans (and any related Serviced Companion Loan) that involve one or more Special Servicer Major Decisions or Special Servicer Non-Major Decisions (whether or 

 

 



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not processed by the Special Servicer), 100% of beneficiary statement charges to the extent such beneficiary statements are prepared by the Master Servicer (but not including Prepayment Premiums or Yield Maintenance Charges), 100% of assumption application fees with respect to Serviced Mortgage Loans (and any related Serviced Companion Loan) for which the Master Servicer is processing the underlying assumption-related transaction (whether or not the consent of the Special Servicer is required), and 0% of assumption application fees with respect to Specially Serviced Loans, in each case to the extent received and not required to be deposited or retained in the Collection Account (or Serviced Whole Loan Collection Account), in each case pursuant to Section 3.05 of this Agreement. The Master Servicer shall also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii) or 3.07(b) of this Agreement, as applicable, to withdraw from the Collection Account and to receive from any Borrower Accounts (to the extent not payable to the related Borrower under the Mortgage Loan or applicable law), Net Prepayment Interest Excess, if any, that accrue on the Mortgage Loans that it is servicing and any interest or other income earned on deposits therein. In addition, the Master Servicer shall be entitled to the portion of Net Default Interest and any late payment fees or penalty charges collected by the Other Servicer servicing a Non-Serviced Mortgage Loan that are allocated to such Non-Serviced Mortgage Loan remaining after application thereof to reimburse interest on related P&I Advances and to reimburse the Trust for certain expenses of the Trust, if applicable, as provided in this Agreement. Except as specified in the preceding sentence and except with respect to clause (i) in this paragraph, the Master Servicer will not be entitled to the compensation set forth in clauses (iii) and (iv) in this paragraph with respect to a Non-Serviced Mortgage Loan.

 

Notwithstanding anything to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable review fees in connection with any borrower request to the extent such fees are not prohibited under the related Loan Documents and are actually paid by or on behalf of the related Borrower.

 

With respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the Master Servicer and the Special Servicer shall each have the right, in their sole discretion, but not any obligation, to reduce or elect not to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

The Master Servicer and any successor holder of the Excess Servicing Fee Rights that relate to the Mortgage Loans (and any successor REO Loans with respect to such Mortgage Loans) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited Investor (other than a Plan); provided

 

 



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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 Act and any applicable state securities laws and is otherwise made in accordance with the 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 AA-1 hereto and (iii) the prospective transferee shall have delivered to the Master Servicer and the Depositor a certificate substantially in the form attached as Exhibit AA-2 hereto. None of the Depositor, the Trustee, the Certificate Administrator or the Certificate Registrar is obligated to register or qualify an Excess Servicing Fee Right under the Act or any other securities law or to take any action not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification. The Master Servicer and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Certificate Registrar and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or qualification under the 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 Act or other applicable securities laws or that would require registration of such Excess Servicing Fee Right or any Certificate pursuant to the Act. From time to time following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right, the Master Servicer with respect to the related Mortgage Loan or successor REO Loan with respect thereto to which the Excess Servicing Fee Right relates, shall pay, out of each amount paid to the Master Servicer as Servicing Fee with respect to such Mortgage Loan or REO Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess Servicing Fee Right within one Business Day following the payment of such Servicing Fee to the Master Servicer, in each case in accordance with payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate Administrator, the Certificate Registrar, 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.

 

As compensation for its activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect to each Mortgage Loan to its portion of the Certificate Administrator/Trustee Fee, which shall be payable from amounts on deposit in the Lower-Tier Distribution Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Certificate Administrator/Trustee Fee. The Certificate Administrator’s rights to the Certificate Administrator/Trustee Fee may not be transferred in whole or in part except in connection with the transfer of all of its responsibilities and obligations under this Agreement.

 

 



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Except as otherwise provided herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its servicing activities hereunder, including all fees of any sub-servicers retained by it (but excluding Mortgage Loan Seller Sub-Servicers). Except as otherwise provided herein, the Trustee and the Certificate Administrator shall each pay all expenses incurred by it in connection with its activities hereunder.

 

(b)        As compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan and Serviced REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection Account or the Serviced Whole Loan Collection Account, as applicable, as set forth in Section 3.06 of this Agreement. The Special Servicer’s rights to the Special Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement. In addition, the Special Servicer shall be entitled to receive, as Special Servicing Compensation, to the extent permitted by applicable law and the related Loan Documents, (i) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on any Specially Serviced Loan remaining after application thereof during such Collection Period (and in the case of the Serviced Whole Loans, as set forth in and subject to the terms of the related Intercreditor Agreement) and as further described in Section 3.12(d) herein to pay the Advance Interest Amount relating to such Specially Serviced Loan and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to such Collection Period on such related Specially Serviced Loan (but not nonsufficient funds check fees and the like, which shall be paid to the Master Servicer) as further described below in this subsection (b); (ii) 100% of any Modification Fees and consent fees (or similar fees) related to any Specially Serviced Loan or Serviced REO Loan; (iii) 50% of any Modification Fees, loan service transaction fees and consent fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments of any Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially Serviced Loans that involve one or more Special Servicer Major Decisions or Special Servicer Non-Major Decisions (whether or not processed by the Special Servicer); (iv) 100% of any Assumption Fees or processing fees on any Specially Serviced Loan or Serviced REO Loan; (v) 50% of Assumption Fees or processing fees with respect to non-Specially Serviced Mortgage Loans (and any related Serviced Companion Loan) that involve one or more Special Servicer Major Decisions or Special Servicer Non-Major Decisions (whether or not processed by the Special Servicer); (vi) any interest or other income earned on deposits in the REO Accounts; (vii) 100% of assumption application fees received with respect to Serviced Mortgage Loans (and any related Serviced Companion Loan) that are Performing Loans for which the Special Servicer is processing the underlying assumption-related transaction and 100% of assumption application fees received with respect to Specially Serviced Loans; and (viii) 100% of beneficiary statement charges to the extent such beneficiary statements are prepared by the special servicer (but not including Prepayment Premiums or Yield Maintenance Charges).

 

Notwithstanding anything to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable review fees in connection with any borrower request.

 

 

 



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With respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the Master Servicer and the Special Servicer shall each have the right, in their sole discretion, but not any obligation, to reduce or elect not to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

Except as otherwise provided herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including all fees of any sub-servicers retained by it.

 

In addition, the Special Servicer shall be entitled to the portion of Net Default Interest and any other Penalty Charges collected by the Other Special Servicer servicing the related Non-Serviced Mortgage Loan and that are allocated to such Non-Serviced Mortgage Loan remaining after application thereof during such Collection Period to pay the Advance Interest Amount relating to such Non-Serviced Mortgage Loan and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to such Collection Period on such related Non-Serviced Mortgage Loan (but not nonsufficient funds check fees and similar fees, which shall be paid to the Master Servicer) as provided in this Agreement. Except as specified in the preceding sentence, the Special Servicer will not be entitled to the compensation set forth in this Section 3.12(b) with respect to a Non-Serviced Mortgage Loan.

 

(c)        In addition, a Workout Fee will be payable to the Special Servicer with respect to each Serviced Mortgage Loan and any related Serviced Companion Loan that ceases to be a Specially Serviced Loan pursuant to the definition thereof. As to each such Mortgage Loan or Serviced Whole Loan, the Workout Fee will be payable out of each collection of interest and principal (including scheduled payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Serviced Whole Loan for so long as it remains a Corrected Mortgage Loan. The Workout Fee with respect to any such Mortgage Loan or Serviced Whole Loan will cease to be payable if such loan again becomes a Specially Serviced Loan or if the related Mortgaged Property becomes a Serviced REO Property; provided that a new Workout Fee will become payable if and when such Mortgage Loan or Serviced Whole Loans again ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns with respect to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the Mortgage Loans that cease to be a Specially Serviced Loan during the period that it had responsibility for servicing such Specially Serviced Loan (or for any Specially Serviced Loan that had not yet become a Corrected Mortgage Loan because as of the time that the Special Servicer is terminated the borrower has not made three consecutive monthly debt service payments and subsequently the Specially 

 

 



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Serviced Loan becomes a Corrected Mortgage Loan) at the time of such termination or resignation (and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such loan ceases to be payable in accordance with the preceding sentence.

 

A Liquidation Fee will be payable to the Special Servicer, except as described below, with respect to (i) each Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Cure Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(d) of this Agreement or that is subject to a Loss of Value Payment, (ii) each Specially Serviced Loan as to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, (iii) any Specially Serviced Loan or Serviced REO Property as to which the Special Servicer recovered any Liquidation Proceeds and (iv) each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance with the proviso in Section 3.16(b) of this Agreement as to which the Special Servicer recovered any Liquidation Proceeds; provided, however, for clarification, in the case of clause (iv), should the Non-Serviced Mortgage Loan be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer. As to each such Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Cure Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(d) of this Agreement or Specially Serviced Loan and Serviced REO Property, the Liquidation Fee will be payable from the related payment or proceeds. Notwithstanding anything to the contrary described above, no Liquidation Fee will be payable based on, or out of, Liquidation Proceeds to the extent set forth in the definition of “Liquidation Fee” herein. With respect to any future mezzanine debt, to the extent not prohibited by the Loan Documents, the Master Servicer or Special Servicer, as applicable, shall require that the related mezzanine intercreditor agreement provide that if a Mortgage Loan is purchased by the related mezzanine lender on a date that is more than 90 days following the date that the related option first becomes exercisable, such mezzanine lender shall be required to pay a Liquidation Fee equal to the amount that the Special Servicer would otherwise be entitled to under this Agreement with respect to a liquidation of such Mortgage Loan (provided that such Liquidation Fee shall in all circumstances be payable by the related mezzanine lender and shall not, under any circumstances, be payable out of the Trust unless the Master Servicer fails to require the related mezzanine intercreditor agreement to require the mezzanine lender to pay such amounts in breach of its obligation to do so under this paragraph). If Liquidation Proceeds are received with respect to any Specially Serviced Loan as to which the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the portion of such Liquidation Proceeds that constitute principal and/or interest. Notwithstanding anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but not both, with respect to Liquidation Proceeds received on any Mortgage Loan or any Specially Serviced Loan. If (i) the Special Servicer resigns or has been terminated, and (ii) either prior or subsequent to such resignation or termination, either (A) a Specially Serviced Loan was liquidated or modified pursuant to an action plan submitted by the initial Special Servicer and approved (or deemed approved) by the Directing Holder or the Special Servicer has determined to grant a forbearance, or (B) a Specially Serviced Loan being monitored by the Special Servicer subsequently became a Corrected Mortgage Loan, then in either such event the Special Servicer shall be paid the related Workout Fee or Liquidation Fee, as applicable.

 

 



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The total amount of Workout Fees and Liquidation Fees that are payable by the Trust with respect to each Mortgage Loan, Serviced Whole Loan or Serviced REO Loan through the period such Mortgage Loan is an asset of the Trust shall be subject to an aggregate cap of $1,000,000. For the purposes of determining whether any such cap has been reached with respect to a Special Servicer and a Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, only the Workout Fees and Liquidation Fees paid to such Special Servicer with respect to such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan shall be taken into account, and any Workout Fees or Liquidation Fees for any other Mortgage Loans, Serviced Whole Loans or Serviced REO Loans shall not be taken into account (and any Workout Fees or Liquidation Fees paid to a predecessor or successor special servicer or Other Special Servicer shall also not be taken into account).

 

The Special Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including, without limitation, any amounts, other than management fees in respect of REO Properties, due and owing to any of its sub-servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy obtained by it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums are reimbursable pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable directly out of the Collection Account or if a Serviced Whole Loan is involved, the applicable Serviced Whole Loan Collection Account or the applicable REO Account or as a Servicing Advance, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly provided in 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, any Borrower, any Manager, any guarantor or indemnitor in respect of a Mortgage Loan or Serviced Whole Loan and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan or Serviced Whole Loan, the management or disposition of any REO Property, or the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section 3.12; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(d)        In determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan or, unless prohibited by the related Intercreditor Agreement to be so applied, any Serviced Companion Loan, during the related Collection Period shall be applied (as between Default Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”) to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Reimbursement Rate with respect to such Mortgage Loan that accrued in the period that such Penalty Charges were collected and advance interest to any related Serviced Companion Loan Service Provider for any debt service advance made by such party with respect to any related Serviced Companion Loan that accrued in the period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect to such Mortgage Loan or Serviced Whole Loan previously paid to the Master 

 

 



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Servicer, the Trustee or to any Serviced Companion Loan Service Provider pursuant to Section 3.06(a)(vi) or Section 3.06(b)(vi) of this Agreement and (iii) the Trust Fund for any Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage Loan or Serviced Whole Loan paid in or prior to the Collection Period that such Penalty Charges were collected and not previously paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed pro rata to the Master Servicer and the Special Servicer based upon the amount of Penalty Charges the Master Servicer or the Special Servicer would otherwise have been entitled to receive during such period with respect to such Mortgage Loan or Serviced Whole Loan without any such application. Except as set forth in this Agreement, the Special Servicer shall not be entitled to any Special Servicing Fees, Workout Fees or Liquidation Fees with respect to any Non-Serviced Mortgage Loan or any related REO Property. For the avoidance of doubt, the portion of Penalty Charges allocated to a Mortgage Loan that is part of a Non-Serviced Whole Loan (in accordance with the applicable Intercreditor Agreement and, if applicable, the Other Pooling and Servicing Agreement) shall be allocated in accordance with clauses (i), (ii) and (iii) above (except that, Advances in clauses (i) and (ii) shall mean P&I Advances).

 

If any Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the related Servicing Shift Securitization Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially Serviced Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced Whole Loan as Special Servicer of such Serviced Whole Loan. With respect to any Servicing Shift Mortgage Loan, prior to the related Servicing Shift Securitization Date, no other special servicer will be entitled to any such compensation or have such rights and obligations. If such Servicing Shift Whole Loan is still a Specially Serviced Loan on the related Servicing Shift Securitization Date, the Other Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift Whole Loan and the Other Special Servicer were replacing the Special Servicer as the successor Special Servicer with respect to such Servicing Shift Whole Loan.

 

If any Servicing Shift Whole Loan is being specially serviced on the related Servicing Shift Securitization Date, the Special Servicer shall be entitled to compensation for the period during which it acted as Special Servicer with respect to such Servicing Shift Whole Loan, including its share of any liquidation or workout fees and any additional servicing compensation as well as all surviving indemnity and other rights in respect of such special servicing role under this Agreement.

 

(e)        The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the Trust Fund (and, prior to recovery from the Trust Fund, in the case of any Serviced Whole Loans, subject to the related Intercreditor Agreement, first, from the related Subordinate Companion Loan up to the full principal balance thereof, if any, and second, to the extent any such costs and expenses remain unreimbursed, from the related Mortgage Loan and the Collection Account, or in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, first, out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Pari Passu Companion Loan and the 

 

 



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related Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of the Collection Account) for the costs and expenses incurred by them in the performance of their duties under this Agreement which are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii). Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Updated Appraisals and appraisals in connection with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such costs and expenses shall be treated as costs and expenses of the Lower-Tier REMIC and the related Serviced Whole Loan, if applicable.

 

(f)         No provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the performance of any of their duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good faith business judgment of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, repayment of such funds would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds and other collections on or in respect of the Mortgage Loans, or from adequate indemnity from other assets comprising the Trust Fund against such risk or liability.

 

If the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee receives a request or inquiry from a Borrower, any Certificateholder or any other Person the response to which would, in the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the cost of which would not be an expense of the Trust Fund or any Serviced Companion Loan Noteholder hereunder, then the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless such Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s or the Trustee’s reasonable expenses associated with such counsel (including, without limitation, posting an advance payment for such expenses) satisfactory to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, in its sole discretion. Unless such arrangements have been made, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, shall have no liability to any Person for the failure to respond to such request or inquiry.

 

Section 3.13     Reports to the Certificate Administrator; Collection Account Statements. (a) The Master Servicer shall deliver to the Certificate Administrator no later than 3:00 p.m. (New York City time) one Business Day prior to the Master Servicer Remittance Date prior to each Distribution Date (beginning June 2020), the CREFC® Appraisal Reduction Template, if any for such Distribution Date and the CREFC® Loan Periodic Update File separately (x) with respect to the Mortgage Loans that it is servicing (and, if applicable, the related REO Properties) and (y) with respect to the Trust Subordinate Companion Loans (and, if applicable, the related REO Properties), for the related Distribution Date (which shall include, 

 

 



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without limitation, the amount of Available Funds allocable to the Mortgage Loans (including information therein that states the anticipated P&I Advances in respect of such Mortgage Loans or the amount of Available Funds allocable to the Trust Subordinate Companion Loans, as the case may be)) including information therein that states the anticipated P&I Advances in respect of such Mortgage Loans or the Trust Subordinate Companion Loans, as the case may be, for the related Distribution Date. The Master Servicer’s responsibilities under this Section 3.13(a) with respect to Serviced REO Loans shall be subject to the satisfaction of the Special Servicer’s obligations under Section 3.23 of this Agreement. The Master Servicer shall (no later than the applicable Serviced Whole Loan Remittance Date) make available to each Serviced Companion Loan Noteholder with respect to the related Whole Loan or, if such Serviced Companion Loan is securitized, the respective Other Servicer and Other Trustee, the CREFC® Investor Reporting Package (CREFC® IRP) (excluding any templates) pursuant to the terms of this Agreement on a monthly basis.

 

In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, any information and reports delivered to it by any third party, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and any information provided by the Trustee, without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated therein.

 

(b)        For so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account or any Serviced Whole Loan Collection Account, not later than 15 days after each Distribution Date, the Master Servicer shall forward to the Certificate Administrator and, upon request (but not more frequently than once per month), each Serviced Companion Loan Noteholder with respect to the related Whole Loan and related Serviced Whole Loan Collection Account (or, if such Serviced Companion Loan is securitized, the respective Other Servicer and Other Trustee) a statement prepared by the Master Servicer setting forth the status of each of the Collection Account and each Serviced Whole Loan Collection Account as of the close of business on the last Business Day of the prior Collection Period and showing the aggregate amount of deposits into and withdrawals from the Collection Account and each Serviced Whole Loan Collection Account of each category of deposit (or credit) specified in Section 3.05 of this Agreement and each category of withdrawal (or debit) specified in Section 3.06 of this Agreement for the related Collection Period, in each case for the Mortgage Loans (including the Non-Serviced Mortgage Loans). The Trustee and the Certificate Administrator and its agents and attorneys may at any time during normal business hours, upon reasonable notice, inspect and copy the books, records and accounts of the Master Servicer solely relating to the Mortgage Loans and the performance of its duties hereunder.

 

(c)        Beginning in June 2020, no later than 4:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator (who shall promptly post such reports to the Certificate Administrator’s Website pursuant to Section 4.02(b)(iii)(B) of this Agreement) and the Serviced Companion Loan Noteholders the following reports (in electronic form) separately (x) with respect to the Mortgage Loans that it is servicing (and, if applicable, the related REO Properties) and (y) with respect to the Trust Subordinate Companion Loans (and, if applicable, the related REO Properties), providing the required information as of the immediately preceding 

 

 



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Determination Date: (i) to the extent the Master Servicer has received the most recent CREFC® Special Servicer Loan File from the Special Servicer at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC® Loan Setup File (with respect to the first Distribution Date) and CREFC® REO Status Report, (ii) the most recent CREFC® Property File, CREFC® Financial File, CREFC® Comparative Financial Status Report and the CREFC® Loan Level Reserve/LOC Report (in each case incorporating the data required to be included in the CREFC® Special Servicer Loan File), (iii) the CREFC® Servicer Watch List with information that is current as of such Determination Date and (iv) the CREFC® Advance Recovery Report.

 

The information that pertains to Specially Serviced Loans and REO Properties reflected in such reports shall be based solely upon the reports delivered by the Special Servicer to the Master Servicer (other than information as to which the Master Servicer has the primary responsibility to generate) no later than the related Determination Date in the form required by Section 3.13(g) of this Agreement or shall be provided by means of such reports so delivered by the Special Servicer to the Master Servicer in the form so required. In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, the information and reports delivered to it by the Special Servicer, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports and any information provided by the Certificate Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated therein.

 

(d)        The Master Servicer shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Serviced Companion Loan Noteholders and the Initial Purchasers the following materials, in each case to the extent that such materials or the information on which they are based have been received by the Master Servicer with respect to the Mortgage Loans that the Master Servicer is servicing:

 

(i)     Within 45 days after receipt of any quarterly operating statement, if any, commencing within 45 days of receipt of such quarterly operating statement for the quarter ending September 30, 2020, with respect to each Serviced Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan) (and the Borrower provides sufficient information to report pursuant to CREFC® guidelines), a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar quarter, together with, upon request, copies of the related operating statements and rent rolls (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for Specially Serviced Loans and REO Properties, only to the extent received by the Special Servicer); provided that, to the extent the annual CREFC® Operating Statement Analysis Report is delivered as described under clause (ii) below, then such delivery shall satisfy the requirement under this clause (a) to deliver a quarterly CREFC® Operating Statement Analysis Report for the quarter ending June 30 of each year, commencing in 2020. The Master Servicer (or the Special Servicer in the case of Specially Serviced Loans and Serviced REO Properties) shall use commercially 

 

 



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reasonable efforts to obtain said quarterly and other periodic operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such quarterly and other periodic operating statements and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the related Loan Documents; provided, however, that any analysis or update with respect to the first calendar quarter of each year shall not be required to the extent such analysis or update is not required to be provided under the then current applicable CREFC® guidelines. The Master Servicer shall deliver, upon request of any Rating Agency, copies of any of the foregoing items so collected thereby to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).

 

(ii)    At least annually, on or before June 30 of each year, beginning with June 30, 2021, with respect to each Serviced Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year (initially, year-end 2020), together with, upon request, copies of the related operating statements and related rent rolls (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and REO Properties, only to the extent received by the Special Servicer) for the current trailing 12 months, if available, or year-to-date, provided, however, that with respect to any obligation of the Master Servicer or Special Servicer, as applicable, to provide a year-end analysis or update, such analysis or update shall not be required to the extent such analysis or update is not required to be provided under the then current applicable CREFC® guidelines. The Master Servicer (or the Special Servicer in the case of Specially Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said annual and other periodic operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such annual and other periodic operating statements and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the related Loan Documents. Upon receipt of such annual and other periodic operating statements (including year-to-date statements) and related rent rolls, the Master Servicer shall promptly update the CREFC® Operating Statement Analysis Report (commencing with the quarter ending September 30, 2020 (to the extent that the related Borrower provides sufficient information to report pursuant to CREFC® guidelines)). The Master Servicer shall deliver, upon request of any Rating Agency, copies of any of the foregoing items so collected thereby to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).

 

(iii)  
Within 30 days after receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer in the case of a Specially
Serviced Loan or Serviced REO Property) of any annual year-end operating statements and related rent rolls with respect to  

 

 



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any
Mortgaged Property (except with respect to any Non-Serviced Mortgage Loan) or Serviced REO Property (to the extent prepared
by and received from the Special Servicer in the case of any Specially Serviced Loan or Serviced REO Property), commencing
within 30 or 60 days, as applicable, of receipt of such statements for year-end 2020, a CREFC®
NOI Adjustment Worksheet for such Mortgaged Property (with the annual year-end operating statements attached thereto as an
exhibit). The Master Servicer will use the “Normalized” column from the CREFC® NOI Adjustment
Worksheet to update the full year-end data on any CREFC® Operating Statement Analysis Report and will use any
operating statements received with respect to any Mortgaged Property (other than any Mortgaged Property which is a Serviced
REO Property or constitutes security for a Specially Serviced Loan or a Non-Serviced Mortgage Loan) to update the
CREFC® Operating Statement Analysis Report for such Mortgaged Property; provided, however, that
any analysis or update with respect to the year-end or first quarter of each year shall not be required to the extent such
analysis or update is not required to be provided under the then current applicable CREFC® guidelines.

 

Notwithstanding anything to the contrary in this Agreement, the Master Servicer, upon request by a Rating Agency, shall forward such items to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Master Servicer shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property (and shall not be required to maintain any such report for a Mortgaged Property securing a Non-Serviced Mortgage Loan) and Serviced REO Property (to the extent prepared by and received from the Special Servicer in the case of any Serviced REO Property or any Mortgaged Property constituting security for a Specially Serviced Loan) relating to a Mortgage Loan that it is servicing. The CREFC® Operating Statement Analysis Report for each Mortgaged Property (other than any such Mortgaged Property that secures a Non-Serviced Mortgage Loan or that is a Serviced REO Property or constitutes security for a Specially Serviced Loan) is to be updated with trailing 12-month information, as available, or year-to-date information until 12-month trailing information (commencing with the quarter ending March 31, 2020 (to the extent that the related Borrower provides sufficient information to report pursuant to CREFC® guidelines)) is available by the Master Servicer, and the Master Servicer shall deliver such updated report to the Trustee, the Certificate Administrator, the Directing Holder and any related Serviced Companion Loan Noteholder in the calendar month following receipt by the Master Servicer of such updated trailing or year-to-date operating statements and related rent rolls for such Mortgaged Property, and upon request.

 

The Special Servicer shall pursuant to Section 3.13(h) of this Agreement, deliver to the Master Servicer the information required of it pursuant to this Section 3.13(d) with respect to Specially Serviced Loans and Serviced REO Loans.

 

(e)        In connection with their servicing of the Serviced Mortgage Loans and Serviced REO Properties, the Master Servicer and the Special Servicer, as applicable, shall provide to each other and to the Trustee and the Certificate Administrator, written notice of any event that comes to their knowledge with respect to a Mortgage Loan or Serviced REO Property that the Master Servicer or the Special Servicer, respectively, determines, in accordance with the Servicing Standard, would have a material adverse effect on such Mortgage Loan or Serviced 

 

 



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REO Property, which notice shall include an explanation as to the reason for such material adverse effect.

 

(f)         The Master Servicer or the Special Servicer, as applicable, shall make available to the Directing Holder copies of all rent rolls, operating statements and financial statements actually provided by each Borrower, including any monthly or quarterly statements or rent rolls, within 15 Business Days of receipt.

 

(g)        On or before 2:00 p.m. Central Time on each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator, the Depositor, the Directing Holder or any Rating Agency, to such requesting party, the CREFC® Special Servicer Loan File with respect to the Specially Serviced Loans (and, if applicable, the related Serviced REO Properties), providing the required information as of the Determination Date (or, upon the reasonable request of any Master Servicer, data files in a form acceptable to the Master Servicer), which CREFC® Special Servicer Loan File shall include data, to enable the Master Servicer to produce the CREFC® Supplemental Servicer Reports. Such reports or data shall be presented in writing and in an electronic format acceptable to the Master Servicer.

 

(h)        The Special Servicer shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator, the Depositor, the Controlling Class or any Rating Agency, to such requesting party, without charge, the following materials for Specially Serviced Loans or Serviced REO Properties, as applicable, in each case to the extent that such materials or the information on which they are based have been received by the Special Servicer:

 

(i)     At least annually, on or before June 1 of each year, commencing in 2021, with respect to each Specially Serviced Loan and Serviced REO Loan, a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year (initially year-end December 31, 2020) together with copies of the operating statements and related rent rolls for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide, such information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and Serviced REO Properties, only to the extent requested by the Special Servicer) and for the current trailing 12 months, if available, or year-to-date. The Special Servicer shall use its reasonable efforts to obtain said annual and other periodic operating statements and related rent rolls with respect to each Mortgaged Property constituting security for a Specially Serviced Loan and each Serviced REO Property.

 

(ii)   
Within 45 days of receipt by the Special Servicer of any annual operating statements with respect to any Mortgaged
Property relating to a Specially Serviced Loan or Serviced REO Property, a CREFC® NOI Adjustment Worksheet
for such Mortgaged Property or Serviced REO Property (with the annual operating statements attached there to as an exhibit); provided
that, with the consent of the Master Servicer, the Special Servicer may instead provide data files in a form acceptable to
the Master Servicer. The Special Servicer will use the “Normalized” column from the CREFC® NOI
Adjustment Worksheet 

 

 



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to
update the full year-end data on any CREFC® Operating Statement Analysis Report and will use any operating statements
received with respect to any Mortgaged Property relating to a Specially Serviced Loan or Serviced REO Property to update the CREFC®
Operating Statement Analysis Report for such Mortgaged Property.

 

Notwithstanding anything to the contrary in this Agreement, upon request for receipt of any such items from any Rating Agency, the Special Servicer shall forward such items to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Special Servicer shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially Serviced Loan and each Serviced REO Property. The CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially Serviced Loan and each Serviced REO Property is to be updated by the Special Servicer and such updated report delivered to the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements for each such Mortgaged Property; provided that, the Special Servicer may instead provide data files in an electronic form acceptable to the Special Servicer. The Special Servicer shall provide each such report to the Master Servicer in the then applicable CREFC® format.

 

(i)         If the Master Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information under any provision of this Agreement (including Section 3.14), the Master Servicer or the Special Servicer, as the case may be, may satisfy such obligation by (x) delivering such statement, report or information in a commonly used electronic format or (y) making such statement, report or information available on the Master Servicer’s website, unless this Agreement expressly specifies a particular method of delivery or such statement, report or information must be filed with the Commission as contemplated in Article X; provided that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance with clause (x).

 

(j)         The Master Servicer may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13 available each month on the Master Servicer’s website only with the use of a password, in which case the Master Servicer shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder who requests such password, and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection with providing access to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.

 

(k)        With respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two Business Days following the Determination Date and the Master Servicer shall, to the extent it has received, deliver to the

 

 



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Certificate Administrator, without charge and on the same day as the Master Servicer is required to deliver the CREFC® Investor Reporting Package, an electronic report which may include html, word or excel compatible format, clean and searchable pdf. format or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer (or Master Servicer on its behalf) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period; provided that no report regarding Disclosable Special Servicer Fees shall be required to be delivered if there are no Disclosable Special Servicer Fees for the related Collection Period.

 

Section 3.14     Access to Certain Documentation. (a) The Master Servicer and Special Servicer, as applicable, shall provide to any Certificateholders and any Serviced Companion Loan Noteholders that are federally insured financial institutions, the Directing Holder (but only if no Consultation Termination Event is continuing), the Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency and the supervisory agents and examiners of such boards and such corporations, and any other federal or state banking or insurance regulatory authority that may exercise authority over any Certificateholder or Serviced Companion Loan Noteholder is subject, access to the documentation regarding the Mortgage Loans or the Whole Loans, as applicable, that it is servicing required by applicable regulations of the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency or any such federal or state banking or regulatory authority, such access being afforded without charge but only upon reasonable written request and during normal business hours at the offices of the Master Servicer or Special Servicer, as applicable. At the election of the Master Servicer, the Special Servicer or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery of copies of information as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator shall be permitted to require payment (other than from the Directing Holder and the Trustee and the Certificate Administrator on its own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket costs incurred by it in making such copies. Such access shall (except as described in the preceding sentence) be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator or the Custodian. In addition, upon reasonable prior written notice to the Master Servicer or the Special Servicer, as the case may be, the Trustee, the Certificate Administrator, the Depositor or their accountants or other representatives shall have reasonable access to review the documents, correspondence and records in the possession of the Master Servicer or the Special Servicer, as the case may be, as they relate to a Mortgaged Property and any Serviced REO Property during normal business hours at the offices of the Master Servicer or the Special Servicer, as the case may be. Nothing in this Section 3.14 shall detract from the obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of information with respect to the Borrowers, and the failure of the Master Servicer and Special Servicer to provide access as provided in this Section 3.14 as a result of such obligation shall not constitute a breach of this Section 3.14. (b)        In connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Serviced Companion Loan Noteholder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion Loan Noteholder, the Master Servicer and the Special Servicer may each require 

 

 



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payment from such Certificateholder or Serviced Companion Loan Noteholder (to the extent permitted in the related Intercreditor Agreement) of a sum sufficient to cover the reasonable costs and expenses of providing such information or access, including copy charges and reasonable fees for employee time and for space; provided that no charge may be made if such information or access was required to be given or made available under applicable law. In connection with providing Certificateholders or Serviced Companion Loan Noteholders access to the information described in the preceding paragraph the Master Servicer and the Special Servicer, as applicable, may require (prior to affording such access) a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates or a beneficial holder of Book-Entry Certificates or Serviced Companion Loan Noteholder or a regulator or governmental body and will keep such information confidential.

 

(c)        Upon the reasonable request of (1) any Certificateholder identified to the Master Servicer to the Master Servicer’s reasonable satisfaction (or, with respect to any Serviced Companion Loan, the request of any Serviced Companion Loan Noteholder), the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner, the Master Servicer may provide (or forward electronically) (at the expense of such Certificateholder, RR Interest Owner or Serviced Companion Loan Noteholder) copies of any appraisals, operating statements, rent rolls and financial statements obtained by the Master Servicer, or (2) any Controlling Class Certificateholder identified to the Master Servicer (in the case of a Performing Loan) or the Special Servicer (in the case of a Specially Serviced Loan) to the Master Servicer’s or Special Servicer’s reasonable satisfaction, the Master Servicer or Special Servicer, as applicable, shall provide (or forward electronically) (at the expense of such Controlling Class Certificateholder) any Excluded Information in the Master Servicer’s or Special Servicer’s, as applicable, possession (available on the Certificate Administrator’s Website but not accessible to such Controlling Class Certificateholder through the Certificate Administrator’s Website on account of it constituting Excluded Information) relating to any Excluded Controlling Class Loan in which such Controlling Class Certificateholder is not an Excluded Controlling Class Holder; provided that, in connection therewith, the Master Servicer or Special Servicer, as applicable, may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or Special Servicer, generally to the effect that such Person is a Holder of Certificates or a Serviced Companion Loan Noteholder or a beneficial holder of Book-Entry Certificates or a regulator or a governmental body and will keep such information confidential and will use such information only for the purpose of analyzing asset performance and evaluating any continuing rights the Certificateholders and the RR Interest Owner may have under this Agreement. For the avoidance of doubt, the Master Servicer shall not make any Asset Status Reports available to any Certificateholders, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner on its website. None of the parties to this Agreement shall provide any Asset Status Report or any Final Asset Status Report to the Certificate Administrator.

 

(d)        The 17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification to the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at

 

 



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17g5informationprovider@wellsfargo.com (or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically with a subject reference of “Benchmark 2020-IG3 Mortgage Trust, Series 2020-IG3” and an identification of the type of information being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial (provided that, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly deliver the subject information in such format):

 

(i)        any waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;

 

(ii)       any Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(c) of this Agreement and notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;

 

(iii)      any Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;

 

(iv)      any environmental reports delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;

 

(v)       any annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 10.11 and Section 10.12 of this Agreement;

 

(vi)      any annual independent public accountants’ attestation reports delivered pursuant to Section 10.13 of this Agreement;

 

(vii)     any Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;

 

(viii)   any notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a Rating Agency Confirmation from any Rating Agency as set forth in the definition of “Rating Agency Confirmation” pursuant to Section 3.30 of this Agreement;

 

(ix)      copies of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate Administrator or Trustee;

 

(x)       any requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30 of this Agreement;

 

 



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(xi)      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 8.07 or Section 8.08 of this Agreement;

 

(xii)     any notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04 of this Agreement;

 

(xiii)    any notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section 7.03 of this Agreement;

 

(xiv)   any notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09 of this Agreement;

 

(xv)    any notice of the merger or consolidation of the Master Servicer or the Special Servicer pursuant to Section 6.02 of this Agreement;

 

(xvi)   any notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 12.08 of this Agreement;

 

(xvii)  any notice or other information provided by the Master Servicer pursuant to Section 12.07 of this Agreement;

 

(xviii) any summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f) of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the communication was with;

 

(xix)    the Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)     such information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within fifteen (15) days of the Closing Date.

 

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 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. New York City 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

 

 



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information only by receipt and posting to the 17g-5 Information Provider’s Website. 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 Z hereto (which certification may be submitted electronically via the 17g-5 Information Provider’s Website). If a Rating Agency requests access to the 17g-5 Information Provider’s Website, access will be provided by the 17g-5 Information Provider on the same Business Day provided such request is made prior to 2:00 p.m., on such Business Day, or, if 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 cmbsexcludedinformation@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 (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information Provider) of information designated by the Depositor as having been previously made available to NRSROs by the Depositor (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b). The Depositor shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website to any designee or other third party.

 

The 17g-5 Information Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information was received and that it has been posted. The 17g-5 Information Provider shall notify each NRSRO that has provided a NRSRO Certification each time a document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such document. The 17g-5 Information Provider shall send such notice to such Persons to the email address that has been provided by and is used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general email address if such general email address has been provided to the 17g-5 Information Provider in connection with a completed NRSRO Certification in the form of Exhibit Z hereto.

 

The 17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s Website, where Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to the Distribution Date Statement, submit Inquiries to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant to this Section 4.02(d), the Serviced Mortgage Loans or the Mortgaged Properties, (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry for the Certificate Administrator, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, and in the case of an inquiry relating to any Non-Serviced Mortgage Loan, to the applicable party under the related Other Pooling and Servicing Agreement, in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating to the subject matters described in clauses 

 

 



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(i) or (iii) above, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Certificate Administrator, Master Servicer or Special Servicer shall be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or reports, as applicable) to the 17g-5 Information Provider’s Website. Any report posted by the 17g-5 Information Provider in response to a request may be posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) the question is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders or would be in violation of applicable law, the Servicing Standard, this Agreement or the applicable Loan Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product or answering such inquiry is otherwise not advisable or (iv) (A) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in good faith, in the case of the Certificate Administrator) that the performance of such duties or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Master Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Inquiry and, in the case of the Certificate Administrator, the Master Servicer or the Special Servicer, shall promptly notify the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating Agency Q&A Forum and Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Initial Purchasers, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee or any of their respective Affiliates 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 Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect questions, answers and other communications between the 17g-5 Information Provider and any Person which are not submitted via the 17g-5 Information Provider’s Website.

 

In connection with providing access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator and the 17g-5 Information Provider, as the case may be, 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 such information; provided that it is acknowledged and agreed that the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 

 

 



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Information Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered to the 17g-5 Information Provider at the email address set forth herein in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “Benchmark 2020-IG3 Mortgage Trust, Series 2020-IG3” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information Provider’s Website; provided that, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly deliver the subject information in such format.

 

The 17g-5 Information Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any errors or defects in the information supplied by any such party.

 

The 17g-5 Information Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance of the Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

With respect to each Non-Serviced Mortgage Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt from a Non-Serviced Mortgage Loan Service Provider, all reports, statements, documents, notices and other information it receives in respect of such Non-Serviced Mortgage Loan that such party would otherwise have been required to be submitted to the 17g-5 Information Provider under this Agreement for posting had such Non-Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this Agreement.

 

Upon delivery by the Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information Provider) of information designated by the Depositor as having been previously made available to NRSROs by the Depositor (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b). The Depositor shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website to any designee or other third party.

 

(e)        Each of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also deliver, produce or otherwise make available through its website or otherwise, any additional information identified in Section 3.14(d) of this Agreement relating to the Mortgage Loans or Whole Loans, the Mortgaged Properties or the related Borrowers, for review by the Depositor, the Initial Purchasers and any other Persons who deliver an Investor Certification in accordance with this  

 



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Section 3.14, the related Serviced Companion Loan Noteholder (if any), the Directing Holder and the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information is simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d) of this Agreement, who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is prohibited by this Agreement, applicable law or by the related Loan Documents. Each of the Master Servicer and the Special Servicer shall be entitled to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii) require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification or other confidentiality agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Master Servicer or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent access to such information is provided via the Master Servicer’s or the Special Servicer’s website, the Master Servicer and the Special Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of the information described in this Section 3.14(e) to current or prospective Certificateholders the form of confidentiality agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder (or 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 (x) to its auditors, legal counsel and regulators and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered investment advisor acting on behalf of such prospective purchaser), 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 with no further dissemination (except that such Certificateholder may provide such information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith, fraud and/or negligence.

 

 



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In connection with the delivery by the Master 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, the 17g-5 Information Provider shall notify the Master Servicer or the Special Servicer, as applicable, of when such information, report, notice or document has been posted to the 17g-5 Information Provider’s Website. The Master Servicer or the Special Servicer, as applicable, may, but is not obligated to, send such information report, notice or other document to the applicable Rating Agency or Rating Agencies following the earlier of (a) receipt of notification from the 17g-5 Information Provider that such information, report, notice or other document has been posted to the Rule 17g-5 Information Provider’s Website and (b) 12:00 p.m. on the first Business Day following the date the Master Servicer or the Special Servicer, as applicable, has provided such information, report, notice or other document to the 17g-5 Information Provider.

 

(f)         The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding any Mortgage Loan, Serviced Whole Loan, any Certificateholder, any Serviced Companion Loan Noteholder, any Mortgaged Property or any REO Property; provided that such party summarizes the information provided to the Rating Agencies in such communication and provides the 17g-5 Information Provider and the related Other 17g-5 Information Provider (if any) with such summary in accordance with the procedures set forth in Section 3.14(d) of this Agreement the same day such communication takes place; provided that the summary of such oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information Provider shall post such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 3.14(d) of this Agreement.

 

(g)        None of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written communications, or providing information, between the Master Servicer or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review of the ratings it assigns to the Master Servicer or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s or the Special Servicer’s, as applicable, servicing operations in general; provided that the Master Servicer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) 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 the Master Servicer or Special Servicer, as applicable, has in fact provided such information to such Rating Agency in accordance with Section 3.14(e); or (z) the Rating Agency confirms in writing that it does not intend to use such information in undertaking credit rating surveillance with respect to the Certificates; provided, however, that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly available (unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such Rating Agency is subject) or comprised of information collected by the applicable Rating Agency from 

 

 



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the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 3.14(g).

 

(h)        The costs and expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the Trustee and any other party hereto shall not be Additional Trust Fund Expenses.

 

Section 3.15     Title and Management of REO Properties and REO Accounts. (a) If title to any Mortgaged Property (other than with respect to a Non-Serviced Mortgage Loan) is acquired for the benefit of Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of the Trust where permitted by applicable law or regulation and consistent with customary servicing procedures, and otherwise in the name of the Trustee, or its nominee (which shall not include the Master Servicer), or a separate Trustee or co-Trustee, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders). The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property prior to the close of the third calendar year following the year in which the Trust Fund acquires ownership of such Serviced REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the Special Servicer on behalf of the Lower-Tier REMIC has applied for an extension of such period pursuant to Sections 856(e)(3) and 860G(a)(8)(A) of the Code, in which case the Special Servicer shall sell such Serviced REO Property within the applicable extension period or if the Special Servicer has applied for extension as provided in this clause (i) but such request has not yet been granted or denied, the additional time specified in such request, or (ii) the Special Servicer seeks and subsequently receives an Opinion of Counsel (which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan, such expenses shall be allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement), addressed to the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Trust Fund of such Serviced REO Property for an additional specified period will not cause such Serviced REO Property to fail 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) at any time that any Certificate is outstanding, in which event such period shall be extended by such additional specified period subject to any conditions set forth in such Opinion of Counsel. The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property held by the Trust Fund prior to the last day of such period (taking into account extensions) by which such Serviced REO Property is required to be disposed of pursuant to the provisions of the immediately preceding sentence in a manner provided under Section 3.16 hereof. In the case of the Trust Fund’s beneficial interest in any REO Property acquired by the Other Trustee pursuant to an Other Pooling and Servicing Agreement, the Special Servicer shall coordinate with the Other Special Servicer with respect to any REO extension on behalf of the Trust Fund. The Special Servicer shall manage, conserve, protect and operate each Serviced REO Property for the Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) solely for the purpose of its prompt disposition and sale in a manner which does not cause such Serviced REO  

 



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Property to fail 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) and such that income from the operation or sale of such property does not result in receipt by the Trust Fund of any income from non-permitted assets as described in Section 860F(a)(2)(B) of the Code with respect to such property.

 

(b)        The Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and prohibitions of this Agreement, to do any and all things in connection with any Serviced REO Property as are consistent with the manner in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its Affiliates, all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders and, in connection therewith, the Special Servicer shall agree to the payment of management fees that are consistent with general market standards. Consistent with the foregoing, the Special Servicer shall cause or permit to be earned with respect to such Serviced REO Property any “net income from foreclosure property,” within the meaning of Section 860G(c) of the Code, which is subject to tax under the REMIC Provisions, only if it has determined, and has so advised the Trustee and the Certificate Administrator in writing, that the earning of such income on a net after-tax basis could reasonably be expected to result in a greater recovery on behalf of Certificateholders and the RR Interest Owner (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) than an alternative method of operation or rental of such Serviced REO Property that would not be subject to such a tax.

 

The Special Servicer shall segregate and hold all revenues received by it with respect to any Serviced REO Property separate and apart from its own funds and general assets and shall establish and maintain with respect to any Serviced REO Property a segregated custodial account (each, an “REO Account”), for the benefit of the Certificateholders and the RR Interest Owner, each of which shall be an Eligible Account and shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 REO Account.” With respect to a Serviced REO Property securing a Serviced Whole Loan, the Special Servicer shall establish an REO Account solely with respect to such property (each such account, a “Serviced Whole Loan REO Account”), each of which shall be an Eligible Account and shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 and the related Serviced Companion Loan Noteholders REO Account,” to be held for the benefit of the Certificateholders, the RR Interest Owner and the related Serviced Companion Loan Noteholders. The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds deposited in an REO Account or a Serviced Whole Loan REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit or cause to be deposited REO Proceeds in the REO Account or the applicable Serviced Whole Loan REO Account within two Business Days after receipt of such properly identified and available REO Proceeds, and shall withdraw therefrom funds necessary for the proper operation, management and maintenance of such

 

 



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Serviced REO Property and for other Property Protection Expenses with respect to such Serviced REO Property, including:

 

(i)     all insurance premiums due and payable in respect of any Serviced REO Property;

 

(ii)    all real estate taxes and assessments in respect of any Serviced REO Property that may result in the imposition of a lien thereon;

 

(iii)   all costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any Serviced REO Property including, if applicable, the payments of any ground rents in respect of such Serviced REO Property; and

 

(iv)   any taxes imposed on the Lower-Tier REMIC, as applicable, in respect of net income from foreclosure property in accordance with Section 4.05, and with respect to a Serviced Whole Loan, such expenses shall be allocated pro rata to the Mortgage Loan and any related Serviced Companion Loans based on each loan’s Stated Principal Balance and only to the extent any such Serviced Companion Loan is included in a REMIC.

 

To the extent that such REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer shall make such Advance unless the Master Servicer or the Special Servicer determines, in accordance with the Servicing Standard, that such Servicing Advance would constitute a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d) of this Agreement) and if the Master Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual knowledge of the Master Servicer’s failure to make such Advance, shall make such Advance, unless in each case, the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance would be a Nonrecoverable Advance. The Trustee shall be entitled to rely, conclusively, on any determination by the Special Servicer or the Master Servicer, as applicable, that an Advance, if made, would be a Nonrecoverable Advance. The Trustee, when making an independent determination whether or not a proposed Advance would be a Nonrecoverable Advance, shall use its good faith business judgment. The Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement of such Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence, to the extent permitted by Section 3.06 of this Agreement. The Special Servicer shall withdraw from each REO Account or Serviced Whole Loan REO Account, as applicable, and remit to the Master Servicer for deposit into the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, on a monthly basis on the later of the date that is (x) on or prior to the related Determination Date or (y) two (2) Business Days after such amounts are received and properly identified and determined to be available, the Net REO Proceeds received or collected from each Serviced REO Property, except that in determining the amount of such Net REO Proceeds, the Special Servicer may retain in each REO Account or Serviced Whole Loan REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses.

 

 



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Notwithstanding the foregoing, the Special Servicer shall not:

 

(i)      permit any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that does not constitute Rents from Real Property;

 

(ii)     permit any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)    authorize or permit any construction on any Serviced REO Property, other than the repair or maintenance thereof or the completion of a building or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)    Directly Operate or allow any Person to Directly Operate any Serviced REO Property on any date more than 90 days after its date of acquisition by the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer has requested and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee (which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan with a Serviced Companion Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) to the effect that such action will not cause such Serviced REO Property to fail 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) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

The Special Servicer shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund (and, in the case of the Serviced Whole Loans, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) and payable out of REO Proceeds, for the operation and management of any Serviced REO Property, within 90 days of the Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the Certificate Administrator with an Opinion of Counsel that the operation and management of any Serviced REO Property other than through an Independent Contractor shall not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund, and in the case of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement), provided that:

 

(1)   the terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be inconsistent herewith;

 

(2)   any such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred in connection with the operation and management of such Serviced REO Property, including those listed above, and remit all

 

 



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related revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following the receipt thereof by such Independent Contractor;

 

(3)   none of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Noteholders, with respect to the operation and management of any such Serviced REO Property; and

 

(4)   the Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations in connection with the operation and management of such Serviced REO Property.

 

The Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification.

 

(c)        Promptly following any acquisition by the Special Servicer of a Serviced REO Property on behalf of the Trust Fund, the Special Servicer shall notify the Master Servicer thereof, and, upon delivery of such notice, the Special Servicer shall obtain an Updated Valuation thereof, but only if any Updated Valuation with respect thereto is more than 9 months old and the Special Servicer has no actual knowledge of any material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Updated Valuation, in order to determine the fair market value of such Serviced REO Property and shall notify the Depositor and the Master Servicer and with respect to a Serviced Whole Loan, the holder of the related Companion Loan, if any, and of the results of such Updated Valuation. Any such Updated Appraisal shall be conducted in accordance with Appraisal Institute standards and the cost thereof shall be an expense of the Trust Fund and allocated to Classes of Principal Balance Certificates (other than any Loan-Specific Certificates unrelated to any such expense) and the Class RR Certificates (in the same manner as Realized Losses and VRR Realized Losses as set forth in Section 4.01(l) of this Agreement). In the case of any Serviced Whole Loan such expenses shall be allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement. The Special Servicer shall obtain a new Updated Valuation or a letter update every 9 months thereafter until the Serviced REO Property is sold.

 

(d)        When and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any Serviced REO Property in accordance with Sections 3.15(a) and 3.15(b) of this Agreement.

 

 



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(e)        Upon the disposition of any Serviced REO Property in accordance with this Section 3.15, the Special Servicer shall calculate the Gain-on-Sale Proceeds allocable to a Mortgage Loan or the applicable Serviced Whole Loan, if any, realized in connection with such sale. In the case of each of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan, the Special Servicer shall calculate the Gain-on-Sale Proceeds, if any, realized in connection with such sale that are allocable to the related Mortgage Loan, the related Trust Subordinate Companion Loan and the related Serviced Companion Loans in accordance with the terms of the related Intercreditor Agreement.

 

Section 3.16     Sale of Specially Serviced Loans and REO Properties. (a) The parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced Mortgage Loan and any related Serviced Companion Loan only on the terms and subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided in or contemplated by Section 2.03(d) and Section 9.01 of this Agreement or in an applicable Intercreditor Agreement. The Special Servicer may only sell a Serviced Subordinate Companion Loan together with the related Mortgage Loan if it has received consent of the holder of the related Subordinate Companion Loan.

 

(b)        If the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders (including the holders of the Loan-Specific Certificates) and the RR Interest Owner or, in the case of a Serviced Whole Loan, the Certificateholders, the RR Interest Owner and the related Pari Passu Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan)) to attempt to sell a Defaulted Loan (other than any Non-Serviced Mortgage Loan, but including the Trust Subordinate Companion Loans, if applicable) and any related Pari Passu Companion Loan, the Special Servicer shall use reasonable efforts to solicit offers for each such Defaulted Loan on behalf of the Certificateholders, the RR Interest Owner and, if applicable, the related Serviced Pari Passu Companion Loan Noteholders in such manner as will be reasonably likely to realize a fair price. In the case of a Non-Serviced Mortgage Loan, to the extent that such Non-Serviced Mortgage Loan is not sold together with the related Non-Serviced Companion Loan by the Other Special Servicer for the related Non-Serviced Whole Loan and, if permitted under the related Intercreditor Agreement, the Special Servicer shall be entitled to sell (with the consent of the Directing Holder (if no Control Termination Event is continuing) and after consulting with the applicable Risk Retention Consultation Parties pursuant to Section 6.07) such Non-Serviced Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the Certificateholders and the RR Interest Owner (and shall be entitled to a Liquidation Fee in connection with such sale). Subject to the qualifications described in this Section 3.16, the Special Servicer shall accept the first cash offer received from any Person that constitutes a fair price for such Defaulted Loan. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that constitutes a fair price for such Defaulted Loan during the period designated by the Special Servicer for receipt of offers, the Special Servicer shall accept the highest price.

 

 



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The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer and (other than in respect of any applicable Excluded Loan) the Directing Holder and each Risk Retention Consultation Party not less than ten (10) Business Days’ prior written notice of its intention to sell any such Defaulted Loan, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any such Defaulted Loan pursuant to this Agreement.

 

(c)        Whether any cash offer constitutes a fair price for such Defaulted Loan, as the case may be, shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person; provided that no offer from an Interested Person shall constitute a fair price unless (i) the offer is the highest offer received, and (ii) if the offer is less than the applicable Purchase Price, at least two other offers are received from independent third parties. In determining whether any offer received from an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or Updated Appraisal conducted in accordance with this Agreement within the preceding 9-month period or in the absence of any such Appraisal, on a narrative appraisal prepared by an Independent MAI appraiser selected by (i) the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is not making an offer with respect to such Defaulted Loan or (ii) by the Master Servicer if the Special Servicer is making such an offer unless the Master Servicer and Special Servicer are Affiliates. The cost of any such Updated Appraisal or narrative appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance. In addition, the Trustee shall be permitted to retain, at the expense of the related Interested Person, an independent third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in valuing or investing in loans similar to the subject Mortgage Loan or Serviced Whole Loan, as the case may be, that has been selected with reasonable care by the trustee to determine such fair price and will be permitted to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection with an offer by an Interested Person and the Trustee’s duties therewith shall be paid in advance of any such determination by such Interested Person.

 

In determining whether any offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Defaulted Loan, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of the Delinquency on such Defaulted Loan, the period and amount of the occupancy level and physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is located, the expected recovery from such Defaulted Loan if the Special Servicer were to pursue a workout strategy, and the time and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.

 

In addition, the Special Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided that the Special Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the Special Servicer that has occurred subsequent to, and that would, in the Special

 

 



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Servicer’s reasonable judgment, materially affect the value of the related Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer may consider available objective third party information obtained from generally available sources, as well as information obtained from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Special Servicer may, to the extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports of qualified Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience in valuing or investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer, in making such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c) shall constitute, and be reimbursable as, Servicing Advances. The other parties to this Agreement shall cooperate with all reasonable requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to this Section 3.16(c).

 

The Purchase Price (which, in connection with the administration of a Defaulted Loan related to a Serviced Whole Loan, shall be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted Loan shall in all cases be deemed a fair price.

 

(d)        Subject to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action necessary or appropriate in connection with the sale of any such Defaulted Loan, and the applicable collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts into the REO Account the Collection Account or, in the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of such Defaulted Loan shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate Administrator or the Trustee shall have any liability to any Certificateholder or Companion Loan Noteholder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(e)        Any sale of such Defaulted Loan shall be for cash only.

 

(f)         The parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced REO Property only on the terms and subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided in an applicable Intercreditor Agreement.

 

(g)        The Special Servicer shall use reasonable efforts to solicit offers for each Serviced REO Property on behalf of the Certificateholders and the RR Interest Owner and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders in such

 

 



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manner as will be reasonably likely to realize a fair price within the time period provided for by Section 3.15(a) of this Agreement. The Special Servicer (with the consent of the Directing Holder) shall accept the first cash offer received from any Person that constitutes a fair price for such Serviced REO Property. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that constitutes a fair price for such Serviced REO Property during the period designated by the Special Servicer for receipt of offers, the Special Servicer shall accept the highest price. If the Special Servicer determines, in its good faith and reasonable judgment, that it will be unable to realize a fair price for any Serviced REO Property within the time constraints imposed by Section 3.15(a) of this Agreement, then the Special Servicer (with the consent of the Directing Holder) shall dispose of such Serviced REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize the recovery thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless of from whom received.

 

The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer and the Directing Holder, not less than ten Business Days’ prior written notice of its intention to sell any Serviced REO Property, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Serviced REO Property pursuant to this Agreement.

 

(h)        Whether any cash offer constitutes a fair price for any Serviced REO Property, as the case may be, shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person; provided that no offer from an Interested Person shall constitute a fair price unless it is the highest offer received. In determining whether any offer received from an Interested Person represents a fair price for any such Serviced REO Property, the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance with this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared by an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is not making an offer with respect to a Serviced REO Property (or by the Master Servicer if the Special Servicer is making such an offer). The cost of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be covered by, and shall be reimbursable as, a Servicing Advance. In determining whether any offer from a Person other than an Interested Person constitutes a fair price for any such Serviced REO Property, the Special Servicer shall take into account (in addition to the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Serviced REO Property, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of the occupancy level and physical condition of the Mortgaged Property or Serviced REO Property, the state of the local economy and the obligation to dispose of any Serviced REO Property within the time period specified in Section 3.15(a) of this Agreement. The Purchase Price (which, in connection with the administration of a Serviced REO Property related to a Serviced Whole Loan, shall be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any Serviced REO Property shall in all cases be deemed a fair price. In addition, the Trustee shall be permitted to retain, at the expense of the related Interested Person, an independent third party to

 

 



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determine such fair price and will be permitted to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection with an offer by an Interested Person and the Trustee’s duties therewith shall be paid in advance of any such determination by such Interested Person.

 

(i)         Subject to subsections (g) and (h) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action necessary or appropriate in connection with the sale of any Serviced REO Property, and the applicable collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, in the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of a Serviced REO Property shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor or the Trustee shall have any liability to any Certificateholder or Serviced Companion Loan Noteholder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(j)         Any sale of a Serviced REO Property shall be for cash only.

 

(k)        Notwithstanding any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be obligated to accept the highest cash offer if the Special Servicer determines (in consultation with the Directing Holder (other than with respect to any applicable Excluded Loan or unless a Consultation Termination Event exists), each Risk Retention Consultation Party (other than with respect to any applicable Excluded Loan) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Loan Noteholder(s)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the Certificateholders, the RR Interest Owner and, in the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Loan Noteholders (as a collective whole as if such Certificateholders, the RR Interest Owner and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) and, with respect to a Whole Loan with a Trust Subordinate Companion Loan, taking into account the subordinate nature of such Trust Subordinate Companion Loan, and the Special Servicer may accept a lower cash offer (from any Person other than itself or its Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders and the RR Interest Owner (for example, if the prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by the prospective buyer making the lower offer are more favorable) and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and RR Interest Owner

 

 



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and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan).

 

(l)         With respect to each defaulted Serviced Companion Loan, the Special Servicer shall sell such defaulted Serviced Companion Loan (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan) together with the related Mortgage Loan pursuant to the terms of the related Intercreditor Agreement and this Agreement as if such Mortgage Loan and Serviced Companion Loans (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan) were one whole loan on behalf of the Certificateholders and the related Serviced Companion Loan Noteholders. The Special Servicer shall provide notice and other information required under the related Intercreditor Agreement to the applicable Other Special Servicer as soon as practicable following its decision to attempt to sell, and prior to commencement or marketing of, any Serviced Companion Loan. With respect to Serviced Whole Loans, the Special Servicer shall be required to obtain the consent of any holder of a related Serviced Companion Loan (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan) prior to a sale of such Serviced Whole Loan, unless (i) such holder is the related Borrower or an Affiliate or agent of the related Borrower or (ii) the Special Servicer delivers to such holders of the related Serviced Companion Loans (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan): (A) at least fifteen (15) Business Days’ prior written notice of any decision to attempt to sell the related Serviced Whole Loan; (B) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (C) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such Serviced Whole Loan, and any documents in the servicing file reasonably requested by the holders of the applicable Serviced Companion Loans (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan) that are material to the sale price of such Serviced Whole Loan; and (D) until the sale is completed, and a reasonable period of time (but not less time than is afforded to other offerors, the Directing Holder and the Risk Retention Consultation Parties) prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved by the Special Servicer in connection with the proposed sale. The holders of the Serviced Companion Loans (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan) (or, in any case, their respective representatives) shall be permitted to submit an offer at any sale of such related Serviced Whole Loan; however, the related Borrower and its agents and Affiliates shall not be permitted to submit an offer at such sale.

 

(m)       With respect to any Servicing Shift Mortgage Loan, if the related Servicing Shift Mortgage Loan becomes a Defaulted Loan, the Special Servicer (or, on or after the related Servicing Shift Securitization Date, the Other Special Servicer under the Other

 

 



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Pooling and Servicing Agreement related to such Servicing Shift Mortgage Loan) will be required to sell such Servicing Shift Mortgage Loan together with the related Companion Loan(s) as notes evidencing one whole loan, in accordance with the provisions of the related Intercreditor Agreement and this Agreement or the related Other Pooling and Servicing Agreement, as the case may be.

 

Section 3.17     Additional Obligations of the Master Servicer and the Special Servicer; Inspections. (a) The Master Servicer (at its own expense) (or, with respect to Specially Serviced Loans and Serviced REO Properties, the Special Servicer) shall inspect or cause to be inspected each Mortgaged Property securing a Serviced Mortgage Loan that it is servicing at such times and in such manner as is consistent with the Servicing Standard, but in any event shall inspect each Mortgaged Property with a Stated Principal Balance (or in the case of a Mortgage Loan secured by more than one Mortgaged Property, having an Allocated Loan Amount) of (A) $2,000,000 or more at least once every 12 months (commencing in 2021) and (B) less than $2,000,000 at least once every 24 months (commencing in 2021), (or, in each case, at such decreased frequency as each Rating Agency shall have provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any); provided that if a physical inspection has been performed by the Special Servicer in the previous twelve (12) months and the Master Servicer has no knowledge of a material change in the Mortgaged Property since such physical inspection, the Master Servicer will not be required to perform or cause to be performed, such physical inspection; provided, further, that if any scheduled payment becomes more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause to be inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan. The reasonable cost of each such inspection performed in accordance with the Servicing Standard by the Special Servicer shall be paid by the Master Servicer as a Servicing Advance. With respect to a Serviced Whole Loan, the costs described in the preceding sentence above that relate to the applicable Serviced Whole Loan shall be paid out of amounts on deposit in the Serviced Whole Loan Collection Account related to such Serviced Whole Loan (allocated in accordance with the expense allocation provision of the related Intercreditor Agreement). If funds in the applicable Serviced Whole Loan Collection Account relating to a Serviced Whole Loan are insufficient, then any deficiency shall be paid from amounts on deposit in the Collection Account; provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Companion Loans from the related Companion Loan Noteholders. With respect to each of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan, the costs will be allocated according to the related Intercreditor Agreement. The Master Servicer or the Special Servicer, as applicable, shall prepare a written report of the inspection describing, among other things, the condition of and any damage to the Mortgaged Property securing a Mortgage Loan that it is servicing and specifying the existence of any material vacancies in such Mortgaged Property, any sale, transfer or abandonment of such Mortgaged Property of which it has actual knowledge, any material adverse change in the condition of the Mortgaged Property, or any visible material waste committed on applicable Mortgaged Property. The Master Servicer or Special Servicer, as applicable, shall send such 

 

 



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reports to the 17g-5 Information Provider (who shall promptly post such reports to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Other 17g-5 Information Provider (if any) and, upon request, to the Initial Purchasers within 20 days of completion and receipt (by the Master Servicer or Special Servicer, as applicable, or, if earlier, any sub-servicer on their behalf) of the inspection report, each inspection report.

 

(b)        With respect to each Serviced Mortgage Loan and any related Companion Loan, the Master Servicer (or the Special Servicer, in the case of a Specially Serviced Loan) shall exercise the Trustee’s rights, in accordance with the Servicing Standard, with respect to the Manager under the related Loan Documents and Management Agreement, if any.

 

(c)        The Master Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest Payment allocated to the Trust Subordinate Companion Loans or a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier Distribution Account on each Master Servicer Remittance Date, without any right of reimbursement therefor. The Master Servicer shall deliver all Compensating Interest Payments with respect to the Trust Subordinate Companion Loans to the Certificate Administrator for deposit in the related Trust Subordinate Companion Loan REMIC Distribution Account on each Master Servicer Remittance Date, without any right of reimbursement therefor. The Master Servicer shall deliver the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the holder of the Serviced Companion Loan on each Master Servicer Remittance Date, without any right of reimbursement therefor.

 

(d)        The Master Servicer shall, as to each Serviced Mortgage Loan and any related Serviced Companion Loan that is secured by the interest of the related Borrower under a ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease, such space lease or air rights lease), promptly (and in any event within 60 days) after the Closing Date notify the related ground lessor of the transfer of such Mortgage Loan or Serviced Whole Loan to the Trust pursuant to this Agreement and inform such ground lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the Master Servicer.

 

(e)        The Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the related Loan Documents, not apply any funds with respect to a Mortgage Loan or Serviced Whole Loan (whether arising in the form of a holdback, earnout reserve, cash trap or other similar feature) to the prepayment of the related Mortgage Loan or Serviced Whole Loan prior to an event of default or reasonably foreseeable event of default with respect to such Mortgage Loan or Serviced Whole Loan. Prior to an event of default or reasonably foreseeable event of default any such amounts described in the immediately preceding sentence shall be held by the Master Servicer as additional collateral for the related Mortgage Loan or Serviced Whole Loan.

 

Section 3.18     Authenticating Agent.  The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate Certificates. The Authenticating Agent must be acceptable to the Depositor and must be a corporation organized and doing business under the laws of the United States of America or any state, having a principal office and place of business in a state and city acceptable to the Depositor, having a combined capital and surplus 

 

 



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of at least $15,000,000, authorized under such laws to do a trust business and subject to supervision or examination by federal or state authorities. The Certificate Administrator shall serve as the initial Authenticating Agent.

 

Any corporation into which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

The Authenticating Agent may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator, the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the Authenticating Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer. Upon receiving a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor Authenticating Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 3.18.

 

The Authenticating Agent shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator. Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.

 

Section 3.19     Appointment of Custodians. The Certificate Administrator shall be the initial Custodian hereunder. The Certificate Administrator may appoint one or more additional Custodians to hold all or a portion of the Mortgage Files on behalf of the Trustee and otherwise perform the duties set forth in Article II, by entering into a Custodial Agreement with any Custodian who is not the Depositor. The Certificate Administrator agrees to comply with the terms of each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of the Certificateholders. The Certificate Administrator shall not be liable for any act or omission of the Custodian under the Custodial Agreement. Each Custodian shall be a depository institution subject to supervision by federal or state authority, shall have a combined capital and surplus of at least $10,000,000, shall have a long-term debt rating of at least “Baa2” from Moody’s, “BBB” from Fitch and “A (low)” by DBRS Morningstar. Each Custodial Agreement may be amended only as provided in Section 12.08 of this Agreement. Any compensation paid to the Custodian shall be an unreimbursable expense of the Certificate Administrator. If the Custodian is an entity other than the Certificate Administrator, the Custodian shall maintain a fidelity bond in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement. The Custodian shall be deemed to have complied with this provision if one of its Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the 

 

 



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Custodian. In addition, the Custodian shall keep in force during the term of this Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligations hereunder in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement. All fidelity bonds and policies of errors and omissions insurance obtained under this Section 3.19 shall be issued by a Qualified Insurer.

 

Section 3.20     Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts. The Master Servicer shall administer each Lock-Box Account, Cash Collateral Account, Escrow Account and Reserve Account in accordance with the related Mortgage or Loan Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if any relating to the Serviced Mortgage Loans and any related Serviced Companion Loans it is servicing.

 

Section 3.21     Servicing Advances. (a) The Master Servicer (or, to the extent provided in Section 3.21(c) of this Agreement, the Trustee) to the extent specifically provided for in this Agreement, shall make any Servicing Advances as and to the extent otherwise required pursuant to the terms hereof with respect to the Serviced Mortgage Loans and any related Serviced Companion Loans that it is servicing. For purposes of distributions to Certificateholders and compensation to the Master Servicer, the Special Servicer or the Trustee, Servicing Advances shall not be considered to increase the Stated Principal Balance of any such Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loans so provide. Notwithstanding anything in this Agreement to the contrary, the Special Servicer shall have no obligation to make any Servicing Advances under this Agreement, but may make a Servicing Advance on an urgent or emergency basis in its discretion.

 

(b)        Notwithstanding anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’ written notice with respect to any Servicing Advance to be made on any Specially Serviced Loan, before the date on which the Master Servicer is required to make such Servicing Advance with respect to such Specially Serviced Loan or Serviced REO Loan; provided that the Special Servicer shall be required to provide the Master Servicer with only two Business Days’ written notice in respect of Servicing Advances required to be made on an urgent or emergency basis (which may include, without limitation, Servicing Advances required to make tax or insurance payments). If the Master Servicer or the Trustee makes a Servicing Advance with respect to any Serviced Whole Loan then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other Trustee of the amount of such Servicing Advance with respect to such Serviced Whole Loan as part of its monthly report following the making of such Servicing Advance.

 

(c)        The Master Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one Business Day after, becoming aware that it will be unable to make any Servicing Advance required to be made pursuant to the terms hereof, and in connection therewith, shall set forth in such notice the amount of such Servicing Advance, the Person to whom it is to be paid, and the circumstances and purpose of such Servicing Advance, and shall set forth therein information and instructions for the payment of such Servicing Advance, and, on the date specified in such notice for the payment of such Servicing Advance, or, if the date for payment has passed or if no such date is

 

 



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specified, then within five Business Days following such notice, the Trustee, subject to the provisions of Section 3.21(d) of this Agreement, shall pay the amount of such Servicing Advance in accordance with such information and instructions.

 

(d)        The Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession regarding the Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may reasonably request for purposes of making recoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer or Trustee, as applicable.

 

Notwithstanding anything herein to the contrary, no Servicing Advance shall be required hereunder if the Person otherwise required to make such Servicing Advance determines that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, neither the Master Servicer nor the Trustee shall make any Servicing Advance to the extent that it has received written notice that the Special Servicer has determined that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In making such recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) are a source of recovery not only for the Servicing Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount which is being or may be deferred or delayed, (ii) consider (among other things) the obligations of the Borrower under the terms of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, (iii) consider (among other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (iv) estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) (among other things) future expenses, (v) estimate and consider (among other things) the timing of recoveries and (vi) consider any non-recoverability determination of the Other Servicer or Other Trustee under the Other Pooling and Servicing Agreement relating to a P&I Advance for a Non-Serviced Companion Loan.

 

The Master Servicer, the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior Servicing Advances for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed Servicing Advances. If an Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such

 

 



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Appraisal does not, in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement).

 

Any determination by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Servicing Advance that is a Nonrecoverable Servicing Advance or any determination by the Master Servicer, the Special Servicer or the Trustee that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance shall be evidenced in the case of the Master Servicer or the Special Servicer by a certificate of a Servicing Officer delivered to the other, to the Trustee, the Directing Holder (but only if no Consultation Termination Event is continuing), the Certificate Administrator, any related Companion Loan Noteholder(s) and the Depositor and, in the case of the Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Directing Holder (but only if no Consultation Termination Event is continuing), the Certificate Administrator, any related Companion Loan Noteholder(s), the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal or any Updated Appraisal); provided that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator, the Directing Holder (but only with respect to a Specially Serviced Loan and if no Consultation Termination Event is continuing), the Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), notice of such determination. Any such determination may be relied upon by and shall be binding on the Master Servicer and the Trustee. For the avoidance of doubt, any nonrecoverability determination with respect to the Trust Subordinate Companion Loans will be made based on the subordinate nature of the Trust Subordinate Companion Loans. Notwithstanding the foregoing, the Special Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer or the Trustee, as applicable. If the Special Servicer makes a determination that only a portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance, the Master Servicer and the Trustee shall each have the right to make its own subsequent determination that any remaining portion of any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance.

 

 



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Any such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any such other authorized Person from making a determination, that a Servicing Advance is a Nonrecoverable Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust (and, in the case of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders and the Serviced Companion Loan Noteholders.

 

The Trustee, in determining whether or not a Servicing Advance previously made is, or a proposed Servicing Advance, if made, would be, a Nonrecoverable Servicing Advance shall use its reasonable judgment.

 

With respect to the payment of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Servicing Advance of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of such determination to the Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan that is a Performing Loan) and the Special Servicer (with respect to any Specially Serviced Loan or REO Property) shall determine (with the reasonable assistance of the Master Servicer) whether the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of the Certificateholders and the RR Interest Owner and, in the case of any Serviced Companion Loans, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders, RR Interest Owner and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). If the Master Servicer or the Special Servicer determines that the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of the Certificateholders and, in the case of any Serviced Companion Loan, the related Serviced Companion Loan Noteholder (and in the case of a Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), the Special Servicer (in the case of a determination by the Special Servicer) shall direct the Master Servicer in writing to make such payment and the Master Servicer shall make such payment, to the extent of available funds, from amounts in the Collection Account or, if a Serviced Whole Loan is involved, from amounts in the applicable Serviced Whole Loan Collection Account.

 

Notwithstanding anything to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with respect to Specially Serviced Loans or Serviced REO Loans, the Special Servicer has notified the Master Servicer to not make such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being 

 

 



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uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan; provided that in each instance, the Master Servicer determines in accordance with the Servicing Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator) that making such expenditure is in the best interests of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). The Master Servicer may elect to obtain reimbursement of Nonrecoverable Servicing Advances from the Trust Fund in accordance with Section 3.06 of this Agreement.

 

(e)        The Master Servicer, the Special Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Servicing Advances made by any of them to the extent permitted pursuant to Section 3.06 of this Agreement, if applicable, together with any related Advance Interest Amount in respect of such Servicing Advances, and the Master Servicer, the Special Servicer and the Trustee each hereby covenants and agrees to promptly seek and effect the reimbursement of such Servicing Advances from the related Borrowers to the extent permitted by applicable law and the related Loan Documents.

 

The parties acknowledge that, pursuant to the applicable Other Pooling and Servicing Agreement, the applicable Other Servicer is obligated to make Servicing Advances with respect to the related Non-Serviced Mortgage Loan. The Other Servicer, the Other Special Servicer (to the extent it has made an advance), the Other Trustee or fiscal agent or other Persons making advances under the applicable Other Pooling and Servicing Agreement shall be entitled to reimbursement in accordance with Section 3.06(b) of this Agreement for the pro rata portion (based on Stated Principal Balance) of the related Mortgage Loan (after amounts allocated to the related Subordinate Companion Loan, if any) with respect to any Servicing Advance that is nonrecoverable (with, in each case, any pro rata portion of accrued and unpaid interest thereon provided for under the Other Pooling and Servicing Agreement) in the manner set forth in the Other Pooling and Servicing Agreement and the related Intercreditor Agreement, as applicable.

 

With respect to any Serviced Whole Loan, if the Master Servicer, the Special Servicer or Trustee, as applicable, determines that a proposed Servicing Advance with respect to such Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to any such Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement with written notice of such determination, together with supporting evidence for such determination within two (2) Business Days after such determination or such longer time period permitted by the applicable Intercreditor Agreement.

 

 



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Section 3.22     Appointment and Replacement of Special Servicer. (a) Midland Loan Services, a Division of PNC Bank, National Association is hereby appointed as the initial Special Servicer to service each Specially Serviced Loan and related REO Property.

 

(b)        For so long as no Control Termination Event is continuing, the Directing Holder shall be entitled to terminate the rights (subject to Section 3.05, Section 3.12 and Section 6.03(a) of this Agreement) and obligations of the Special Servicer under this Agreement, with or without cause, and appoint a successor Special Servicer pursuant to Section 7.02 of this Agreement, upon ten (10) Business Days’ notice to the Depositor, the Special Servicer, the Master Servicer, the Paying Agent, the Certificate Administrator and the Trustee; provided that, with respect to any Serviced Whole Loan, the related Directing Holder’s right to terminate the rights and obligations of the Special Servicer under this Agreement with respect to such Serviced Whole Loan shall be subject to the limitations set forth in the related Intercreditor Agreement; provided, further, that with respect to any Servicing Shift Whole Loan, the limitations on termination without cause set forth in clause (b) shall not apply to the related Loan-Specific Directing Holder’s right to terminate the Special Servicer’s rights and obligations under this Agreement without cause with respect to such Servicing Shift Whole Loan pursuant to the terms of the related Intercreditor Agreement. The approval of the Certificateholders of a Qualified Replacement Special Servicer shall not be construed to preclude the Directing Holder from appointing a replacement special servicer, provided that such replacement may not be the removed Special Servicer or its Affiliate. Notwithstanding anything to the contrary contained in this Agreement or the related Intercreditor Agreements, the BX Industrial Portfolio Loan-Specific Directing Holder solely with respect to the BX Industrial Portfolio Whole Loan and the Tower 333 Loan-Specific Directing Holder solely with respect to the Tower 333 Whole Loan shall be deemed to have requested the appointment of Situs Holdings, LLC as the Special Servicer for the BX Industrial Portfolio Whole Loan and the Tower 333 Whole Loan, respectively, and such appointment shall, without obtaining a Rating Agency Confirmation from each Rating Agency and at no expense to the Trust, automatically take effect so long as within sixty (60) days of the Closing Date, (a) Situs Holdings, LLC shall have delivered to the parties hereto a written notice assuming the obligations of the Special Servicer for the BX Industrial Portfolio Whole Loan and the Tower 333 Whole Loan under this Agreement, and (b) as of the date of such written notice, Situs Holdings, LLC is a Qualified Replacement Special Servicer. For the avoidance of doubt, the requirements of Section 3.22(e) of this Agreement shall not apply to the appointment of Situs Holdings, LLC contemplated in the preceding sentence.

 

(c)        [Reserved].

 

(d)        If a Control Termination Event that relates to any Mortgage Loan (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan or the 825 South Hill Mortgage Loan) is continuing and upon (a) the written direction of Holders of Pooled Principal Balance Certificates and the Class RR Certificates evidencing not less than 25% of the Pooled Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Pooled Principal Balance Certificates and the Class RR Certificates pursuant to Section 4.08 of this Agreement) of the Pooled Principal Balance Certificates and the Class RR Certificates requesting a vote to replace the Special Servicer (other than with respect to any Servicing Shift Whole Loan, the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan) with a new special

 

 



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servicer designated in such written direction, (b) 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 (c) delivery by such holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation from each Rating Agency and a comparable confirmation from each NRSRO that has been engaged to rate any securities backed, in whole or in part, by a Pari Passu Companion Loan with respect to the Certificates and, if such successor Special Servicer shall also specially service a Serviced Whole Loan, any related Serviced Companion Loan Securities, the Certificate Administrator shall promptly provide written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s Website, and by mail (or through the DTC system, as applicable), and conduct the solicitation of votes of all Certificates in such regard. Subsequently, if a Control Termination Event is continuing, upon the written direction of (i) Holders of Pooled Principal Balance Certificates and the Class RR Certificates evidencing at least 66-2/3% of a Pooled Quorum of Certificates or (ii) Holders of Pooled Principal Balance Certificates and the Class RR Certificates evidencing more than 50% of the aggregate Pooled Voting Rights of each Class of Pooled Non-Reduced Certificates on an aggregate basis, the Trustee shall (x) terminate all of the rights and obligations of the Special Servicer (other than with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan) under this Agreement and appoint the successor Special Servicer designated by such Certificateholders (other than with respect to any Servicing Shift Whole Loan), provided that such termination is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and other compensation, reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly notify such outgoing Special Servicer of the effective date of such termination; provided that if such written direction is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to terminate and replace the Special Servicer, then such written direction shall have no force and effect. The reasonable fees and out-of-pocket costs associated with administering such vote shall be an Additional Trust Fund Expense. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder, the RR Interest Owner and Certificate Owner may access notices on the Certificate Administrator’s Website and each Certificateholder, the RR Interest Owner and Certificate Owner may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders or the RR Interest Owner for the reasonable expenses of posting such notices. Notwithstanding the foregoing, the Certificateholders’ direction to replace the Special Servicer shall not apply to any Serviced AB Whole Loan unless a related Control Appraisal Period is continuing with respect to such Serviced AB Whole Loan under the related Intercreditor Agreement. The related Serviced Subordinate Companion Loan Noteholder shall have the right, other than during the continuance of such related Control Appraisal Period to replace the Special Servicer solely with respect to such Serviced AB Whole Loan. In addition, at no time will the Holders of Certificates be permitted to replace the Special Servicer without cause with respect to (a) the BX Industrial Portfolio Whole Loan, other than the Holders of the BX Industrial Portfolio Control Eligible Certificates when the BX Industrial Portfolio Controlling Class Representative is the Directing Holder of the BX Industrial Portfolio Whole Loan; (b) the Tower 333 Whole Loan, other than the Holders of the Tower 333 Control Eligible Certificates when the Tower 333 Controlling Class Representative is the Directing Holder of the Tower 333 Whole Loan; and (c) the 825

 

 



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South Hill Whole Loan, other than the Holders of the 825 South Hill Control Eligible Certificates when the 825 South Hill Controlling Class Representative is the Directing Holder of the 825 South Hill Whole Loan.

 

After the occurrence and during the continuance of a BX Industrial Portfolio Note B Holder Control Appraisal Period, upon (i) the written direction of holders of Principal Balance Certificates evidencing not less than 25% of the Pooled Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Pooled Principal Balance Certificates) requesting a vote to replace the Special Servicer with a new special servicer, (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 (which fees and expenses will not be additional trust fund expenses), and (iii) delivery by such holders to the Certificate Administrator and the Trustee of Rating Agency Confirmation from each Rating Agency (such Rating Agency Confirmation will be obtained at the expense of those holders of certificates requesting such vote), the Certificate Administrator will be required to promptly post notice of such request on the Certificate Administrator’s website and concurrently provide written notice of such request by mail and conduct the solicitation of votes of all Certificates in such regard, which such vote must occur within 180 days of the posting of such notice. Upon the written direction of (i) Holders of Principal Balance Certificates evidencing at least 66-2/3% of a Pooled Quorum or (ii) holders of Principal Balance Certificates evidencing more than 50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates on an aggregate basis, the Trustee will be required to terminate all of the rights and obligations of the Special Servicer with respect to the BX Industrial Portfolio Whole Loan pursuant to Section 7.01 and appoint the successor Special Servicer (which must be a Qualified Replacement Special Servicer) designated by such Certificateholders, subject to indemnification, right to outstanding fees, reimbursement of Advances and other rights set forth in the this Agreement, which survive such termination.

 

After the occurrence and during the continuance of a Tower 333 Note B Holder Control Appraisal Period, upon (i) the written direction of holders of Principal Balance Certificates evidencing not less than 25% of the Pooled Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Pooled Principal Balance Certificates) requesting a vote to replace the Special Servicer with a new special servicer, (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 (which fees and expenses will not be additional trust fund expenses), and (iii) delivery by such holders to the Certificate Administrator and the Trustee of Rating Agency Confirmation from each Rating Agency (such Rating Agency Confirmation will be obtained at the expense of those holders of certificates requesting such vote), the Certificate Administrator will be required to promptly post notice of such request on the Certificate Administrator’s website and concurrently provide written notice of such request by mail and conduct the solicitation of votes of all Certificates in such regard, which such vote must occur within 180 days of the posting of such notice. Upon the written direction of (i) Holders of Principal Balance Certificates evidencing at least 66-2/3% of a Pooled Quorum or (ii) holders of Principal Balance Certificates evidencing more than 50% of the aggregate Voting Rights of each Class of Non-Reduced

 

 



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Certificates on an aggregate basis, the Trustee will be required to terminate all of the rights and obligations of the Special Servicer with respect to the Tower 333 Whole Loan pursuant to Section 7.01 and appoint the successor Special Servicer (which must be a Qualified Replacement Special Servicer) designated by such Certificateholders, subject to indemnification, right to outstanding fees, reimbursement of Advances and other rights set forth in the this Agreement, which survive such termination.

 

After the occurrence and during the continuance of a 825 South Hill Control Appraisal Period, upon (i) the written direction of holders of Principal Balance Certificates evidencing not less than 25% of the Pooled Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Pooled Principal Balance Certificates) requesting a vote to replace the Special Servicer with a new special servicer, (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 (which fees and expenses will not be additional trust fund expenses), and (iii) delivery by such holders to the Certificate Administrator and the Trustee of Rating Agency Confirmation from each Rating Agency (such Rating Agency Confirmation will be obtained at the expense of those holders of certificates requesting such vote), the Certificate Administrator will be required to promptly post notice of such request on the Certificate Administrator’s website and concurrently provide written notice of such request by mail and conduct the solicitation of votes of all Certificates in such regard, which such vote must occur within 180 days of the posting of such notice. Upon the written direction of (i) Holders of Principal Balance Certificates evidencing at least 66-2/3% of a Pooled Quorum or (ii) holders of Principal Balance Certificates evidencing more than 50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates on an aggregate basis, the Trustee will be required to terminate all of the rights and obligations of the Special Servicer with respect to the 825 South Hill Whole Loan pursuant to Section 7.01 and appoint the successor Special Servicer (which must be a Qualified Replacement Special Servicer) designated by such Certificateholders, subject to indemnification, right to outstanding fees, reimbursement of Advances and other rights set forth in the this Agreement, which survive such termination.

 

(e)        The Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement or direction to terminate pursuant to Section 3.22(c) or Section 3.22(d) of this Agreement, so notify the Certificate Administrator, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). The termination of the Special Servicer and appointment of a successor Special Servicer pursuant to this Section 3.22 shall not be effective until (i) the Trustee receives from each Rating Agency a Rating Agency Confirmation and, if such successor Special Servicer shall also specially service a Serviced Whole Loan, a Serviced Companion Loan Rating Agency Confirmation, (ii) the successor special servicer has assumed all of its responsibilities, duties and liabilities hereunder pursuant to a writing reasonably satisfactory to the Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to the effect that (x) the designation of such replacement to serve as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement and (z) this Agreement will be enforceable against such replacement in accordance with its terms, (iv) the replacement Special Servicer certifies that such

 

 



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replacement special servicer satisfies all related qualifications set forth in the Intercreditor Agreement relating to such Serviced Companion Loan and (v) receipt by the Certificate Administrator (with a confirmation of such receipt delivered to the Trustee) of notice and information required to be delivered by the successor Special Servicer under Section 10.03 of this Agreement. Any successor Special Servicer shall make the representations and warranties provided for in Section 2.04(b) of this Agreement mutatis mutandis. Further, such successor Special Servicer shall be a Person that (i) satisfies all of the eligibility requirements applicable to the special servicer contained in this Agreement, (ii) (A) has been appointed as a special servicer on a transaction-level basis on the closing date of a commercial mortgage-backed securities transaction and, as of the date of such determination, is the special servicer of such securitization, with respect to which Moody’s rated one or more classes of certificates and one or more classes of such certificates are still outstanding and rated by Moody’s, and (B) is not a special servicer that has been cited by Moody’s as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, (iii) currently has a special servicer rating of at least “CSS3” from Fitch, and (iv) is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination. In addition, any replacement Special Servicer that will service any Serviced Whole Loan shall meet any requirements specified in the related Intercreditor Agreement or, if applicable, the related Other Pooling and Servicing Agreement.

 

The existing Special Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer hereunder; provided that the Special Servicer removed pursuant to this Section shall be entitled to receive, and shall have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of such resignation and it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee specified in Section 3.12(c) of this Agreement if the Special Servicer is terminated and any indemnification rights that the Special Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding any such removal. Such removed Special Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting the termination of the resigning Special Servicer’s responsibilities and rights hereunder, including without limitation the transfer within two Business Days to the successor Special Servicer for administration by it of all cash amounts that are thereafter received with respect to the Mortgage Loans and, if applicable, Whole Loans.

 

(f)         The appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations to make Advances as set forth herein; provided that none of the Trustee, the Master Servicer or the previous special servicer

 

 



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shall be liable for any actions or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer (and it is acknowledged that there is no such fee payable in the event of a termination for breach of this Agreement) shall be paid by the Certificateholders or the Directing Holder, as applicable, so terminating the Special Servicer and shall not in any event be an expense of the Trust Fund or any Serviced Companion Loan Noteholder (unless such Serviced Companion Loan Noteholder is the Directing Holder).

 

(g)        If a replacement special servicer is appointed with respect to a Serviced Whole Loan or any related Serviced REO Property in accordance with this Section 3.22 such that there are multiple parties acting as Special Servicer hereunder, then, unless the context clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special Servicer hereunder or the performance of such duties and obligations, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer, insofar as such duties and obligations relate to the subject Serviced Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer (as defined below in clause (h)), in all other cases (provided that in Section 3.14 and Article VII of this Agreement, the term “Special Servicer” shall mean each of the Serviced Whole Loan Special Servicers and the General Special Servicer); (ii) when used in the context of identifying the recipient of any information, funds, documents, instruments and/or other items, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the subject Serviced Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer, in all other cases; (iii) when used in the context of granting the Special Servicer the right to purchase Defaulted Loans pursuant to Section 3.16 of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv) when used in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans and all other property held by the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (v) when used in the context of the Special Servicer being replaced pursuant to this Section 3.22 by the applicable Directing Holder, the term “Special Servicer” shall mean the General Special Servicer or the Serviced Whole Loan Special Servicer, if applicable; (vi) when used in the context of granting the Special Servicer any protections, limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean each of the Serviced Whole Loan Special Servicers and the General Special Servicer; and (vii) when used in the context of requiring indemnification from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the foregoing, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer or the General Special Servicer, as applicable.

 

(h)        References in this Section 3.22 to “General Special Servicer” mean the Person performing the duties and obligations of special servicer with respect to the Mortgage Pool (exclusive of any Whole Loan or related REO Property as to which a different Serviced Whole Loan Special Servicer has been appointed with respect thereto).

 

 



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(i)         No penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 3.22. All costs and expenses of any such termination made without cause shall be paid by the Controlling Class Certificateholders.

 

(j)         Notwithstanding anything to the contrary contained in this Section 3.22, with respect to any Excluded Special Servicer Loan, if any, the Special Servicer shall resign with respect to such Excluded Special Servicer Loan.

 

In the event the Special Servicer is required to resign as Special Servicer with respect to any Excluded Special Servicer Loan because it obtains knowledge that it is a Borrower Party other than during the continuance of a Consultation Termination Event, then (i) if the Excluded Special Servicer Loan is not also an Excluded Loan applicable to the Directing Holder, then the Directing Holder shall appoint (and replace with or without cause) the Excluded Special Servicer, as successor to the resigning Special Servicer, in accordance with this Agreement for the Excluded Special Servicer Loan, (ii) if the Excluded Special Servicer Loan is also an Excluded Loan applicable to the Directing Holder, then the largest Controlling Class Certificateholder (by Certificate Balance) that is not an Excluded Controlling Class Holder shall appoint (and replace with or without cause) the Excluded Special Servicer for the Excluded Special Servicer Loan, and (iii) if there is no Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, then the resigning Special Servicer shall use reasonable efforts to appoint the Excluded Special Servicer for the Excluded Special Servicer Loan.

 

In the event the Special Servicer is required to resign as Special Servicer with respect to any Excluded Special Servicer Loan because it obtains knowledge that it is a Borrower Party and either (i) a Consultation Termination Event is continuing or (ii) there is no Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, then the resigning Special Servicer shall use reasonable efforts to appoint the Excluded Special Servicer for the Excluded Special Servicer Loan. The Special Servicer shall not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with respect to the identity of the applicable Excluded Special Servicer.

 

If at any time the Special Servicer that had acted as the Special Servicer for an Excluded Special Servicer Loan prior to it becoming an Excluded Special Servicer Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged Property becoming REO Property) with respect to an Excluded Special Servicer Loan, (1) the related Excluded Special Servicer shall resign, (2) the related Mortgage Loan shall no longer be an Excluded Special Servicer Loan, (3) such Special Servicer shall become the Special Servicer again for such related Mortgage Loan and (4) such original Special Servicer shall be entitled to all special servicing compensation with respect to such Mortgage Loan earned during such time on and after such Mortgage Loan is no longer an Excluded Special Servicer Loan.

 

The Excluded Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Loan and will be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan earned during such time as the related Mortgage Loan is an Excluded Special Servicer Loan (provided that the Special Servicer shall remain entitled to all other special servicing compensation with respect all Mortgage Loans and Serviced Whole Loans that are not Excluded Special Servicer Loans during such time).

 

 



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If a Servicing Officer or Special Servicing Officer, as applicable, of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as applicable, has actual knowledge that a Mortgage Loan is no longer an Excluded Loan, an Excluded Controlling Class Loan or an Excluded Special Servicer Loan, as applicable, the Master Servicer, the related Excluded Special Servicer or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

(k)        No removal or replacement of the Special Servicer as contemplated by this Agreement shall become effective until (i) a successor Special Servicer shall have assumed the resigning or terminated Special Servicer’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under Section 10.03 or Section 10.09 has been delivered to any applicable Other Depositor with respect to any related Companion Loan, and (iv) as to any resignation, removal, succession, merger or consolidation of the Special Servicer that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Special Servicer or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated effective date of such event.

 

Section 3.23     Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report. (a) Upon the occurrence of any event specified in the definition of Specially Serviced Loan with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan of which the Master Servicer may have notice, the Master Servicer shall promptly give notice thereof to the Special Servicer, the Certificate Administrator, the Trustee, the related Mortgage Loan Seller, if no Consultation Termination Event is continuing, the Directing Holder and, if applicable, the related Serviced Companion Loan Noteholders and shall use efforts in accordance with the Servicing Standard to provide the Special Servicer with the Servicing File and all other information, documents (but excluding the original documents constituting the Mortgage File) and records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto without acting through a sub-servicer. The Master Servicer shall use efforts in accordance with the Servicing Standard to comply with the preceding sentence within five Business Days of the date it has notice of the occurrence of any event specified in the definition of Specially Serviced Loan and in any event shall continue to act as Master Servicer and administrator of such Mortgage Loan or Serviced Whole Loan, until the Special Servicer has commenced the servicing of such Mortgage Loan or Serviced Whole Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence. With respect to each Mortgage Loan or Serviced Whole Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the related Borrower to continue to remit all payments in respect of such Mortgage Loan or Serviced Whole Loan to the Master Servicer. The Master Servicer shall forward any notices it would otherwise send to the Borrower of a Specially Serviced Loan to the Special Servicer, who shall send such notice to the related Borrower.

 




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Upon determining that a Specially Serviced Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the Master Servicer, and upon giving such notice, such Mortgage Loan or Serviced Whole Loan shall cease to be a Specially Serviced Loan in accordance with the first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation to service such Mortgage Loan or Serviced Whole Loan shall terminate and the obligations of the Master Servicer to service and administer such Mortgage Loan or Serviced Whole Loan as a Mortgage Loan or Serviced Whole Loan that is a Performing Loan shall resume.

 

(b)        In servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in the possession of the Special Servicer) and copies of any additional related Mortgage Loan information, including correspondence with the related Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)        Not later than two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section 3.13(a) of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator, with a copy to the Trustee and the Master Servicer, a written statement describing, on a loan by loan basis, (i) the amount of all payments received on each Specially Serviced Loan, including Principal Prepayments, on each Specially Serviced Loan, the amount of Net Insurance Proceeds and Net Liquidation Proceeds received with respect to each Specially Serviced Loan, and with respect to REO Properties, 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 Serviced REO Property relating to each applicable Specially Serviced Loan, in each case in accordance with Section 3.15 of this Agreement (it being understood and agreed that to the extent this information is provided in accordance with Section 3.13(g) of this Agreement, this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional information relating to the Specially Serviced Loans as the Master Servicer, the Certificate Administrator or the Trustee reasonably request, to enable it to perform its duties under this Agreement. Such statement and information shall be furnished to the Master Servicer in writing and/or in such electronic media as is acceptable to the Master Servicer.

 

(d)        Notwithstanding the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect to each of the Specially Serviced Loans relating to a Mortgage Loan that it is servicing and shall provide the Special Servicer with any information reasonably required by the Special Servicer to perform its duties under this Agreement. The Special Servicer shall provide the Master Servicer with any information reasonably required by the Master Servicer to perform its duties under this Agreement.

 

(e)        No later than 45 days after a Serviced Mortgage Loan or Trust Subordinate Companion Loan and, if applicable, any related Serviced Companion Loan becomes a Specially Serviced Loan (the “Initial Delivery Date”), the Special Servicer shall deliver a report (the “Asset Status Report”) with respect to such Mortgage Loan, Serviced Whole Loan or

 

 



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Trust Subordinate Companion Loan and the related Mortgaged Property. Subsequent to the issuance of a Final Asset Status Report, the Special Servicer shall prepare one or more additional Asset Status Reports with respect to such Specially Serviced Loan (each such report a “Subsequent Asset Status Report”) to the extent that during the course of the resolution of such Specially Serviced Loan material changes in the strategy reflected in the initial Final Asset Status Report (or subsequent Final Asset Status Reports) are necessary to reflect the then current circumstances and recommendation as to how the Specially Serviced Loan might be returned to performing status or otherwise liquidated in accordance with the Servicing Standard. The Special Servicer shall deliver each Asset Status Report to the Master Servicer, the Directing Holder (but (i) only if no Consultation Termination Event is continuing and (ii) not with respect to any applicable Excluded Loan), each Risk Retention Consultation Party (but not with respect to any applicable Excluded Loan), the BX Industrial Portfolio Risk Retention Consultation Party (but only in the case of an Asset Status Report relating to the BX Industrial Portfolio Whole Loan), the Tower 333 Risk Retention Consultation Party (but only in the case of an Asset Status Report relating to the Tower 333 Whole Loan), the 825 South Hill Risk Retention Consultation Party (but only in the case of an Asset Status Report relating to the 825 South Hill Whole Loan), the BX Industrial Portfolio Controlling Class Representative (but only in the case of an Asset Status Report relating to the BX Industrial Portfolio Whole Loan, and only for so long as no BX Industrial Portfolio Note B Control Appraisal Period has occurred and is continuing), the Tower 333 Controlling Class Representative (but only in the case of an Asset Status Report relating to the Tower 333 Whole Loan, and only for so long as no Tower 333 Note B Control Appraisal Period has occurred and is continuing), the 825 South Hill Controlling Class Representative (but only in the case of an Asset Status Report relating to the 825 South Hill Whole Loan, and only for so long as no 825 South Hill Control Appraisal Period has occurred and is continuing), with respect to any related Serviced Companion Loan, to the extent the related Serviced Companion Loan has been included in a securitization transaction, to the master servicer of such securitization into which the related Serviced Companion Loan has been sold or to the holder of the related Serviced Companion Loan, the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), each related Serviced Companion Loan Noteholder, and upon request, the Underwriters and the Initial Purchasers; provided that the Special Servicer shall not be required to deliver an Asset Status Report to the Directing Holder if the Special Servicer and the Directing Holder are the same entity. A summary of each Final Asset Status Report shall be provided to the Certificate Administrator and the Trustee. Such Asset Status Report shall set forth the following information to the extent reasonably determinable:

 

(i)     summary of the status of such Specially Serviced Loan and any negotiations with the related Borrower;

 

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

 

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

 

 



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(iv)   (A) the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Loan or Serviced REO Property), (B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered by the Special Servicer in connection with the proposed or taken actions;

 

(v)    the status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under the related Mortgage Loan or Serviced Whole Loan;

 

(vi)   a description of any amendment, modification or waiver of a material term of any ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease, any such space lease or air rights lease) or franchise agreement;

 

(vii)  the decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii) an analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net present value calculation (including the applicable Calculation Rate used) and all related assumptions;

 

(ix)   the appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an explanation of those adjustments; and

 

(x)    such other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

As provided in Section 3.12(d), if any Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the related Servicing Shift Securitization Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and related REO Property in the same manner as any other Specially Serviced Loan or Serviced REO Property, shall be entitled to all Special Servicing Compensation earned with respect to such Serviced Whole Loan and shall have all the rights and obligations with respect to such Serviced Whole Loan as Special Servicer of such Serviced Whole Loan.

 

With respect to any Mortgage Loan other than an applicable Excluded Loan, for so long as no Control Termination Event is continuing, if within 10 Business Days of receiving an Asset Status Report, the Directing Holder does not disapprove such Asset Status Report in writing, the Directing Holder will be deemed to have approved such Asset Status Report and the Special Servicer shall implement the recommended action as outlined in such Asset Status

 

 



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Report; provided that such Special Servicer may not take any action that is contrary to applicable law, this Agreement, the Servicing Standard (taking into consideration the best interests of all the Certificateholders and the RR Interest Owner and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), the terms of the applicable Loan Documents or any related Intercreditor Agreement. For so long as no Control Termination Event is continuing, if the Directing Holder disapproves such Asset Status Report within such 10 Business Day period, the Special Servicer will revise such Asset Status Report and deliver to the Directing Holder (in the case of (a) the BX Industrial Portfolio Whole Loan, only during the continuance of a BX Industrial Portfolio Note B Control Appraisal Period, (b) the Tower 333 Whole Loan, only during the continuance of a Tower 333 Note B Control Appraisal Period and (c) the 825 South Hill Whole Loan, only during the continuance of a 825 South Hill Control Appraisal Period), the Master Servicer, the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and each related Serviced Companion Loan Noteholder, a new Asset Status Report as soon as practicable, but in no event later than 30 days after such disapproval. The Special Servicer shall revise such Asset Status Report as described above in this Section 3.23(e) until the Directing Holder fails to disapprove such revised Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination consistent with the Servicing Standard, that such objection is not in the best interests of all the Certificateholders and the RR Interest Owner and, with respect to any Serviced Whole Loan, the best interests of the Certificateholders, the RR Interest Owner and the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). In any event, for so long as no Control Termination Event is continuing, if the Directing Holder does not approve an Asset Status Report within 60 Business Days from the first submission of an Asset Status Report, the Special Servicer shall follow the Directing Holder’s direction, if such direction is consistent with the Servicing Standard; provided, however, that if the Directing Holder’s direction would cause the Special Servicer to violate the Servicing Standard, the Special Servicer may act upon the most recently submitted form of Asset Status Report if consistent with the Servicing Standard. The procedures described in this paragraph are collectively referred to as the “Directing Holder Asset Status Report Review Process”.

 

The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section, and in particular, shall modify and resubmit such Asset Status Report to the Directing Holder (with a copy to the Trustee and the Certificate Administrator) if (i) the estimated sales proceeds, foreclosure proceeds, workout or restructure terms or anticipated debt forgiveness varies materially from the amount on which the original report was based or (ii) the related Borrower becomes the subject of bankruptcy proceedings. Notwithstanding the foregoing, the Special Servicer (i) may, following the occurrence of an extraordinary event with respect to the related Mortgaged Property, take any action set forth in such Asset Status Report before the expiration of a 10

 

 



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Business Day period if the Special Servicer has reasonably determined that failure to take such action would materially and adversely affect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), and it has made a reasonable effort to contact the Directing Holder and, if any Serviced Whole Loan is involved, the related Serviced Companion Loan Noteholders and (ii) in any case, shall determine whether such affirmative disapproval is not in the best interests of all the Certificateholders and the RR Interest Owner (taken as a collective whole) (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders, the RR Interest Owner and the holders of the related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature of such Companion Loan)) and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)) pursuant to the Servicing Standard, and, upon making such determination, shall implement the recommended action outlined in the Asset Status Report. The Asset Status Report is not intended to replace or satisfy any specific consent or approval right which the Directing Holder may have. Any Asset Status Report delivered with respect to an Excluded Controlling Class Loan shall be sent via email (or such other electronic means mutually acceptable to the parties) in one or more separate files labeled by the Special Servicer “Excluded Information” followed by the applicable loan number and loan name to cmbsexcludedinformation@wellsfargo.com.

 

The Special Servicer shall have the authority to meet with the Borrower for any Specially Serviced Loan and take such actions consistent with the Servicing Standard and the related Asset Status Report. The Special Servicer shall not take any action inconsistent with the related Asset Status Report, unless such action would be required in order to act in accordance with the Servicing Standard, this Agreement, applicable law or the related Loan Documents.

 

During the continuance of a Control Termination Event and at any time with respect to an Excluded Loan applicable to the Directing Holder, the Directing Holder shall have no right to consent to any Asset Status Report under this Section 3.23. During the continuance of a Control Termination Event but other than during the continuance of a Consultation Termination Event, the Directing Holder (except with respect to any applicable Excluded Loan) shall be entitled to consult with the Special Servicer (in person or remotely via electronic, telephonic or other mutually agreeable communication). During the continuance of a Consultation Termination Event (and at any time with respect to any applicable Excluded Loan), 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 Asset Status Reports. The Special Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in accordance with the Servicing Standard to take into account any input and/or recommendations of the Directing Holder during the applicable periods described above, but is under no obligation to follow any particular recommendation of the Directing Holder. The Special Servicer shall implement the Final Asset Status Report.

 

 



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Notwithstanding the foregoing, with respect to each Serviced AB Whole Loan, other than during continuance of a related Control Appraisal Period, the related Loan-Specific Directing Holder, rather than the Pooled Trust Directing Holder, will have certain approval rights over any related Asset Status Report.

 

In addition, with respect to a Serviced Whole Loan, such Asset Status Reports are subject to any non-binding consultation rights, if any, that the holders of the related Pari Passu Companion Loans have pursuant to the related Intercreditor Agreement.

 

If the Directing Holder does not propose alternative courses of action within ten (10) Business Days after receipt of such Asset Status Report, the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.

 

(f)         No direction, advice, consent, approval or disapproval of the Directing Holder or a Risk Retention Consultation Party shall (a) require, permit or cause the Special Servicer to violate the terms of a Specially Serviced Loan, any related Intercreditor Agreement, applicable law or any provision of this Agreement, including, but not limited to, Section 3.09, Section 3.16, Section 3.18 and Section 3.25 and the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs and the Upper-Tier REMIC, or (b) result in the imposition of a “prohibited transaction” or “contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer, the Depositor, the Trust Fund, the Certificate Administrator, the Paying Agent, the Trustee or their respective officers, directors, employees or agents to any claim, suit or liability or (d) materially expand the scope of the Special Servicer’s, Certificate Administrator’s, Trustee’s or the Master Servicer’s responsibilities under this Agreement. The Special Servicer shall not be required to follow any direction of the Directing Holder described in this paragraph.

 

As provided in Section 3.12(d), if any Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the related Servicing Shift Securitization Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and related REO Property in the same manner as any other Specially Serviced Loan or Serviced REO Property, shall be entitled to all Special Servicing Compensation earned with respect to such Serviced Whole Loan and shall have all the rights and obligations with respect to such Serviced Whole Loan as Special Servicer of such Serviced Whole Loan.

 

No direction, advice, consent, approval or disapproval of the Directing Holder or a Risk Retention Consultation Party shall (a) require, permit or cause the Special Servicer to violate the terms of a Specially Serviced Loan, any related Intercreditor Agreement, applicable law or any provision of this Agreement, including, but not limited to, Section 3.09, Section 3.16, Section 3.18 and Section 3.25 and the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate Companion Loan REMICs and the grantor trust status of the Grantor Trust, or (b) result in the imposition of a “prohibited transaction” or “contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer, the Depositor, the Trust Fund, the Certificate Administrator, the Paying Agent, the Trustee or their respective officers, directors, employees or agents to any claim, suit or liability or (d) materially expand the scope of the Special Servicer’s, Certificate Administrator’s, Trustee’s or the Master

 

 



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Servicer’s responsibilities under this Agreement. The Special Servicer shall not be required to follow any direction of the Directing Holder described in this paragraph.

 

(g)        [Reserved].

 

Section 3.24     Special Instructions for the Master Servicer and/or Special Servicer. (a) Prior to taking any action with respect to a Mortgage Loan or a Serviced Whole Loan secured by Mortgaged Properties located in a “one-action” state, the Master Servicer or Special Servicer, as applicable, shall consult with legal counsel, the fees and expenses of which shall be an expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement).



 

(b)        The Master Servicer shall send written notice to each Borrower (other than with respect to a Non-Serviced Mortgage Loan) and the related Manager and clearing bank relating to a Serviced Mortgage Loan that it is servicing that, if applicable, it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any related Lock-Box Agreement.

 

(c)        Without limiting the obligations of the Master Servicer hereunder with respect to the enforcement of a Borrower’s obligations under the related Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions of the Loan Documents relating to the Serviced Mortgage Loan that it is servicing with respect to the collection of Prepayment Premiums and Yield Maintenance Charges.

 

(d)        If a Rating Agency shall charge a fee in connection with providing a Rating Agency Confirmation, the Master Servicer shall require the related Borrower (other than with respect to a Non-Serviced Mortgage Loan) to pay such fee to the extent not inconsistent with the applicable Loan Documents. If such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional Trust Fund Expense in the same manner as Realized Losses as set forth in Section 4.01(l) of this Agreement) and, (1) in the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan (but not a Subordinate Companion Loan), allocated in accordance with the allocation provisions of the related Intercreditor Agreement, the costs of which may be advanced as a Servicing Advance.

 

(e)        The Master Servicer shall, in accordance with the Servicing Standard, use commercially reasonable efforts to exercise on behalf of the Trust any right of the Trust to recover any amounts owed by the Serviced Companion Loan Noteholders to the Trust Fund pursuant to the related Intercreditor Agreement (but in the case of any Serviced Subordinate Companion Loan, subject to Section 1.02). The cost of such enforcement on behalf of the Trust shall be paid and reimbursable as a Servicing Advance.

 

(f)         With respect to a Serviced Mortgage Loan and any related Serviced Companion Loan with a Stated Principal Balance equal to or greater than the lesser of 5% of the Stated Principal Balance of all Mortgage Loans held by the Trust Fund and $35,000,000, or with respect to any Mortgage Loan that is one of the ten largest Mortgage Loans based on Stated Principal Balance, to the extent not inconsistent with the related Mortgage Loan or Serviced Whole Loan, the Master Servicer shall not consent to a change of franchise affiliation with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced

 

 



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Mortgage Loan) serviced hereunder or the property manager with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced hereunder unless the Master Servicer obtains a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any.

 

Section 3.25     Certain Rights and Obligations of the Master Servicer and/or the Special Servicer. (a) Notwithstanding any other provision of this Agreement, neither the Master Servicer nor the Special Servicer shall be required to take or refrain from taking any action pursuant to instructions from the Directing Holder or a Non-Controlling Note Holder, or due to any failure to approve an action by the Directing Holder, or due to any objection by the Directing Holder or a Non-Controlling Note Holder that would (i) cause any one of them to violate applicable law, the terms of any Loan Documents, any Intercreditor Agreement, this Agreement, including the Servicing Standard, or the REMIC Provisions of the Code, (ii) expose the Master Servicer, the Special Servicer, the Depositor, the Paying Agent, a Mortgage Loan Seller, the Trust Fund, the Trustee, the Certificate Administrator (in any of its capacities), or the Custodian or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, (iii) materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities, or (iv) cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner that is not in the best interests of the Certificateholders and the RR Interest Owner.



 

(b)        Upon request, the Master Servicer and the Special Servicer, as applicable, shall discuss with the Directing Holder (for so long as no Consultation Termination Event is continuing and other than with respect to any applicable Excluded Loan), on a monthly basis, the performance of any Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan, which is delinquent, has been placed on a “Watch List” or has been identified by the Master Servicer or the Special Servicer as exhibiting deteriorating performance.

 

Section 3.26     Modification, Waiver, Amendment and Consents. (a) Subject to Sections 3.25, Section 3.26(f) and 3.27, and, if applicable, each Intercreditor Agreement, (i) with respect to any Performing Loan and actions that do not involve Special Servicer Major Decisions or Special Servicer Non-Major Decisions, the Master Servicer, or (ii) with respect to (A) any Specially Serviced Loan and (B) Special Servicer Major Decisions or Special Servicer Non-Major Decisions irrespective of whether the related Mortgage Loan is a Performing Loan, the Special Servicer, in each case subject to (x) the rights of the Directing Holder and (y) with respect to a Serviced Whole Loan with a Subordinate Companion Loan, the rights of the holder of the related Subordinate Companion Loans and the Risk Retention Consultation Parties (to the extent the Risk Retention Consultation Parties have consultation rights pursuant to Section 6.07 of this Agreement), may modify, waive, amend, consent or take such other action with respect to any term of any Serviced Mortgage Loan and any related Serviced Companion Loan if such modification, waiver, amendment, consent or other action (A) is consistent with the Servicing Standard and (B) would not constitute a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event. Each of the Master Servicer and the Special Servicer may conclusively rely on an Opinion of Counsel in meeting this requirement. In order to meet the foregoing requirements, in the case of a release of real property collateral securing a Mortgage Loan, the Master Servicer or Special Servicer, as applicable, shall observe the REMIC requirements of the Code with respect to a required payment of principal if the loan-to-value



 

 



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ratio immediately after the release exceeds 125% with respect to the related real property collateral. In connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or to approve the calculation of the related Borrower of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan or Serviced Whole Loan, then such calculation shall exclude the value of any personal property and going concern value, if any. If, following any such release or taking, the loan-to-value ratio as so calculated is greater than 125%, the Master Servicer or Special Servicer, as applicable, shall require payment of principal by a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions, unless the related Borrower provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan will not fail to be a Qualified Mortgage.

 

If a Borrower satisfies the requirements set forth in the definition of “COVID Modification”, the Master Servicer may enter into a COVID Modification with the related Borrower. Notwithstanding anything set forth in the definition of Major Decision, neither a COVID Modification nor the entering into of any COVID Modification Agreement by the Master Servicer shall be a Major Decision. In exchange for a fee as described below, the Master Servicer shall be responsible for processing any COVID Modification and any related COVID Modification Agreement for any COVID Modified Loan.

 

The Borrowers may request payment forbearance because of COVID-19 related financial hardship. The Master Servicer shall be allowed to grant a forbearance on a Mortgage Loan related to the global COVID-19 emergency if (i) prior to the 2021 calendar year, the period of forbearance granted, when added to any prior periods of forbearance granted before or after the Trust acquired such Mortgage Loan (whether or not such prior grants of forbearance were specifically covered by Revenue Procedure 2020-26), does not exceed six months (or such longer period of time as may be allowed by future guidance that is binding on federal income tax authorities) and such forbearance is specifically covered by Revenue Procedure 2020-26, (ii) such forbearance is permitted under another provision of this Agreement and the requirements under such provision are satisfied, or (iii) an Opinion of Counsel is delivered to the effect that such forbearance will not result in an Adverse REMIC Event.

 

Any fees or other charges charged by the Master Servicer in connection with processing any COVID Modification or related COVID Modification Agreement with respect to any COVID Modified Loan (in the aggregate with any other COVID Modification or COVID Modification Agreement with respect to such COVID Modified Loan) shall not exceed an amount equal to $30,000 (plus reasonable and customary attorney’s fees and expenses, out of pocket third party fees and expenses and filing fees) and shall only be borne by the related Borrower, not the Trust.

 

Upon receiving a request for any matter that constitutes a Special Servicer Non-Major Decision or a Special Servicer Major Decision with respect to a Serviced Mortgage Loan that is not a Specially Serviced Loan, the Master Servicer shall forward such request to the

 

 



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Special Servicer and, unless the Master Servicer and the Special Servicer mutually agree that the Master Servicer will process such request, the Special Servicer will be required to process such request and the Master Servicer will have no further obligation with respect to such request or the Special Servicer Non-Major Decision or Special Servicer Major Decision other than providing the Special Servicer with any reasonably requested information or documentation. In addition, the Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under a ground lease where the collateral for the Mortgage Loan is the ground lease, and the Special Servicer will determine in accordance with the Servicing Standard whether to cure any borrower defaults relating to ground leases.

 

Notwithstanding the foregoing, the Master Servicer and the Special Servicer may mutually agree that the Master Servicer will process any of the foregoing matters that are Special Servicer Major Decisions or Special Servicer Non-Major Decisions with respect to any Performing Loan. If the Master Servicer and the Special Servicer mutually agree that the Master Servicer will process any Special Servicer Major Decision or Special Servicer Non-Major Decision with respect to a Performing Loan, the Master Servicer shall obtain the consent (or deemed consent) of the Special Servicer as provided in Section 3.26(m).

 

(b)        Neither the Master Servicer nor the Special Servicer may extend the Maturity Date of any Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan beyond the date that is the date occurring later than the earlier of (A)(i) seven years prior to the Rated Final Distribution Date, (ii) solely with respect to the BX Industrial Portfolio Whole Loan, seven years prior to the rated final distribution date for the BX Industrial Portfolio Loan-Specific Certificates, (iii) solely with respect to the Tower 333 Whole Loan, seven years prior to the rated final distribution date for the Tower 333 Loan-Specific Certificates or (iv) solely with respect to the 825 South Hill Whole Loan, seven years prior to the rated final distribution date for the 825 South Hill Loan-Specific Certificates and (B) in the case of a Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan secured solely or primarily by the related Borrower’s interest in a ground lease (or, with respect to a leasehold interest where the related Borrower is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease), the date that is 20 years prior to the expiration date of such ground lease (or, with respect to a leasehold interest where the related Borrower is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease) (or 10 years prior to the expiration date of such lease if the Master Servicer or the Special Servicer, as applicable gives due consideration to the remaining term of such ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease) and such extension is in the best interest of the Certificateholders and the RR Interest Owner and, with respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders, RR Interest Owner and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)) and, (A) if no Control Termination Event is continuing, with the consent of the Directing Holder and (B) to the extent such extension constitutes a Major Decision, after consultation with each Risk Retention Consultation Party pursuant to Section 6.07).

 

 



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(c)        Neither the Master Servicer nor the Special Servicer shall permit any Borrower to add or substitute any collateral for an outstanding Serviced Mortgage Loan and any related Serviced Companion Loan, which collateral constitutes real property, unless the Master Servicer or the Special Servicer, as applicable, shall have obtained a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any.

 

(d)        Any payment of interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes hereof, including, without limitation, calculating monthly distributions to Certificateholders or, if applicable, Serviced Companion Loan Noteholders, be added to the unpaid principal balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan or such modification, waiver or amendment so permit.

 

(e)        Except for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Serviced Mortgage Loans and any related Serviced Companion Loans in accordance with this Section 3.26 or Section 3.27 of this Agreement (with respect to Serviced Whole Loans) shall be in writing.

 

(f)         The Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, each Risk Retention Consultation Party, the Directing Holder (other than if a Consultation Termination Event is continuing), the Depositor, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), in writing, of any modification, waiver, material consent or amendment of any term of any Serviced Mortgage Loan and any related Serviced Companion Loan and the date thereof, and shall deliver to the Custodian for deposit in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver, material consent or amendment, promptly (and in any event within 10 Business Days) following the execution thereof.

 

(g)        The Master Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by a Borrower for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Whole Loan and is permitted by the terms of this Agreement and applicable law, require that such Borrower pay to it (i) as additional servicing compensation, a reasonable and customary fee for the additional services performed in connection with such request (provided that the charging of such fee would not constitute a “significant modification” of the related Mortgage Loan or Serviced Whole Loan within the meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs and expenses incurred by it. In no event shall the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such payment is collected from the related Borrower.

 

(h)        Notwithstanding the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan or Serviced Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8) and satisfies the conditions set forth in Section 3.09(f) of this Agreement.

 

 



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(i)         Notwithstanding anything herein or in the related Loan Documents to the contrary, the Master Servicer may permit the substitution of direct, non-callable “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency securities if such securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for any Mortgaged Property pursuant to the defeasance provisions of any Serviced Mortgage Loan and any related Serviced Companion Loan (or any portion thereof) in lieu of the defeasance collateral specified in the related Loan Documents; provided that, the Master Servicer reasonably determines that allowing their use would not cause a default or event of default under the related Loan Documents to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense of the Borrower to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event and provided that the requirements set forth in Section 3.09(f) of this Agreement are satisfied.

 

Notwithstanding the foregoing, with respect to all of the Mortgage Loans acquired by GACC that are subject to defeasance, GACC has transferred to a third party or has retained on behalf of itself or an Affiliate the right to establish or designate the successor borrower and/or to purchase or cause to be purchased the related defeasance collateral (any such right or obligation, the “Retained Defeasance Rights and Obligations”). In the event the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan for which GACC is the related Mortgage Loan Seller, which such Mortgage Loan provides for Retained Defeasance Rights and Obligations in the related Mortgage Loan documents, the Master Servicer shall provide, within five (5) Business Days of receipt of such notice, written notice of such defeasance request to GACC in the case of any such Mortgage Loan for which GACC is the related Mortgage Loan Seller. Until such time as GACC provides the Master Servicer with written notice to the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which GACC is the related Mortgage Loan Seller shall be delivered to German American Capital Corporation, 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye with copies via email to cmbs.requests@db.com. With respect to any Mortgage Loan originated or acquired by GACC that is subject to defeasance, if the successor borrower is not designated or formed by GACC or any Affiliate or successor thereto, the successor borrower shall be reasonably acceptable to the Master Servicer in accordance with the Servicing Standard.

 

(j)         If required under the related Loan Documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish and maintain one or more accounts, which may be sub-accounts of the Collection Account (the “Defeasance Accounts”), into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Loan Documents. Each Defeasance Account shall at all times be an Eligible Account. Notwithstanding the foregoing, in no event shall the Master Servicer permit such amounts to be maintained in the Defeasance Account for a period in excess of 12 months, unless such amounts are reinvested by the Master Servicer in “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the

 

 



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extent not required or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance collateral substituted for any Mortgaged Property into the Collection Account or, if a Serviced Whole Loan is involved, the Serviced Whole Loan Collection Account and treat any such payments as payments made on the Mortgage Loan or Serviced Whole Loan, as applicable, in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution Amount, and not as a prepayment of the related Mortgage Loan or Serviced Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Master Servicer permit such amounts to be maintained in the Collection Account or, if a Serviced Whole Loan is involved, the Serviced Whole Loan Collection Account for a period in excess of 365 days.

 

(k)        Any right to take any action, grant or withhold any consent or otherwise exercise any right, election or remedy afforded the Directing Holder under this Agreement may, unless otherwise expressly provided herein to the contrary, be affirmatively waived by the Directing Holder by written notice given to the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable. Upon delivery of any such notice of waiver given by the Directing Holder, any time period (exclusive or otherwise) afforded the Directing Holder to exercise any such right, make any such election or grant or withhold any such consent shall thereupon be deemed to have expired with the same force and effect as if the specific time period set forth in this Agreement applicable thereto had itself expired. If the Master Servicer or Special Servicer determines that a refusal to consent by the Directing Holder or any advice from the Directing Holder would cause the Master Servicer or Special Servicer, as applicable, to violate applicable law, the terms of the applicable Loan Documents, any related Intercreditor Agreements, the REMIC Provisions or the terms of this Agreement, including without limitation, the Servicing Standard, the Master Servicer or Special Servicer shall disregard such refusal to consent or advice and notify the Directing Holder, the Trustee, the Certificate Administrator, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation of the basis therefor.

 

(l)         Any modification, waiver or amendment of, or consents or approvals relating to, a Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan or Serviced REO Loan (i) shall be performed by the Special Servicer and not the Master Servicer, (ii) to the extent provided in this Agreement and/or the applicable Intercreditor Agreement, shall be subject to the consent of the related Directing Holder and (iii) shall be structured so as to be consistent with the allocation and payment priorities in the related Loan Documents and Intercreditor Agreement, if any, such that neither the Trust as holder of the Mortgage Loan nor a holder of any related Serviced Companion Loan gains a priority over the other such holder that is not reflected in the related Loan Documents and Intercreditor Agreement. Neither the Master Servicer nor the Special Servicer shall enter into, or structure (including, without limitation, by way of the application of credits, discounts, forgiveness or otherwise), any modification, waiver, amendment, work-out, consent or approval with respect to any Mortgage Loan in a manner that would be inconsistent with the allocation and payment priorities set forth in Section 1.02(e) hereof or in the related Intercreditor Agreement.

 

 



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(m)       In addition, with respect to a Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer, prior to taking action with respect to any Special Servicer Major Decision or Special Servicer Non-Major Decision (or making a determination not to take action with respect to a Special Servicer Major Decision or Special Servicer Non-Major Decision), shall refer the request to the Special Servicer, which shall process the request directly or, if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall (subject to the consent of the Special Servicer) process such request. If the Master Servicer processes such request and is recommending approval of such request, the Master Servicer shall prepare and submit its written recommendation and analysis to the Special Servicer with all information in the Master Servicer’s possession or reasonably available to the Master Servicer that the Special Servicer may reasonably request in order to withhold or grant its consent, and in all cases the Special Servicer shall be entitled (subject to the consultation rights of the Risk Retention Consultation Parties or the consent or consultation rights of the Directing Holder pursuant to Section 6.07) to approve or disapprove any modification, waiver or amendment that constitutes a Special Servicer Major Decision or Special Servicer Non-Major Decision. When the Special Servicer’s consent is required hereunder, such consent shall be deemed given 15 Business Days, or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Holder approval, (or in connection with an Acceptable Insurance Default, 90 days) after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect to such proposed Special Servicer Major Decision or Special Servicer Non-Major Decision together with such other information reasonably requested by the Special Servicer and reasonably available to the Master Servicer. Other than during the continuance of a Control Termination Event, neither the Master Servicer (with respect to any Major Decision processed by the Master Servicer) nor the Special Servicer (with respect to any Major Decision processed by the Special Servicer) will be permitted to take any action constituting a Major Decision, as to which the Directing Holder has objected in writing within 10 Business Days (or, in connection with an Acceptable Insurance Default, 30 days) after receipt by the Directing Holder of the Master Servicer’s and/or Special Servicer’s, as applicable, written analysis and recommendation together with such other information reasonably requested by the Directing Holder; provided that if such written objection has not been received by the Master Servicer or Special Servicer, as applicable, within such 10-Business Day (or 30-day) period, the Directing Holder will be deemed to have approved such action.

 

(n)        The Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under a ground lease where the collateral for the Mortgage Loan includes the ground lease, and the Special Servicer will determine in accordance with the Servicing Standard whether to cure any borrower defaults relating to ground leases.

 

(o)        With respect to any Borrower request or other action on a non-Specially Serviced Loan that is not a Major Decision or a Special Servicer Non-Major Decision, the Master Servicer shall not be required to obtain the consent of or consult with the Special Servicer or the Directing Holder.

 

 



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Section 3.27     Certain Intercreditor Matters Relating to the Whole Loans. (a) With respect to Serviced Whole Loans, except for those duties to be performed by, and notices to be furnished by, the Trustee under this Agreement, the Master Servicer or the Special Servicer, as applicable, shall perform such duties and furnish such notices, reports and information on behalf of the Trust Fund as may be the obligation of the Trust, or the obligation of the master servicer or the special servicer, as applicable, following securitization, under the related Intercreditor Agreement.



 

(b)        The Master Servicer shall maintain a register (the “Serviced Companion Loan Noteholder Register”) on which the Master Servicer shall record the names and addresses of the Serviced Companion Loan Noteholders and wire transfer instructions for such Serviced Companion Loan Noteholders from time to time, to the extent such information is provided in writing to the Master Servicer by a Serviced Companion Loan Noteholder. Each Serviced Companion Loan Noteholder has agreed to inform the Master Servicer of its name, address, taxpayer identification number and wiring instructions (to the extent the foregoing information is not already contained in the related Intercreditor Agreement) and of any transfer thereof (together with any instruments of transfer). The name and address of each initial Serviced Companion Loan Noteholder as of the Closing Date is set forth on Schedule VII hereto. The Master Servicer shall be entitled to conclusively rely upon the information delivered by any Serviced Companion Loan Noteholder until it receives notice of transfer or of any change in information.

 

In no event shall the Master Servicer be obligated to pay any party the amounts payable to a Serviced Companion Loan Noteholder hereunder other than the Person listed as the applicable Serviced Companion Loan Noteholder on the Serviced Companion Loan Noteholder Register. In the event that a Serviced Companion Loan Noteholder transfers the related Serviced Companion Loan without notice to the Master Servicer, the Master Servicer shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have no obligation to recover and redirect such payment.

 

The Master Servicer shall promptly provide the names and addresses of any Serviced Companion Loan Noteholder to any party hereto, any related Companion Loan Noteholder or any successor thereto upon written request, and any such party or successor may, without further investigation, conclusively rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

(c)        The Directing Holder shall not owe any fiduciary duty to the Trustee, any Master Servicer, any Special Servicer, any Certificateholder (including the Directing Holder, if applicable) or any noteholder of a Serviced Whole Loan. The Directing Holder will not have any liability to the Certificateholders (including the Directing Holder, if applicable) or any other noteholder of a Serviced Whole Loan, as applicable, for any action taken, or for refraining from the taking of any action or the giving of any consent, pursuant to this Agreement, or for errors in judgment.

 

(d)        With respect to any Serviced Whole Loan, the Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase rights, as applicable, to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms of the related Intercreditor Agreement and this Agreement.

 

 



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(e)        The Special Servicer (if any Serviced Companion Loan is a Specially Serviced Loan or has become a Serviced REO Loan) or the Master Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration of, and (subject to Section 3.13 and Section 3.17 of this Agreement and the following paragraph) the preparation and delivery of reports and other information with respect to, the Serviced Whole Loan related to any Serviced Companion Loan or any related Serviced REO Property required to be performed by the holder of the related Mortgage Loan or contemplated to be performed by a servicer, in any case pursuant to and as required by each related Intercreditor Agreement and/or any related mezzanine intercreditor agreement existing on the Closing Date and any related Intercreditor Agreement or mezzanine intercreditor agreement not existing on the Closing Date that is provided to the Master Servicer or Special Servicer, as applicable. In addition notwithstanding anything herein to the contrary, the following considerations shall apply with respect to the servicing of a Serviced Companion Loan:

 

(i)     none of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Serviced Companion Loan; and

 

(ii)    the Master Servicer and the Special Servicer shall each consult with and obtain the consent of the related Serviced Companion Loan Noteholder(s) to the extent required by the related Intercreditor Agreement.

 

The Master Servicer or Special Servicer, as applicable, shall timely provide to each related Serviced Companion Loan Noteholder any reports or notices required to be delivered to such Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement, and the Master Servicer or Special Servicer, as applicable, shall provide to the BX Industrial Portfolio Loan-Specific Directing Holder, the Tower 333 Loan-Specific Directing Holder or the 825 South Hill Loan-Specific Directing Holder, any reports or notices required to be delivered to the holder of the related Trust Subordinate Companion Loan pursuant to the related Intercreditor Agreement. The Special Servicer shall reasonably cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate with the Special Servicer in preparing/delivering any such report or notice with respect to special servicing matters.

 

If any Serviced Companion Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust” (within the meaning of the Grantor Trust Provisions), then neither the Master Servicer nor the Special Servicer shall knowingly take any action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely affect the tax status of such grantor trust as a grantor trust.

 

The parties hereto acknowledge that a Serviced Companion Loan Noteholder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders for any action taken, or for refraining from the taking of any action pursuant to the related Intercreditor Agreement or the giving of any consent or for errors in judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed its understanding that a Serviced Companion Loan Noteholder (i) may take or refrain from taking actions that favor its interests or the interests of its affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict with the interests of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced

 

 



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Companion Loan Noteholder or any of its officers, directors, employees, principals or agents as a result of such special relationships or conflicts and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in the interest of its affiliates.

 

The parties hereto recognize and acknowledge the respective rights of each Serviced Companion Loan Noteholder under the related Intercreditor Agreement. Each of the rights of a Serviced Companion Loan Noteholder under or contemplated by this Section 3.27(e) may be exercisable by a designee thereof on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee are provided with written notice by the related Serviced Companion Loan Noteholder of such designation (upon which such party may conclusively rely) and the contact details of the designee.

 

Notwithstanding anything herein or in the Intercreditor Agreement to the contrary, no direction or objection by the Serviced Companion Loan Noteholder may require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Master Servicer’s or Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer, the Depositor, a Mortgage Loan Seller, the Paying Agent, the Trust Fund, the Certificate Administrator (in any of its capacities) or the Trustee to liability, or materially expand the scope of the Master Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any reference to servicing any of the Mortgage Loans in accordance with any of the related Loan Documents (including the related Mortgage Note and Mortgage) shall also mean, in the case of a Serviced Whole Loan, in accordance with the related Intercreditor Agreement.

 

To the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Intercreditor Agreement for a Serviced Whole Loan or a Non-Serviced Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those provisions as if set forth herein in full.

 

For purposes of exercising any rights that the Directing Holder of the Mortgage Note for any Mortgage Loan in a Serviced Whole Loan may have under the related Intercreditor Agreement, the Directing Holder shall be the designee of the Trust, as such noteholder, and the Trustee shall, upon request, take such actions as may be necessary under the related Intercreditor Agreement to effect such designation. The Certificate Administrator shall provide notice of the identity of the Directing Holder (to the extent the Certificate Administrator has received notice of a change in the identity of the Directing Holder), upon request, to the other parties to the related Intercreditor Agreement, to the extent the identity and contact information of such parties to such Intercreditor Agreement are actually known to the Certificate Administrator.

 

(f)         With respect to a Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above described information in Section 3.13(c) and Section 3.13(d) hereof to the same Persons as described above in Section 3.13(c) and Section 3.13(d) and according to the same time frames as described above in Section 3.13(c) and Section 3.13(d), to the extent such Master Servicer has timely received such information from the Other Servicer under the Other Pooling and Servicing Agreement.

 

 



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Promptly following the Closing Date or, as applicable, upon the receipt of notice by the Certificate Administrator of the related Servicing Shift Securitization Date, the Certificate Administrator shall, following its receipt of a completed Exhibit EE send written notice (which notice may be by email) substantially in the form of Exhibit EE hereto, accompanied by a copy of an executed version of this Agreement, with respect to each Non-Serviced Mortgage Loan to each applicable Other Depositor, Other Servicer, Other Special Servicer, Other Trustee, Other Operating Advisor and Other Asset Representations Reviewer stating that, as of the Closing Date, the Trustee is the holder of the applicable Non-Serviced Mortgage Loan and directing each such recipient to remit to the Master Servicer no later than one (1) Business Day after each Determination Date all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer no later than one (1) Business Day after each Determination Date all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to, the holder of the applicable Non-Serviced Mortgage Loan under the related Intercreditor Agreement and Other Pooling and Servicing Agreement. Such notice shall also provide contact information for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Directing Holder, the 17g-5 Information Provider and the Rating Agencies.

 

With respect to a Non-Serviced Mortgage Loan, if the applicable Other Servicer, Other Special Servicer or Other Trustee shall be replaced in accordance with the terms of the related Other Pooling and Servicing Agreement, promptly upon notice thereof, the applicable party to this Agreement that receives such notice shall, upon request, acknowledge such successor as the successor to the Other Servicer, Other Special Servicer or Other Trustee, as the case may be.

 

With respect to a Non-Serviced Mortgage Loan, upon its receipt of written notice of the replacement of the Master Servicer, the Special Servicer or the Trustee, the Certificate Administrator shall give prompt written notice thereof to each related Other Servicer, Other Special Servicer, Other Trustee and Other Operating Advisor, together with relevant contact information of the successor Master Servicer, Special Servicer or Trustee, as applicable.

 

With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Noteholder and, if applicable, related Non-Directing Holder (or its designee or representative), within the same time frame and to the same extent it is required to provide such information and materials to the Certificateholders or the Directing Holder, as applicable (but without regard to whether or not the Directing Holder actually has lost any rights to receive such information as a result of a Consultation Termination Event), hereunder with (1) copies of each financial statement received by the Master Servicer pursuant to the terms of the related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms of the Loan Documents, copies of any other documents or information relating to the Serviced Whole Loan (including, without limitation, property inspection reports, loan servicing statements, Borrower requests and asset status reports) that the Master Servicer delivers to the related Directing Holder and copies of any other notice, information or report that it is required to provide to the Directing Holder pursuant to this Agreement with respect to any Major Decision or with respect to any “major decisions” or “major actions” as set forth in the related Intercreditor Agreement or the implementation of any recommended actions outlined in an Asset Status Report relating to such Serviced Whole Loan.

 

 



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Any copies to be furnished by the Master Servicer or the Special Servicer may be furnished by hard copy or electronic means.

 

(g)        With respect to each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset review by providing the Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset Representations Reviewer or such other requesting party (not at its own expense or the expense of the Trust but at the expense of the related mortgage loan seller, such Other Asset Representations Reviewer or such other requesting party to the Other Pooling and Servicing Agreement), but only to the extent that (i) Other Asset Representations Reviewer or such other requesting party has not been able to obtain such documents from the related mortgage loan seller or any party to the related Other Pooling and Servicing Agreement, and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be. For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee or the Custodian (i) shall have any further obligations with respect to any such asset review nor shall any such party be bound by the results of any such asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its reasonable determination, would be a violation of this Agreement or any related Intercreditor Agreement.

 

(h)        To the extent that the Other Pooling and Servicing Agreement or Intercreditor Agreement relating to any Non-Serviced Whole Loan permits the holder of the related Non-Serviced Mortgage Loan to terminate the related Other Servicer or Other Special Servicer or appoint a sub-servicer or replacement therefor, the Trustee may, and at the written direction of the Holders of at least 25% of the aggregate Voting Rights of all Certificates (or the Depositor with respect to any such right arising from such Other Servicer’s or Other Special Servicer’s failure to comply with Exchange Act reporting obligations) upon five (5) Business Days’ notice, shall, exercise the right to terminate the related Other Servicer or Other Special Servicer or appoint a sub-servicer or replacement therefor, as applicable.

 

(i)         To the extent of any conflict between this Agreement and any Intercreditor Agreement, the terms of the Intercreditor Agreement shall control.

 

Section 3.28     Directing Holder Contact with the Master Servicer and the Special Servicer. Each of the Master Servicer and the Special Servicer shall, not more frequently than once per month, without charge, make a knowledgeable Servicing Officer via telephone available during normal business hours to verbally answer questions from the Directing Holder (for so long as no Consultation Termination Event is continuing) regarding the performance and servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer or the Special Servicer, as the case may be, is responsible.


 

Section 3.29     Controlling Class Certificateholders, the Directing Holder and the Risk Retention Consultation Parties; Certain Rights and Powers of the Directing Holder and the Risk Retention Consultation Parties. (a) Each Certificateholder and Certificate Owner of a

 

 



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Control Eligible Certificate is hereby deemed to have agreed by virtue of its purchase of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and address to the Certificate Registrar and to notify the Certificate Registrar of the transfer of any Control Eligible Certificate (or the beneficial ownership of any Control Eligible Certificate), the selection of a Directing Holder or the resignation or removal thereof. Any such Certificateholder (or Certificate Owner) or its designee at any time appointed Directing Holder is hereby deemed to have agreed by virtue of its purchase of a Control Eligible Certificate (or the beneficial ownership interest in a Control Eligible Certificate) to notify the Certificate Registrar when such Certificateholder (or Certificate Owner) or designee is appointed Directing Holder and when it is removed or resigns. Upon receipt of such notice, the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Trustee, each Serviced Companion Loan Noteholder of the identity of the Directing Holder, any resignation or removal thereof and/or any new Holder or Certificate Owner of a Control Eligible Certificate.

 

Upon the resignation or removal of the existing Directing Holder, any successor Directing Holder shall also execute and deliver a certification substantially in the form of Exhibit L-1G to this Agreement to the parties to this Agreement prior to being recognized as the new Directing Holder. Upon the resignation or removal of any existing Risk Retention Consultation Party, any successor Risk Retention Consultation Party shall execute and deliver a certification substantially in the form of Exhibit L-1H to this Agreement prior to being recognized as the 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.

 

In addition, upon the request of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or, for so long as no Consultation Termination Event is continuing, the Directing Holder, the Certificate Registrar shall promptly (but no later than five (5) Business Days after such request) provide to the requesting party the identity of the then-current Controlling Class and a list of the Holders of Certificates of the Controlling Class. However, if any Certificate of the Controlling Class is a Global Certificate, then the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following such request) request from the Depository, with the assistance of the Trustee, the list of Depository Participants for the Controlling Class and make reasonable efforts to obtain a list of Certificate Owners from such Depository Participants, and the Certificate Administrator shall provide such list of Depository Participants and such list of Certificate Owners (to the extent the Certificate Administrator obtains such list of Certificate Owners), to the requesting party promptly upon receipt. The Certificate Administrator shall be entitled to conclusively rely on the list of Depository Participants for the Controlling Class provided by the Depository and the list of Certificate Owners provided by any Depository Participant and shall not have any liability for such reliance; provided that, if any Certificate of the Controlling Class is a Global Certificate and the Certificate Administrator has actual knowledge of the identity of the related Certificate Owners, then the Certificate Administrator shall include such Certificate Owner in the list provided to any requesting party pursuant to first sentence of this paragraph. The Master Servicer, the Special Servicer, the Trustee and the Directing Holder shall be entitled to conclusively rely on any such information so provided. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an event as to which the Directing Holder has review,

 

 



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consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or the related Other Pooling and Servicing Agreement and (ii) the requesting party has not been notified of the identity of the Directing Holder or reasonably believes that the identity of the Directing Holder has changed, then such expenses shall be at the expense of the Trust.

 

To the extent the Master Servicer has actual knowledge of any change in the identity of a Holder (or Certificate Owners) of the Controlling Class, then the Master Servicer shall promptly notify the Trustee, the Certificate Administrator and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.

 

(b)        The Certificate Registrar shall be entitled to assume any Directing Holder under clause (b) of the definition of “Directing Holder” selected in accordance with this Agreement and notified to the Certificate Registrar thereof in writing, is the Directing Holder appointed by the Holder (or Certificate Owner) of each Class of Control Eligible Certificates, until the Certificate Registrar receives (i) written notice of a replacement Directing Holder from a majority of the Controlling Class Certificateholders by Certificate Balance, (ii) written notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Directing Holder is no longer designated, (iii) written notice from a Directing Holder of the resignation of such Directing Holder, or (iv) written notice that the Holder (or Certificate Owner) of a majority of the applicable Class of Control Eligible Certificates is no longer the Holder (or Certificate Owner) of a majority of the applicable Class of Control Eligible Certificates due to a transfer of those Certificates (or a beneficial ownership interest in those Certificates). Upon the resignation of a Directing Holder, the Certificate Administrator shall request the Controlling Class Certificateholders to select a new Directing Holder.

 

In the event either (y) the Certificate Registrar receives notice identified in any of clause (ii) through (iv) of the immediately preceding paragraph and no successor Directing Holder is then identified to the Certificate Registrar or (z) a party to this Agreement requests from the Certificate Administrator the identity of the Directing Holder and such identity is not known to the Certificate Administrator, then the Certificate Administrator shall promptly deliver a notice of such event (the “Initial Notice”) to all the Certificateholders via the Depository (and a copy of such Initial Notice shall be simultaneously sent to each of the Master Servicer, the Special Servicer and the Trustee), which notice shall include a request that the Controlling Class Certificateholder that believes it may own the largest aggregate Certificate Balance of the Controlling Class represent in writing to the Certificate Administrator that it owns the largest aggregate Certificate Balance of the Controlling Class (with evidence of its ownership) and provide its contact information. Upon receipt of such written representation (and any subsequent written representation), the Certificate Administrator shall deliver a notice (the “Subsequent Notice”) to all the Certificateholders via the Depository of such representation (and a copy of such Subsequent Notice shall be simultaneously sent to each of the Master Servicer, the Special Servicer and the Trustee) and so long as another party holding an equal or larger aggregate Certificate Balance of the Controlling Class does not provide a written representation within thirty (30) days from the date of delivery of the latest Subsequent Notice, the party making the original assertion shall become the Controlling Class Certificateholder until replaced by another party pursuant to the terms of this Agreement. Notwithstanding the foregoing, Controlling Class Certificateholder(s) providing notice that it (or they) are the Holders of a majority of the

 

 



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Controlling Class Certificateholders, by Certificate Balance, shall have the right to select the Directing Holder at any time without regard to such 30-day period, and a Directing Holder selected by the Holders of a majority of the Controlling Class Certificateholders, by Certificate Balance, shall be recognized as such immediately upon being selected in accordance with this Agreement whether or not such 30-day period has expired.

 

In the event that a Directing Holder is selected pursuant to this Section 3.29(b) or there is deemed to be no Directing Holder pursuant to this (b), the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor and the Trustee of the identity of the new Directing Holder or the absence of a Directing Holder, as applicable.

 

At any time more than 50% of the Percentage Interest of the Controlling Class Certificateholders direct the Certificate Administrator in writing to hold an election for a Directing Holder, the Certificate Administrator shall hold such election as soon as practicable at the expense of such requesting Certificateholders.

 

(c)        The Master Servicer, Special Servicer and Trustee shall be entitled to request that the Certificate Administrator provide, and the Certificate Administrator shall promptly (but no later than five (5) Business Days after such request) provide (i) for so long as no Consultation Termination Event is continuing, the identity of the Directing Holder, including names and contact information and, to the extent reasonably available, a list of Controlling Class Certificateholders and (ii) confirmation as to whether a Control Termination Event or Consultation Termination Event has occurred in the 12 months preceding any such request or any other period specified in such request. In addition to the foregoing, (i) within two (2) Business Days of receiving notice of the selection of a new Directing Holder or the existence of a new Controlling Class Certificateholder, BX Industrial Portfolio Controlling Class Certificateholder, Tower 333 Controlling Class Certificateholder, 825 South Hill Controlling Class Certificateholder or (ii) within ten (10) days of the commencement or cessation of any Consultation Termination Event or Control Termination Event, the Certificate Administrator shall notify the Trustee, the Master Servicer and the Special Servicer and post notice on the Certificate Administrator’s Website. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an event as to which the Directing Holder has review, consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or the related Other Pooling and Servicing Agreement and (ii) the requesting party has not been notified of the identity of the Directing Holder or reasonably believes that the identity of the Directing Holder has changed, then such expenses shall be at the expense of the Trust.

 

At any time that a party to this Agreement receives notice of the selection of a Directing Holder from the Certificate Registrar, the Certificate Administrator or a majority of the Controlling Class Certificateholders, a majority of the BX Industrial Portfolio Controlling Class Certificateholders, a majority of the Tower 333 Controlling Class Certificateholders or a majority of the 825 South Hill Controlling Class Certificateholders as applicable, by Certificate Balance, then such party to this Agreement shall be entitled to rely on the most recent notification with respect to the identity of the Controlling Class Certificateholder, the BX Industrial Portfolio Controlling Class Certificateholder, the Tower 333 Controlling Class

 

 



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Certificateholder or the 825 South Hill Controlling Class Certificateholder, as applicable, and the Directing Holder. The Special Servicer shall have no obligation to obtain the consent of or consult with any entity appointed as a successor Directing Holder until the Special Servicer receives written notice of such successor Directing Holder’s identity and contact information.

 

Additionally, once a successor Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless the VRR Interest Owners, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner entitled to appoint the Risk Retention Consultation Parties, by Certificate Balance, or such Risk Retention Consultation Party shall have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and each other VRR Interest Owner (except in the case of the BX-VRR Interest Owner, the T333-VRR Interest Owner and the 825S-VRR Interest Owner), in writing, of the selection of a new Risk Retention Consultation Party.

 

(d)        If to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate Administrator shall notify the related Certificateholders of such Class (through the Depository) of such event.

 

(e)        Each Certificateholder or RR Interest Owner acknowledges and agrees, by its acceptance of its Certificates or RR Interest, that: (i) the Directing Holder may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates or the RR Interest or Companion Loan Noteholders; (ii) the Directing Holder may act solely in the interests of the Holders of the Controlling Class (or, in the case of a Whole Loan, in the interests of one or more Companion Loan Noteholders); (iii) the Directing Holder does not have any liability or duties to the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing Holder may take actions that favor the interests of the Directing Holder or one or more Classes of the Certificates including the Holders of the Controlling Class (or, in the case of a Whole Loan, one or more Companion Loan Noteholders) over the interests of the Holders of one or more Classes of Certificates and other Companion Loan Noteholders; and (v) the Directing Holder shall have no liability whatsoever to any Certificateholder, the RR Interest Owner, the Trust, any Companion Loan Noteholder any party hereto or any other Person (including any Borrower under a Mortgage Loan) for having so acted as set forth in clauses (e) through (e) of this paragraph, and no Certificateholder, RR Interest Owner or Companion Loan Noteholder may take any action whatsoever against the Directing Holder or any director, officer, employee, agent or principal thereof for having so acted.

 

Each Certificateholder or RR Interest Owner acknowledges and agrees, by its acceptance of its Certificates or the RR Interest, that: (i) a Risk Retention Consultation Party may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates or the RR Interest Owner other than the VRR Interest Owner related to such Risk Retention Consultation Party; (ii) the Risk Retention Consultation Parties may act solely in the interests of the applicable VRR Interest Owner; (iii) the Risk Retention Consultation Parties do not have any liability or duties to the Holders of any Class of Certificates or the RR Interest Owner other than the VRR Interest Owner related to such Risk Retention Consultation Party; (iv) the Risk Retention Consultation Parties may take actions that favor interests of the Holders of the Certificates or the RR Interest Owner, as applicable, over the interests of the Holders of one or

 

 



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more other Classes of Certificates or the RR Interest Owner, as applicable; and (v) the Risk Retention Consultation Parties shall have no liability whatsoever for having so acted as set forth in clauses (i) through (iv) above, and no Certificateholder or the RR Interest Owner (other than the VRR Interest Owner related to such Risk Retention Consultation Party) may take any action whatsoever against the applicable Risk Retention Consultation Parties or any director, officer, employee, agent or principal of the applicable Risk Retention Consultation Parties for having so acted.

 

(f)         The Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business Days of a request from the Master Servicer, Special Servicer, Trustee, the Certificate Administrator or any Certificateholder and provide such information to the requesting party.

 

(g)        The Directing Holder shall not have any consent or consultation rights with respect to any Mortgage Loan determined to be an Excluded Loan as to either the Directing Holder or, except in the case of any Servicing Shift Mortgage Loan, the related Holder of the majority of the Controlling Class. Likewise, a Risk Retention Consultation Party shall not have any consultation rights with respect to any Mortgage Loan determined to be an Excluded Loan as to such Risk Retention Consultation Party. In the case of an Excluded Loan relating to the Directing Holder, in respect of the servicing of any such Excluded Loan, a Control Termination Event and Consultation Termination Event will be deemed to have occurred with respect to such Excluded Loan.

 

Section 3.30     Rating Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan documents or this Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting Party”) attempting and/or required to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating Agency for such Rating Agency Confirmation and, within 10 Business Days of the Rating Agency Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again (which may also be through direct communication). The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.” Once the Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such Requesting Party, may, but shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures set forth in Section 3.14.


 

If there is no response to such Rating Agency Confirmation request within 5 Business Days of such second request in a RAC No Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring such Rating Agency Confirmation or with

 

 



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respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans or the Trust Subordinate Companion Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply (as if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply (as if such requirement did not exist) if (i)(a) it has been appointed and currently serves as a master servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by Moody’s that currently has securities outstanding and (b) it is not a master servicer or special servicer, as applicable, that has been publicly cited by Moody’s as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities rated by Moody’s in a CMBS transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency, (ii) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating Agency, and (iii) with respect to DBRS Morningstar, the replacement servicer or special servicer, as applicable, is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination.

 

Any Rating Agency Confirmation request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement, shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

 



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(b)        Notwithstanding anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any collateral, in the event of a RAC No-Response Scenario, any Rating Agency Confirmation requirement in the Loan Documents with respect to which the Master Servicer or Special Servicer would have been required to make the determination described in Section 3.30(a) (as a result of such RAC No-Response Scenario) shall be deemed not to apply regardless of any such determination by the Requesting Party (or, if the Requesting Party is the related Borrower, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans and Serviced REO Loans), as applicable); provided that the Requesting Party (or the Master Servicer or the Special Servicer, as applicable) shall in any event review the other conditions required under the related Loan Documents with respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard that such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)        For all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall deliver a Rating Agency Confirmation from each Rating Agency.

 

(d)        Notwithstanding the terms of the related Loan Documents, the other provisions of this Agreement or the applicable Intercreditor Agreement, with respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the servicing and administration of the related Whole Loan or any related REO Property (the “Relevant Action”) requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except as set forth below in this paragraph, such action shall also require delivery of a Serviced Companion Loan Rating Agency Confirmation as a condition precedent to such action from each related Serviced Companion Loan Rating Agency. Each Serviced Companion Loan Rating Agency Confirmation shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a Serviced Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will be permitted to be waived by the Master Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided that the Master Servicer or Special Servicer, as applicable, depending on which is seeking the subject Serviced Companion Loan Rating Agency Confirmation, shall forward to one or more of its counterparts (i.e., the Other Servicer or Other Special Servicer, as applicable), the Other 17g-5 Information Provider, or such other party or parties as are agreed to by the Master Servicer or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization, at the expense of the Other Securitization to the extent not borne by the related Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request for such Serviced Companion Loan Rating Agency Confirmation, (ii) all materials forwarded to the 17g-5 Information Provider under this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately the same time that such materials are forwarded to the 17g-5 Information Provider and (iii) any other materials that the applicable Serviced

 

 



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Companion Loan Rating Agency may reasonably request in connection with such Serviced Companion Loan Rating Agency Confirmation promptly following receipt of such request from the Other Trustee.

 

The Certificate Administrator shall, promptly following receipt of written request from the Master Servicer or the Special Servicer, as applicable, provide to the Master Servicer or the Special Servicer, as applicable, the contact information for the Other Servicer, the Other Special Servicer, the Other Trustee and the Other 17g-5 Information Provider for the Other Securitization, solely to the extent in its possession.

 

Section 3.31     [Reserved].

 

Section 3.32     Delivery of Excluded Information to the Certificate Administrator.

 

(a)        Any Excluded Information that the Master Servicer or the Special Servicer identifies and delivers to the Certificate Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information” followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt, any information that is not appropriately labeled and delivered in accordance with this Section 3.32 shall not be separately posted as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate Administrator pursuant to this Section shall be posted on the Certificate Administrator’s Website under the “Excluded Information” section, as provided under Section 4.02(b). When so posted, Excluded Controlling Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling Class Loans on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)). None of the Master Servicer or the Special Servicer shall have any obligations to separately label and deliver any Excluded Information in accordance with this Section 3.32 until such party has received notice with respect to the related Excluded Controlling Class Loan in the form of Exhibit L-1E to this Agreement. Nothing set forth in this Agreement shall prohibit the Directing Holder, any Controlling Class Certificateholder, any BX Industrial Portfolio Controlling Class Certificateholder, any Tower 333 Controlling Class Certificateholder or any 825 South Hill Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing Holder or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate Administrator’s Website, such Directing Holder or Controlling Class Certificateholder that is not a Borrower Party with respect to the related Excluded Controlling Class Loan shall be permitted to obtain such information upon reasonable request in accordance with Section 3.14(c) and the Master Servicer and the Special Servicer, as applicable, may require and rely on such certifications prior to releasing any such information.

 

Section 3.33     Certain Matters with Respect to Joint Mortgage Loans.

 

(a)        If a Mortgage Loan Seller of a Joint Mortgage Loan (a “Repurchasing Seller”) repurchases, or substitutes for, the Note(s) (a “Repurchased Note”) related to such Joint

 

 



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Mortgage Loan that it sold to the Depositor, but the other Mortgage Loan Seller of such Joint Mortgage Loan does not repurchase, or substitute for, the Note(s) related to such Joint Mortgage Loan that it sold to the Depositor, the provisions of this Section 3.33 shall apply prior to the adoption, pursuant to Section 12.08, of any amendment to this Agreement that provides otherwise. Each Mortgage Loan Seller of a Joint Mortgage Loan has agreed pursuant to the terms of the related Mortgage Loan Purchase Agreement that the terms set forth in this Section 3.33 with respect to the servicing and administration of such Joint Mortgage Loan shall apply if one or more of the Notes related to such Joint Mortgage Loan has been repurchased or, by way of substitution, otherwise removed from the Trust and at least one other Note related to such Joint Mortgage Loan is included in the Trust until such time as all of the Notes related to such Joint Mortgage Loan are no longer included in the Trust. For purposes of this Section 3.33 and Section 12.08 only, “Note” shall mean with respect to any Joint Mortgage Loan, each original promissory note and all allonges that collectively represents the Note with respect to such Joint Mortgage Loan and shall not be a collective reference to such promissory notes.

 

(b)        Custody of and record title under the Loan Documents with respect to the applicable Joint Mortgage Loan shall be held exclusively by the Trustee or the Custodian as provided under this Agreement, except that the Repurchasing Seller shall hold and retain title to its original Repurchased Note and any related endorsements thereof.

 

(i)  All of the Notes with respect to any Joint Mortgage Loan shall be of equal priority, and no portion of any Note shall have priority or preference over any other portion of the other Notes or security therefor. Payments from the related Borrower (including, without limitation, any late fees) or any other amounts received with respect to each Note shall be collected as provided in this Agreement by the Master Servicer and shall be applied upon receipt by the Master Servicer pro rata to each related Note based on its respective Repurchased Percentage Interest, subject to Section 3.33(b)(ii). Payments or any other amounts received with respect to the related Repurchased Note shall be held for the benefit of the applicable Repurchasing Seller and remitted (net of its pro rata share of any Master Servicing Fees, Special Servicing Fees and any other amounts due to the Master Servicer or the Special Servicer) to the applicable Repurchasing Seller or its designee by the Master Servicer on each Distribution Date pursuant to instructions provided by the applicable Repurchasing Seller and deposited and applied in accordance with this Agreement, subject to (ii). If any Joint Mortgage Loan to which this Section 3.33 applies becomes REO Loans, payments or any other amounts received with respect to any such Joint Mortgage Loan shall be collected and shall be applied upon receipt by the Master Servicer pro rata to each related Note based on its respective Repurchased Percentage Interest, subject to Section 3.33(b)(ii). Any Appraisal Reduction Amounts calculated with respect to any Joint Mortgage Loan subject to this Section 3.33 shall be allocated to each related Note pro rata based upon the respective Stated Principal Balances thereof.

 

(ii) If the Master Servicer or the Special Servicer, as applicable, receives an aggregate payment of less than the aggregate amount due under any such Joint Mortgage Loan at any particular time, the applicable Repurchasing Seller shall receive from the Master Servicer an amount equal to such Repurchasing Seller’s Repurchased Percentage Interest of such payment. All expenses, losses and shortfalls relating solely to such Joint

 

 



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Mortgage Loan including, without limitation, losses of principal or interest, Nonrecoverable Advances, interest on Advances, Special Servicing Fees, Workout Fees and Liquidation Fees (including any such fees related to the applicable Notes), shall be allocated between the holders of the related Notes pro rata based upon the respective Stated Principal Balances thereof. In no event shall any costs, expenses, fees or any other amounts related to any Mortgage Loan or Joint Mortgage Loan other than the applicable Joint Mortgage Loan be deducted from payments or any other amounts received with respect to such Joint Mortgage Loan and payable to the applicable Repurchasing Seller. For purposes of (i), this (ii) and Section 3.33(g), “Repurchased Percentage Interest” shall mean the percentage interest of the applicable Mortgage Loan Seller in the applicable Joint Mortgage Loan.

 

(iii)   A Joint Mortgage Loan to which this Section 3.33 applies shall be serviced for the benefit of the applicable Repurchasing Seller and the Certificateholders pursuant to the terms and conditions of this Agreement in accordance with the Servicing Standard and in accordance with the provisions herein as if (A) such Joint Mortgage Loan were a Serviced Loan Combination, (B) the related Note(s) not repurchased were (1) a Mortgage Loan serviced pursuant to this Agreement and (2) the only Mortgage Loan that is part of such Joint Mortgage Loan, and (C) the related Repurchased Note were a Serviced Companion Loan. No Repurchasing Seller shall be permitted to terminate the Master Servicer or the Special Servicer as servicer or special servicer, respectively, of the related Repurchased Note. All rights of the mortgagee under each such Joint Mortgage Loan shall be exercised by the Master Servicer or the Special Servicer, on behalf of the Trust to the extent of its interest therein and the applicable Repurchasing Seller in accordance with this Agreement.

 

(iv)   The related Repurchasing Seller shall be treated hereunder as if it were a Serviced Companion Loan Noteholder on a pari passu basis. Funds collected by the Master Servicer or the Special Servicer, as applicable, and applied to the applicable Notes shall be deposited and disbursed in accordance with the provisions hereof relating to Serviced Companion Loan Noteholders. Compensation shall be paid to the Master Servicer and the Special Servicer with respect to each Repurchased Note as provided in this Agreement as if each such Note were a Serviced Companion Loan. None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall have any obligation to make P&I Advances with respect to any Repurchased Note or, if no related Note is part of the Trust, an Advance with respect to any Repurchased Note. Except as otherwise specified herein, the Master Servicer and the Special Servicer shall have no reporting requirement with respect to any Repurchased Note other than to deliver to the related Repurchasing Seller any document as is required to be delivered to a Serviced Companion Loan Noteholder hereunder.

 

(c)        If any non-repurchased Note relating to a Joint Mortgage Loan to which this Section 3.33 applies is considered a Specially Serviced Loan, then any related Repurchased Note shall also be a Specially Serviced Loan under this Agreement. The Special Servicer shall cause such related Repurchased Note to be specially serviced for the benefit of the applicable Repurchasing Seller in accordance with the terms and provisions set forth in this Agreement and

 

 



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shall be entitled to any Special Servicing Fee, Workout Fee or Liquidation Fee payable to the Special Servicer under this Agreement as with respect to a Serviced Companion Loan.

 

(d)        If (A) the Master Servicer shall pay any amount to any Repurchasing Seller pursuant to the terms hereof in the belief or expectation that a related payment has been made or will be received or collected in connection with either or both of the applicable Notes and (B) such related payment is not received or collected by the Master Servicer, then the applicable Repurchasing Seller shall promptly on demand by the Master Servicer return such amount to the Master Servicer. If the Master Servicer determines at any time that any amount received or collected by the Master Servicer in respect of any Joint Mortgage Loans to which this Section 3.33 applies must be returned to the related Borrower or paid to any other person or entity pursuant to any insolvency law or otherwise, notwithstanding any other provision of this Agreement, the Master Servicer shall not be required to distribute any portion thereof to the related Repurchasing Seller, and such Repurchasing Seller shall promptly on demand by the Master Servicer repay (which obligation shall survive the termination of this Agreement) any portion thereof that the Master Servicer shall have distributed to such Repurchasing Seller, together with interest thereon at such rate, if any, as the Master Servicer may pay to the related Borrower or such other person or entity with respect thereto.

 

(e)        Subject to this Agreement (including, without limitation, the consent and consultation rights of the Directing Holder), the Master Servicer or the Special Servicer, as applicable, on behalf of the holders of any of the Repurchased Notes, shall have the exclusive right and obligation to (i) administer, service and make all decisions and determinations regarding the related Joint Mortgage Loan and (ii) enforce the applicable Loan Documents as provided hereunder. Without limiting the generality of the preceding sentence, the Master Servicer or the Special Servicer, as applicable, may agree to any modification, waiver or amendment of any term of, forgive interest on and principal of, capitalize interest on, permit the release, addition or substitution of collateral securing, and/or permit the release of the related Borrower on or any guarantor of any Joint Mortgage Loan it is required to service and administer as contemplated by this Section 3.33, without the consent of the related Repurchasing Seller, subject, however, to the terms of this Agreement as they pertain to a Serviced Companion Loan.

 

(f)         In taking or refraining from taking any action permitted hereunder, the Master Servicer and the Special Servicer shall each be subject to the same degree of care with respect to the administration and servicing of the Joint Mortgage Loan to which this Section 3.33 applies as is consistent with this Agreement; and shall be liable to any Repurchasing Seller only to the same extent as set forth herein with respect to any holder of a Serviced Companion Loan.

 

(g)        If the Trustee, the Master Servicer or the Special Servicer has made an Advance with respect to any Repurchased Note which would otherwise be reimbursable to such advancing party under this Agreement, and such Advance is determined to be a Nonrecoverable Advance, the applicable Repurchasing Seller shall reimburse the Trust in an amount equal to such Repurchasing Seller’s Repurchased Percentage Interest of such Nonrecoverable Advance with interest thereon; provided that, if the Repurchasing Seller does not reimburse the Trustee, the Master Servicer or the Special Servicer, as applicable, the Master Servicer shall reimburse the Trustee, itself and/or the Special Servicer, as applicable, for such amounts from the Collection Account. Notwithstanding the foregoing, the applicable Repurchasing Seller shall not be obligated to reimburse the Trustee, the Master Servicer or the Special Servicer (and amounts

 

 



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due to the applicable Repurchasing Seller shall not be offset) for Advances or interest thereon or any amounts related to any Mortgage Loans or any other Joint Mortgage Loan other than such amounts relating to the applicable Repurchased Note. To the extent that the applicable Repurchasing Seller reimburses any such Nonrecoverable Advances and such amounts are subsequently recovered, the applicable Repurchasing Seller shall receive a reimbursement from such recovery based on its Repurchased Percentage Interest of such recovery. This reimbursement right shall not limit the Trustee’s, the Master Servicer’s or the Special Servicer’s rights to reimbursement under this Agreement. Notwithstanding anything to the contrary contained herein, the total liability of each Repurchasing Seller shall not exceed an amount equal to its Repurchased Percentage Interest of the amount to be reimbursed.

 

(h)        Each Repurchasing Seller shall have the right to assign the related Repurchased Note; provided that the assignee of the related Repurchased Note shall agree in writing to be bound by the terms of this Agreement.

 

(i)         The Master Servicer and the Special Servicer shall, in connection with their servicing and administrative duties under this Agreement, exercise efforts consistent with the Servicing Standard to execute and deliver, on behalf of each Repurchasing Seller as a holder of a pari passu interest in the applicable Joint Mortgage Loan, any and all financing statements, continuation statements and other documents and instruments necessary to maintain the lien created by any Mortgage or other security document related to the applicable Joint Mortgage Loan on the related Mortgaged Property and related collateral, any and all modifications, waivers, amendments or consents to or with respect to the related Joint Mortgage Loan documents, and any and all instruments of satisfaction or cancellation, or of full release or discharge, and all other comparable instruments with respect to the related Repurchased Note or related Repurchased Notes and the related Mortgaged Property all in accordance with, and subject to, the terms of this Agreement. Each Repurchasing Seller agrees to furnish, or cause to be furnished, to the Master Servicer and the Special Servicer any powers of attorney or other documents necessary or appropriate to enable the Master Servicer or the Special Servicer, as the case may be, to carry out its servicing and administrative duties under this Agreement related to the applicable Joint Mortgage Loan; provided, however, that such Repurchasing Seller shall not be liable, and shall be indemnified by the Master Servicer or the Special Servicer, as applicable, for any negligence with respect to, or misuse of, any such power of attorney by the Master Servicer or the Special Servicer, as the case may be; and further provided that the Master Servicer or the Special Servicer, without the written consent of the applicable Repurchasing Seller, shall not initiate any action in the name of such Repurchasing Seller without indicating its representative capacity or take any action with the intent to cause and that actually causes, such Repurchasing Seller to be registered to do business in any state.

 

(j)         Pursuant to the related Mortgage Loan Purchase Agreement, the applicable Repurchasing Seller is required to deliver to the Master Servicer or the Special Servicer, as applicable, the Loan Documents related to the applicable Repurchased Note, any requests for release and any court pleadings, requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale in respect of the related Mortgaged Property or to any legal action or to enforce any other remedies or rights provided by the Note(s) or the Mortgage(s) or otherwise available at law or equity with respect to the related Repurchased Note.

 

Section 3.34     Trust Subordinate Companion Loans.

 

 



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(a)        With respect to the Trust Subordinate Companion Loans, references to actions being taken for the benefit of such Trust Subordinate Companion Loans or in the best interests of the holders of the Loan-Specific Certificates in this Agreement shall be deemed to be taken (and subject to the same considerations) also for the benefit of, or to be taken in the best interests of, the Holders of such Loan-Specific Certificates, as beneficial owners of such Trust Subordinate Companion Loans.

 

(b)        Any notices, reports or other information related to the Trust Subordinate Companion Loans required to be delivered by a party under this Agreement or the related Intercreditor Agreement to the holders of the Loan-Specific Certificates or the holders of such Trust Subordinate Companion Loans shall be delivered (in lieu of delivery to such holders) to the related Loan-Specific Directing Holder by such party within the same time periods as such notices, reports or other information are required to be delivered to the holders of such Trust Subordinate Companion Loans.

 

(c)        Any consents required to be obtained from the holder of any Trust Subordinate Companion Loan under this Agreement or the related Intercreditor Agreement or any obligation under this Agreement or the related Intercreditor Agreement of the Master Servicer or the Special Servicer or other party to this Agreement to consult with or obtain the consent of or follow the direction of the holder of such Trust Subordinate Companion Loan shall instead be deemed to require such Person to consult with, obtain the consent of or follow the direction of the related Loan-Specific Directing Holder.

 

(d)        With respect to either BX Industrial Portfolio Whole Loan, subject to the foregoing and applicable REMIC Provisions, the BX Industrial Portfolio Loan-Specific Directing Holder may direct the Master Servicer or the Special Servicer, on behalf of the Trustee and the holders of the BX Industrial Portfolio Loan-Specific Certificates to implement the holder of such Trust Subordinate Companion Loan’s exercise of any rights, to the extent that each such holder is entitled to such rights under the related Intercreditor Agreement. 

 

(e)        With respect to either Tower 333 Whole Loan, subject to the foregoing and applicable REMIC Provisions, the Tower 333 Loan-Specific Directing Holder may direct the Master Servicer or the Special Servicer, on behalf of the Trustee and the holders of the Tower 333 Loan-Specific Certificates to implement the holder of such Trust Subordinate Companion Loan’s exercise of any rights, to the extent that each such holder is entitled to such rights under the related Intercreditor Agreement.

 

(f)         With respect to either 825 South Hill Whole Loan, subject to the foregoing and applicable REMIC Provisions, the 825 South Hill Loan-Specific Directing Holder may direct the Master Servicer or the Special Servicer, on behalf of the Trustee and the holders of the 825 South Hill Loan-Specific Certificates to implement the holder of such Trust Subordinate Companion Loan’s exercise of any rights, to the extent that each such holder is entitled to such rights under the related Intercreditor Agreement.

 

(g)        Prior to the Special Servicer obtaining the consent of, or consulting with a Loan-Specific Directing Holder to the extent provided for under the related Intercreditor Agreement, such Loan-Specific Directing Holder shall have delivered to the Special Servicer an officer’s certificate in form and substance acceptable to the Special Servicer (with a copy to the

 

 



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Master Servicer), as applicable, stating such party is not the related Borrower or a Borrower Party Affiliate.

 

(h)        Notwithstanding Section 3.01(f), at any time the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan or the 825 South Hill Mortgage Loan is not part of the Trust, the Master Servicer or Special Servicer shall have no obligation to service such Mortgage Loan and shall solely service the related Trust Subordinate Companion Loan until such Trust Subordinate Companion Loan is removed from the Trust pursuant to Section 3.34(i) and shall have no obligation to make any Advance with respect to the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan or the 825 South Hill Mortgage Loan, as applicable.

 

(i)         Within five (5) Business Days following the removal of BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan or the 825 South Hill Mortgage Loan from the Trust as a result of a repurchase of such Mortgage Loan by the Mortgage Loan Seller, the Special Servicer shall provide written notice (an “Exchange Election Notice”) to the Certificate Administrator who shall upon receipt thereof notify the related Loan-Specific Directing Holder (by posting such Exchange Election Notice to the Certificate Administrator’s Website) that the Holders of all of the related Loan-Specific Certificates may unanimously elect to exchange their Certificates for such Trust Subordinate Companion Loan (an “Exchange”) by delivery of written notice (an “Acceptance Notice”) to the Depositor, Master Servicer, Special Servicer, Certificate Administrator and Trustee within 5 Business Days of receipt of the Exchange Election Notice. The Holders of such class of Certificates shall pay (from their own funds and not from amounts allocable from any portion of the Trust to such Class of Certificates) all costs and expenses of the Master Servicer, the Special Servicer, the Certificate Administrator and Trustee incurred in connection with the Exchange. The Exchange shall be subject to the reasonable procedures established by the Trustee and Certificate Registrar in connection with the Exchange and the related Trust Subordinate Companion Loan REMIC shall be terminated in accordance with Section 9.01.

 

Section
3.35     BX Industrial
Portfolio Loan-Specific Directing Holder.

 

(a)        If a BX Industrial Portfolio Note D Control Appraisal Period and a BX Industrial Portfolio Note C Control Appraisal Period have occurred and are continuing and prior to a BX Industrial Portfolio Note B Control Appraisal Period, the Certificateholder(s) holding more than fifty percent (50%) of the Certificate Balance of the BX Industrial Portfolio Controlling Class, shall have the right to appoint and replace (for any reason) the BX Industrial Portfolio Loan-Specific Directing Holder.

 

(b)        The BX Industrial Portfolio Loan-Specific Directing Holder shall not have any liability to the Holders of the Loan-Specific Certificates or any other Certificateholders for any action taken, or for refraining from the taking of any action or the giving of any consent or failure to give any consent in good faith pursuant to this Agreement or errors in judgment. By its acceptance of a BX Industrial Portfolio Loan-Specific Certificate or other Certificate, each holder of a BX Industrial Portfolio Loan-Specific Certificate or other Certificate will be deemed to have confirmed its agreement that such BX Industrial Portfolio Loan-Specific Directing Holder may take or refrain from taking actions, or give or refrain from giving any consents, that favor the interests of the appointing Certificateholder(s) over any other holder of such Class of

 

 



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Certificates or other Certificate, and that such BX Industrial Portfolio Loan-Specific Directing Holder may have special relationships and interests that conflict with the interests of other Holders of such Class of Certificates or any other Certificates, will be deemed to have agreed to take no action against such BX Industrial Portfolio Loan-Specific Directing Holder or any of its officers, directors, employees, principals or agents as a result of such special relationships or interests, and that any BX Industrial Portfolio Loan-Specific Directing Holder will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct or to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in the interests of the Holders of the Loan-Specific Certificates.

 

(c)        Each Holder of a BX Industrial Portfolio Loan-Specific Certificate is hereby deemed to have agreed by virtue of its purchase of such a Certificate to provide its name and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator and the Special Servicer of the transfer of any such Certificate, the selection of a BX Industrial Portfolio Loan-Specific Directing Holder or the resignation or removal thereof, by delivering a notice to each such Person substantially in the form of Exhibit NN, attached hereto (which notice shall include the contact information of the selected BX Industrial Portfolio Loan-Specific Directing Holder, if applicable) and the Master Servicer and the Special Servicer shall be entitled to conclusively rely on such notice. Notwithstanding the foregoing, any transfer of a BX-VRR Interest shall be subject to the transfer restrictions set forth in Section 5.01(i) and Section 5.02(m) of this Agreement.

 

(d)        With respect to the BX Industrial Portfolio Whole Loan, the BX Industrial Portfolio Loan-Specific Directing Holder shall be entitled, prior to the occurrence and continuance of a Trust Subordinate Companion Loan Control Termination Event, to exercise the rights of the “Controlling Noteholder”, as defined in and under the terms of, the BX Industrial Portfolio Intercreditor Agreement.

 

Section 3.36     Tower 333 Loan-Specific Directing Holder. 

 

(a)        If a Tower 333 Note C Control Appraisal Period has occurred and is continuing and prior to a Tower 333 Note B Control Appraisal Period, the Certificateholder(s) holding more than fifty percent (50%) of the Certificate Balance of the Tower 333 Controlling Class, shall have the right to appoint and replace (for any reason) the Tower 333 Loan-Specific Directing Holder.

 

(b)       The Tower 333 Loan-Specific Directing Holder shall not have any liability to the Holders of the Loan-Specific Certificates or any other Certificateholders for any action taken, or for refraining from the taking of any action or the giving of any consent or failure to give any consent in good faith pursuant to this Agreement or errors in judgment. By its acceptance of a Tower 333 Loan-Specific Certificate or other Certificate, each holder of a Tower 333 Loan-Specific Certificate or other Certificate will be deemed to have confirmed its agreement that such Tower 333 Loan-Specific Directing Holder may take or refrain from taking actions, or give or refrain from giving any consents, that favor the interests of the appointing Certificateholder(s) over any other holder of such Class of Certificates or other Certificate, and that such Tower 333 Loan-Specific Directing Holder may have special relationships and interests that conflict with the interests of other Holders of such Class of Certificates or any other

 

 



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Certificates, will be deemed to have agreed to take no action against such Tower 333 Loan-Specific Directing Holder or any of its officers, directors, employees, principals or agents as a result of such special relationships or interests, and that any Tower 333 Loan-Specific Directing Holder will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct or to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in the interests of the Holders of the Loan-Specific Certificates.

 

(c)        Each Holder of a Tower 333 Loan-Specific Certificate is hereby deemed to have agreed by virtue of its purchase of such a Certificate to provide its name and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator and the Special Servicer of the transfer of any such Certificate, the selection of a Tower 333 Loan-Specific Directing Holder or the resignation or removal thereof, by delivering a notice to each such Person substantially in the form of Exhibit NN, attached hereto (which notice shall include the contact information of the selected Tower 333 Loan-Specific Directing Holder, if applicable) and the Master Servicer and the Special Servicer shall be entitled to conclusively rely on such notice. Notwithstanding the foregoing, any transfer of a T333-VRR Interest shall be subject to the transfer restrictions set forth in Section 5.01(i) and Section 5.02(m) of this Agreement.

 

(d)        With respect to the Tower 333 Whole Loan, the Tower 333 Loan-Specific Directing Holder shall be entitled, prior to the occurrence and continuance of a Trust Subordinate Companion Loan Control Termination Event, to exercise the rights of the “Controlling Noteholder”, as defined in and under the terms of, the Tower 333 Intercreditor Agreement.

 

Section 3.37     825 South Hill Loan-Specific Directing Holder. 

 

(a)        If an AIG Lending Control Termination Event has occurred and prior to an 825 South Hill Control Appraisal Period, the Certificateholder(s) holding more than fifty percent (50%) of the Certificate Balance of the 825 South Hill Controlling Class, shall have the right to appoint and replace (for any reason) the 825 South Hill Loan-Specific Directing Holder.

 

(b)        The 825 South Hill Loan-Specific Directing Holder shall not have any liability to the Holders of the Loan-Specific Certificates or any other Certificateholders for any action taken, or for refraining from the taking of any action or the giving of any consent or failure to give any consent in good faith pursuant to this Agreement or errors in judgment. By its acceptance of a 825 South Hill Loan-Specific Certificate or other Certificate, each holder of a 825 South Hill Loan-Specific Certificate or other Certificate will be deemed to have confirmed its agreement that such 825 South Hill Loan-Specific Directing Holder may take or refrain from taking actions, or give or refrain from giving any consents, that favor the interests of the appointing Certificateholder(s) over any other holder of such Class of Certificates or other Certificate, and that such 825 South Hill Loan-Specific Directing Holder may have special relationships and interests that conflict with the interests of other Holders of such Class of Certificates or any other Certificates, will be deemed to have agreed to take no action against such 825 South Hill Loan-Specific Directing Holder or any of its officers, directors, employees, principals or agents as a result of such special relationships or interests, and that any 825 South Hill Loan-Specific Directing Holder will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct or to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting, or

 

 



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having given any consent or having failed to give any consent, solely in the interests of the Holders of the Loan-Specific Certificates.

 

(c)        Each Holder of a 825 South Hill Loan-Specific Certificate is hereby deemed to have agreed by virtue of its purchase of such a Certificate to provide its name and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator and the Special Servicer of the transfer of any such Certificate, the selection of a 825 South Hill Loan-Specific Directing Holder or the resignation or removal thereof, by delivering a notice to each such Person substantially in the form of Exhibit NN, attached hereto (which notice shall include the contact information of the selected 825 South Hill Loan-Specific Directing Holder, if applicable) and the Master Servicer and the Special Servicer shall be entitled to conclusively rely on such notice. Notwithstanding the foregoing, any transfer of a 825S-VRR Interest shall be subject to the transfer restrictions set forth in Section 5.01(i) and Section 5.02(m) of this Agreement.

 

(d)        With respect to the 825 South Hill Whole Loan, the 825 South Hill Loan-Specific Directing Holder shall be entitled, prior to the occurrence and continuance of a Trust Subordinate Companion Loan Control Termination Event, to exercise the rights of the “Controlling Noteholder”, as defined in and under the terms of, the 825 South Hill Intercreditor Agreement.

 

Article IV


DISTRIBUTIONS TO CERTIFICATEHOLDERS AND RR INTEREST OWNER

 

Section 4.01     Distributions. (a) REMIC-Related Deemed Deposits and Distributions. On each Distribution Date, amounts held in the Lower-Tier Distribution Account shall be withdrawn (to the extent of the Pooled Aggregate Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of all Classes of Lower-Tier Regular Interests (such amount, the “Lower-Tier Distribution Amount”). On each Distribution Date, distributions in respect of principal shall be deemed to have been made on each Class of Lower-Tier Regular Interests in an amount equal to the amount of principal actually distributed on its respective Corresponding Certificates as provided in Section 4.01(b) of this Agreement. As of any date, the principal balance of each Lower-Tier Regular Interest shall equal the Lower-Tier Principal Balance thereof. On each Distribution Date, distributions of interest made in respect of any Class of Pooled Regular Certificates on each Distribution Date pursuant to Section 4.01(b) or Section 9.01 of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to this Agreement; provided that each Lower-Tier Regular Interest shall be deemed to have received distributions in respect of interest in an amount equal to the Interest Distribution Amount in respect of the Class X-A Strip Rate of its Corresponding Class X Component, as applicable, in each case to the extent actually distributed to the related Class of Corresponding Certificates as provided in Section 4.01(b) of this Agreement. In addition, on each Distribution Date, amounts held in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account shall be withdrawn (to the extent of the BX 

 

 



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Industrial Portfolio Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the BX Industrial Portfolio Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of all Classes of BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests (such amount, the “BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Amount”). In addition, on each Distribution Date, amounts held in the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account shall be withdrawn (to the extent of the Tower 333 Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the Tower 333 Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of all Classes of Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests (such amount, the “Tower 333 Trust Subordinate Companion Loan REMIC Distribution Amount”). In addition, on each Distribution Date, amounts held in the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account shall be withdrawn (to the extent of the 825 South Hill Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the 825 South Hill Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of all Classes of 825 South Hill Trust Subordinate Companion Loan REMIC Regular Interests (such amount, the “825 South Hill Trust Subordinate Companion Loan REMIC Distribution Amount” and, collectively with the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Amount and the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Amount, the “Trust Subordinate Companion Loan REMIC Distribution Amount”). On each Distribution Date, distributions in respect of principal shall be deemed to have been made on each Class of Trust Subordinate Companion Loan REMIC Regular Interests in an amount equal to the amount of principal actually distributed on its respective Corresponding Certificates as provided in Section 4.01(c), Section 4.01(d) and Section 4.01(e) of this Agreement. As of any date, the principal balance of each Trust Subordinate Companion Loan REMIC Regular Interest shall equal the Trust Subordinate Companion Loan Principal Balance thereof. On each Distribution Date, distributions of interest made in respect of any Class of Loan- Specific Certificates on each Distribution Date pursuant to Section 4.01(c), Section 4.01(d) and Section 4.01(e) of this Agreement shall be deemed to have first been distributed from the related Trust Subordinate Companion Loan REMIC to the Upper-Tier REMIC in respect of its Corresponding Trust Subordinate Companion Loan REMIC Regular Interest set forth in the Preliminary Statement to this Agreement.

 

All distributions of reimbursements of Pooled Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses made in respect of any Class of Principal Balance Certificates (other than Loan-Specific Certificates) or Class of Class VRR Upper-Tier Regular Interests on each Distribution Date pursuant to Section 4.01 of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to this Agreement; provided that distributions of reimbursements of Pooled Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses shall be made in sequential order of the priority set forth in Section 4.01(b) and Section 4.01(f) for principal distributions, up to the amount of Pooled Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses previously allocated to a

 

 



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particular Lower-Tier Regular Interest corresponding to such Class of Certificates. In addition, all distributions of reimbursements of BX Industrial Portfolio Realized Losses, Tower 333 Realized Losses, 825 South Hill Realized Losses and Additional Trust Fund Expenses made in respect of any Class of Loan-Specific Certificates on each Distribution Date pursuant to Section 4.01 of this Agreement shall be deemed to have first been distributed from the related Trust Subordinate Companion Loan REMIC to the Upper-Tier REMIC in respect of its Corresponding Trust Subordinate Companion Loan REMIC Regular Interest set forth in the Preliminary Statement to this Agreement; provided that distributions of reimbursements of BX Industrial Portfolio Realized Losses, Tower 333 Realized Losses, 825 South Hill Realized Losses and Additional Trust Fund Expenses shall be made in sequential order of the priority set forth in Section 4.01(c), Section 4.01(d), Section 4.01(e), Section 4.01(g), Section 4.01(h) and Section 4.01(i) for principal distributions, up to the amount of BX Industrial Portfolio Realized Losses, Tower 333 Realized Losses, 825 South Hill Realized Losses and Additional Trust Fund Expenses previously allocated to a particular Trust Subordinate Companion Loan REMIC Regular Interest corresponding to such Class of Loan-Specific Certificates.

 

On each Distribution Date, the Certificate Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on deposit (i) in the Lower-Tier Distribution Account and received during or prior to the related Collection Period to the Lower-Tier Regular Interests in proportion to the amount of principal deemed distributed to each Class of Lower-Tier Regular Interests on such Distribution Date and (ii) in the Trust Subordinate Companion Loan REMIC Distribution Account and received during or prior to the related Collection Period to the Trust Subordinate Companion Loan REMIC Regular Interests in proportion to the amount of principal deemed distributed to each Class of Trust Subordinate Companion Loan REMIC Regular Interests on such Distribution Date, in each case pursuant to this Section 4.01(a).

 

The Certificate Administrator shall be deemed to deposit the Lower-Tier Distribution Amount, the Trust Subordinate Companion Loan REMIC Distribution Amount and the amount of any Prepayment Premiums and any Yield Maintenance Charges distributed to the Upper-Tier REMIC pursuant to this Section 4.01(a) into the Upper-Tier Distribution Account. Any amount in respect of the Mortgage Pool that remains in the Lower-Tier Distribution Account or the related Trust Subordinate Companion Loan REMIC Distribution Account on each Distribution Date after the deemed distribution described in the preceding sentence shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR Interest, the Class LBX-R Interest, the Class LT333-R Interest, the Class L825S-R Interest, as applicable) (but only to the extent of such amount for such Distribution Date remaining in the Lower-Tier Distribution Account or the related Trust Subordinate Companion Loan REMIC Distribution Account, as applicable, if any).

 

(b)        Distributions of Pooled Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited in the Upper-Tier Distribution Account to the extent of the Pooled Available Funds in respect of such Distribution Date pursuant to Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the Non-VRR Certificates in the amounts and in the order of priority set forth below:

 

 



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(i)     First, to the Class A-2, Class A-3, Class A-4, Class A-SB and Class X-A Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amount for those Classes;

 

(ii)    Second, to the Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, in reduction of the Certificate Balances thereof, prior to the Crossover Date, in the following priority:

 

(A)       first, to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of such Class is reduced to the Class A-SB Planned Principal Balance;

 

(B)       second, to the Class A-2 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclause (A) above has been made on such Distribution Date), until the Certificate Balance of such Class is reduced to zero;

 

(C)       third, to the Class A-3 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclauses (A) and (B) above have been made on such Distribution Date), until the Certificate Balance of such Class is reduced to zero;

 

(D)       fourth, to the Class A-4 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclauses (A), (B) and (C) above have been made on such Distribution Date), until the Certificate Balance of such Class is reduced to zero;

 

(E)       fifth, to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-SB, Class A-2, Class A-3, and Class A-4 Certificates pursuant to (A), (B), (C) and (D) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(iii)   Third, to the Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, pro rata based upon, the aggregate unreimbursed Pooled Realized Losses previously allocated to those Classes of Certificates, first, (i) up to an amount equal to the unreimbursed Pooled Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Pooled Realized Loss was allocated to such Class until the date such Pooled Realized Loss is reimbursed;

 

(iv)   Fourth, to the Class A-S Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

 



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(v)    Fifth, to the Class A-S Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class A-S is reduced to zero;

 

(vi)   Sixth, to the Class A-S Certificates, first, (i) up to an amount equal to the unreimbursed Pooled Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Pooled Realized Loss was allocated to such Class until the date such Pooled Realized Loss is reimbursed;

 

(vii)  Seventh, to the Class B Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(viii) Eighth, to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(ix)   Ninth, to the Class B Certificates, first, (i) up to an amount equal to the unreimbursed Pooled Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Pooled Realized Loss was allocated to such Class until the date such Pooled Realized Loss is reimbursed;

 

(x)    Tenth, to the Class C Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xi)   Eleventh, to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class C is reduced to zero;

 

(xii)  Twelfth, to the Class C Certificates, first, (i) up to an amount equal to the unreimbursed Pooled Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Pooled Realized Loss was allocated to such Class until the date such Pooled Realized Loss is reimbursed;

 

(xiii) Thirteenth, to the Class D Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xiv) Fourteenth, to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the portion of

 

 



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the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xv)  Fifteenth, to the Class D Certificates, first, (i) up to an amount equal to the unreimbursed Pooled Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Pooled Realized Loss was allocated to such Class until the date such Pooled Realized Loss is reimbursed; and

 

(xvi) Sixteenth, to the Class R Certificates (in respect of the Class UTR Interest), any amounts of the Pooled Available Funds remaining in the Upper-Tier Distribution Account.

 

Notwithstanding the foregoing, on each Distribution Date occurring on and after the Crossover Date, regardless of the allocation of principal payments described in priority Second above, the Principal Distribution Amount for such Distribution Date will be distributed pursuant to Section 4.01(b)(ii) to the Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class of Certificates is reduced to zero, and without regard to the Class A-SB Planned Principal Balance.

 

(c)        Distributions of BX Industrial Portfolio Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited in the Upper-Tier Distribution Account to the extent of the BX Industrial Portfolio Available Funds in respect of such Distribution Date pursuant to Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the BX Industrial Portfolio Non-VRR Certificates and the Class R Certificates in the amounts and in the order of priority set forth below:

 

(i)     first, to the Class BX-A Certificates, in respect of interest, up to an amount equal to the BX Industrial Portfolio Interest Distribution Amount of such Class;

 

(ii)    Second, to the Class BX-A Certificates, in reduction of the Certificate Balance thereof, an amount equal to the BX Industrial Portfolio Principal Distribution Amount, until the Certificate Balance of such Class is reduced to zero;

 

(iii)   Third, to the Class BX-A Certificates, first, (i) up to an amount equal to the unreimbursed BX Industrial Portfolio Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related BX Industrial Portfolio Non-VRR Realized Loss was allocated to such Class until the date such BX Industrial Portfolio Non-VRR Realized Loss is reimbursed;

 

(iv)   Fourth, to the Class BX-B Certificates, in respect of interest, up to an amount equal to the BX Industrial Portfolio Interest Distribution Amount of such Class;

 

 



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(v)    Fifth, to the Class BX-B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the BX Industrial Portfolio Principal Distribution Amount less amounts of BX Industrial Portfolio Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(vi)   Sixth, to the Class BX-B Certificates, first, (i) up to an amount equal to the unreimbursed BX Industrial Portfolio Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related BX Industrial Portfolio Non-VRR Realized Loss was allocated to such Class until the date such BX Industrial Portfolio Non-VRR Realized Loss is reimbursed;

 

(vii)  Seventh, to the Class BX-C Certificates, in respect of interest, up to an amount equal to the BX Industrial Portfolio Interest Distribution Amount of such Class;

 

(viii) Eighth, to the Class BX-C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the BX Industrial Portfolio Principal Distribution Amount less amounts of BX Industrial Portfolio Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(ix)   Ninth, to the Class BX-C Certificates, first, (i) up to an amount equal to the unreimbursed BX Industrial Portfolio Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related BX Industrial Portfolio Non-VRR Realized Loss was allocated to such Class until the date such BX Industrial Portfolio Non-VRR Realized Loss is reimbursed; and

 

(x)    Tenth, to the Class R Certificates (in respect of the LBX-R Interest), any amounts of BX Industrial Portfolio Available Funds remaining in the Upper-Tier Distribution Account.

 

(d)        Distributions of Tower 333 Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited in the Upper-Tier Distribution Account to the extent of the Tower 333 Available Funds in respect of such Distribution Date pursuant to Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the Tower 333 Non-VRR Certificates and the Class R Certificates in the amounts and in the order of priority set forth below:

 

(i)     first, to the Class T333-A Certificates, in respect of interest, up to an amount equal to the Tower 333 Interest Distribution Amount of such Class;

 

(ii)    Second, to the Class T333-A Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Tower 333 Principal Distribution Amount, until the Certificate Balance of such Class is reduced to zero;

 

 



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(iii)   Third, to the Class T333-A Certificates, first, (i) up to an amount equal to the unreimbursed Tower 333 Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Tower 333 Non-VRR Realized Loss was allocated to such Class until the date such Tower 333 Non-VRR Realized Loss is reimbursed;

 

(iv)   Fourth, to the Class T333-B Certificates, in respect of interest, up to an amount equal to the Tower 333 Interest Distribution Amount of such Class;

 

(v)    Fifth, to the Class T333-B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Tower 333 Principal Distribution Amount less amounts of Tower 333 Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(vi)   Sixth, to the Class T333-B Certificates, first, (i) up to an amount equal to the unreimbursed Tower 333 Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Tower 333 Non-VRR Realized Loss was allocated to such Class until the date such Tower 333 Non-VRR Realized Loss is reimbursed;

 

(vii)  Seventh, to the Class T333-C Certificates, in respect of interest, up to an amount equal to the Tower 333 Interest Distribution Amount of such Class;

 

(viii) Eighth, to the Class T333-C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Tower 333 Principal Distribution Amount less amounts of Tower 333 Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(ix)   Ninth, to the Class T333-C Certificates, first, (i) up to an amount equal to the unreimbursed Tower 333 Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Tower 333 Non-VRR Realized Loss was allocated to such Class until the date such Tower 333 Non-VRR Realized Loss is reimbursed;

 

(x)    Tenth, to the Class T333-D Certificates, in respect of interest, up to an amount equal to the Tower 333 Interest Distribution Amount of such Class;

 

(xi)   Eleventh, to the Class T333-D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Tower 333 Principal Distribution Amount less amounts of Tower 333 Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xii)  Twelfth, to the Class T333-D Certificates, first, (i) up to an amount equal to the unreimbursed Tower 333 Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount

 

 



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set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Tower 333 Non-VRR Realized Loss was allocated to such Class until the date such Tower 333 Non-VRR Realized Loss is reimbursed; and

 

(xiii) Thirteenth, to the Class R Certificates (in respect of the LT333-R Interest), any amounts of Tower 333 Available Funds remaining in the Upper-Tier Distribution Account.

 

(e)        Distributions of 825 South Hill Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited in the Upper-Tier Distribution Account to the extent of the 825 South Hill Available Funds in respect of such Distribution Date pursuant to Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the 825 South Hill Non-VRR Certificates and the Class R Certificates in the amounts and in the order of priority set forth below:

 

(i)     first, to the Class 825S-A Certificates, in respect of interest, up to an amount equal to the 825 South Hill Interest Distribution Amount of such Class;

 

(ii)    Second, to the Class 825S-A Certificates, in reduction of the Certificate Balance thereof, an amount equal to the 825 South Hill Principal Distribution Amount, until the Certificate Balance of such Class is reduced to zero;

 

(iii)   Third, to the Class 825S-A Certificates, first, (i) up to an amount equal to the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related 825 South Hill Non-VRR Realized Loss was allocated to such Class until the date such 825 South Hill Non-VRR Realized Loss is reimbursed;

 

(iv)   Fourth, to the Class 825S-B Certificates, in respect of interest, up to an amount equal to the 825 South Hill Interest Distribution Amount of such Class;

 

(v)    Fifth, to the Class 825S-B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the 825 South Hill Principal Distribution Amount less amounts of 825 South Hill Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(vi)   Sixth, to the Class 825S-B Certificates, first, (i) up to an amount equal to the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related 825 South Hill Non-VRR Realized Loss was allocated to such Class until the date such 825 South Hill Non-VRR Realized Loss is reimbursed;

 

(vii)  Seventh, to the Class 825S-C Certificates, in respect of interest, up to an amount equal to the 825 South Hill Interest Distribution Amount of such Class;

 

 



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(viii) Eighth, to the Class 825S-C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the 825 South Hill Principal Distribution Amount less amounts of 825 South Hill Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(ix)   Ninth, to the Class 825S-C Certificates, first, (i) up to an amount equal to the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related 825 South Hill Non-VRR Realized Loss was allocated to such Class until the date such 825 South Hill Non-VRR Realized Loss is reimbursed;

 

(x)    Tenth, to the Class 825S-D Certificates, in respect of interest, up to an amount equal to the 825 South Hill Interest Distribution Amount of such Class;

 

(xi)   Eleventh, to the Class 825S-D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the 825 South Hill Principal Distribution Amount less amounts of 825 South Hill Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xii)  Twelfth, to the Class 825S-D Certificates, first, (i) up to an amount equal to the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related 825 South Hill Non-VRR Realized Loss was allocated to such Class until the date such 825 South Hill Non-VRR Realized Loss is reimbursed;

 

(xiii) Thirteenth, to the Class 825S-E Certificates, in respect of interest, up to an amount equal to the 825 South Hill Interest Distribution Amount of such Class;

 

(xiv) Fourteenth, to the Class 825S-E Certificates, in reduction of the Certificate Balance thereof, an amount equal to the 825 South Hill Principal Distribution Amount less amounts of 825 South Hill Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xv)  Fifteenth, to the Class 825S-E Certificates, first, (i) up to an amount equal to the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related 825 South Hill Non-VRR Realized Loss was allocated to such Class until the date such 825 South Hill Non-VRR Realized Loss is reimbursed; and

 

(xvi) Sixteenth, to the Class R Certificates (in respect of the L825S-R Interest), any amounts of 825 South Hill Available Funds remaining in the Upper-Tier Distribution Account.

 

(f)         Distributions of VRR Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts

 

 



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on deposit therein, to the extent of the VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders of the Class RR Certificates and the RR Interest Owner in accordance with this Section 4.01(f).

 

On each Distribution Date, the Certificate Administrator shall apply the then applicable VRR Available Funds for such Distribution Date to make distributions to the Holders of the Class RR Certificates and the RR Interest Owner for the following purposes and in the following order of priority:

 

(i)     first, to the RR Interest Owner and the Class RR Certificates, pro rata based on their respective VRR Interest Balances, in respect of interest, up to an amount equal to the VRR Interest Distribution Amount for such Distribution Date;

 

(ii)    second, to the RR Interest Owner and the Class RR Certificates, pro rata based on their respective VRR Interest Balances, in reduction of their respective VRR Interest Balances, up to an amount equal to the VRR Principal Distribution Amount for such Distribution Date until the outstanding VRR Interest Balance has been reduced to zero; and

 

(iii)   third, to reimburse (with interest) prior write-offs of the respective VRR Interest Balances of the RR Interest Owner and the Class RR Certificates, pro rata based on their respective VRR Interest Balances, up to an amount equal to the unreimbursed VRR Realized Losses previously allocated to the VRR Interest, plus interest in an amount equal to the VRR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any Distribution Date, to the extent that VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of the Class RR Certificates and the RR Interest on such Distribution Date pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of the Class R Certificates.

 

(g)        Distributions of BX-VRR Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit therein, to the extent of the BX-VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders of the BX-VRR Interest and the Class R Certificates in accordance with this Section 4.01(g).

 

On each Distribution Date, the Certificate Administrator shall apply the BX-VRR Available Funds for such Distribution Date to make distributions to the Holders of the BX-VRR Interest for the following purposes and in the following order of priority:

 

(i)     first, to the BX-VRR Interest, up to an amount equal to the BX-VRR Interest Distribution Amount for such Distribution Date;

 

(ii)    second, to the BX-VRR Interest, in reduction of its Certificate Balance, up to an amount equal to the BX-VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance of the BX-VRR Interest has been reduced to zero; and

 

 



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(iii)   third, to the BX-VRR Interest, up to an amount equal to the unreimbursed BX Industrial Portfolio BX-VRR Realized Losses previously allocated to the BX-VRR Interest, plus interest in an amount equal to the BX-VRR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any Distribution Date, to the extent that the BX-VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of the BX-VRR Interest on such Distribution Date pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of the BX-VRR Interest.

 

(h)        Distributions of T333-VRR Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit therein, to the extent of the T333-VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders of the T333-VRR Interest and the Class R Certificates in accordance with this Section 4.01(h).

 

On each Distribution Date, the Certificate Administrator shall apply the T333-VRR Available Funds for such Distribution Date to make distributions to the Holders of the T333-VRR Interest for the following purposes and in the following order of priority:

 

(i)     first, to the T333-VRR Interest, up to an amount equal to the T333-VRR Interest Distribution Amount for such Distribution Date;

 

(ii)    second, to the T333-VRR Interest, in reduction of its Certificate Balance, up to an amount equal to the T333-VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance of the T333-VRR Interest has been reduced to zero; and

 

(iii)   third, to the T333-VRR Interest, up to an amount equal to the unreimbursed Tower 333 T333-VRR Realized Losses previously allocated to the T333-VRR Interest plus interest in an amount equal to the T333-VRR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any Distribution Date, to the extent that the T333-VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of the T333-VRR Interest on such Distribution Date pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of the T333-VRR Interest.

 

(i)         Distributions of 825S-VRR Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit therein, to the extent of the 825S-VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders of the 825S-VRR Interest and the Class R Certificates in accordance with this Section 4.01(i).

 

On each Distribution Date, the Certificate Administrator shall apply the 825S-VRR Available Funds for such Distribution Date to make distributions to the Holders of the 825S-VRR Interest for the following purposes and in the following order of priority:

 

 



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(i)     first, to the 825S-VRR Interest, up to an amount equal to the 825S-VRR Interest Distribution Amount for such Distribution Date;

 

(ii)    second, to the 825S-VRR Interest, in reduction of its Certificate Balance, up to an amount equal to the 825S-VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance of the 825S-VRR Interest has been reduced to zero; and

 

(iii)   third, to the 825S-VRR Interest, up to an amount equal to the unreimbursed BX Industrial Portfolio 825S-VRR Realized Losses previously allocated to the 825S-VRR Interest, plus interest in an amount equal to the 825S-VRR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any Distribution Date, to the extent that the 825S-VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of the 825S-VRR Interest on such Distribution Date pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of the 825S-VRR Interest.

 

(j)         Distributions of Prepayment Premiums and Yield Maintenance Charges. On each Distribution Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions of any Prepayment Premiums and Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period from amounts deposited in the Upper-Tier Distribution Account pursuant to Section 3.05(f) of this Agreement, as follows:

 

The Non-VRR Percentage of the Prepayment Premiums and Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period (such portion of such Prepayment Premiums and Yield Maintenance Charges, the “Non-VRR Prepayment Premiums and Yield Maintenance Charges”) shall be distributed to the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates in an amount equal to, in the case of each such Class, the product of (a) a fraction, not greater than one, the numerator of which is the amount distributed as principal to such Class on such Distribution Date, and whose denominator is the total amount distributed as principal to the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates on such Distribution Date, (b) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates and (c) the amount of such Non-VRR Prepayment Premiums and Yield Maintenance Charges.

 

Any Yield Maintenance Charges or Prepayment Premiums collected on the Mortgage Loans collected during the related Collection Period and remaining after such distributions described in the preceding paragraph shall be allocated and distributed to the Class X-A Certificates.

 

On any Distribution Date, any Prepayment Premiums and Yield Maintenance Charges collected in respect of the BX Industrial Portfolio Trust Subordinate Companion Loan during the related Collection Period shall be distributed by the Certificate Administrator in the

 

 



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following manner: (a) to the Holders of the Class BX-A, Class BX-B and Class BX-C Certificates in an amount equal to the product of (x) a fraction whose numerator is the amount of principal distributed to such Class of Loan-Specific Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to the Holders of the Class BX-A, Class BX-B and Class BX-C Certificates on such Distribution Date, (y) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges allocated to the BX Industrial Portfolio Trust Subordinate Companion Loan and (z) the BX Industrial Portfolio Non-VRR Percentage of such Prepayment Premiums and Yield Maintenance Premiums, and (b) to the BX-VRR Interest Owner, the BX-VRR Percentage of such Prepayment Premiums or Yield Maintenance Charges. If there is more than one Class of Loan-Specific Certificates entitled to distributions of principal on any particular Distribution Date on which Yield Maintenance Charges are distributable to such Classes, the aggregate amount of such Yield Maintenance Charges shall be allocated among all such Classes of Loan-Specific Certificates up to, and on a pro rata basis in accordance with, their respective entitlements in those Yield Maintenance Charges in accordance with the first sentence of this paragraph.

 

On any Distribution Date, any Prepayment Premiums and Yield Maintenance Charges collected in respect of the Tower 333 Trust Subordinate Companion Loan during the related Collection Period shall be distributed by the Certificate Administrator in the following manner: (a) to the Holders of the Class T333-A, Class T333-B, Class T333-C and Class T333-D Certificates in an amount equal to the product of (x) a fraction whose numerator is the amount of principal distributed to such Class of Loan-Specific Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to the Holders of the Class T333-A, Class T333-B, Class T333-C and Class T333-D Certificates on such Distribution Date, (y) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges allocated to the Tower 333 Trust Subordinate Companion Loan and (z) the Tower 333 Non-VRR Percentage of such Prepayment Premiums and Yield Maintenance Premiums, and (b) to the T333-VRR Interest Owner, the T333-VRR Percentage of such Prepayment Premiums or Yield Maintenance Charges. If there is more than one Class of Loan-Specific Certificates entitled to distributions of principal on any particular Distribution Date on which Yield Maintenance Charges are distributable to such Classes, the aggregate amount of such Yield Maintenance Charges shall be allocated among all such Classes of Loan-Specific Certificates up to, and on a pro rata basis in accordance with, their respective entitlements in those Yield Maintenance Charges in accordance with the first sentence of this paragraph.

 

On any Distribution Date, any Prepayment Premiums and Yield Maintenance Charges collected in respect of the 825 South Hill Trust Subordinate Companion Loan during the related Collection Period shall be distributed by the Certificate Administrator in the following manner: (a) to the Holders of the Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates in an amount equal to the product of (x) a fraction whose numerator is the amount of principal distributed to such Class of Loan-Specific Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to the Holders of the Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates on such Distribution Date, (y) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges allocated to the 825 South Hill Trust Subordinate Companion Loan and (z) the 825 South Hill Non-VRR Percentage of such Prepayment Premiums and Yield Maintenance Premiums, and (b) to the 825S-VRR Interest Owner, the 825S-VRR Percentage of

 

 



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such Prepayment Premiums or Yield Maintenance Charges. If there is more than one Class of Loan-Specific Certificates entitled to distributions of principal on any particular Distribution Date on which Yield Maintenance Charges are distributable to such Classes, the aggregate amount of such Yield Maintenance Charges shall be allocated among all such Classes of Loan-Specific Certificates up to, and on a pro rata basis in accordance with, their respective entitlements in those Yield Maintenance Charges in accordance with the first sentence of this paragraph.

 

On each Distribution Date, amounts on deposit in the Upper-Tier Distribution Account that represent the VRR Percentage of such Prepayment Premiums and Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period shall be distributed by the Certificate Administrator to the Holders of the Class RR Certificates and the RR Interest Owner, on a pro rata and pari passu basis.

 

(k)        Gain-on-Sale Accounts. On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the Pooled Available Funds for such Distribution Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest and principal due and owing to reimburse all previously allocated Pooled Realized Losses reimbursable to the Holders of the Non-VRR Certificates on such Distribution Date pursuant to Section 4.01(b). If the Certificate Administrator determines that such Pooled Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate Administrator shall withdraw from the Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included in the Pooled Aggregate Available Funds for the related Distribution Date for allocation between the VRR Interest and the Non-VRR Certificates) equal to the lesser of (i) the amounts then on deposit in the Gain-on-Sale Reserve Account and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the VRR Allocation Percentage of the amount described in the immediately preceding clause (A).

 

On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the BX Industrial Portfolio Available Funds for such Distribution Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest and principal due and owing to reimburse all previously allocated BX Industrial Portfolio Realized Losses reimbursable to the Holders of the BX Industrial Portfolio Non-VRR Certificates on such Distribution Date pursuant to Section 4.01(c). If the Certificate Administrator determines that such BX Industrial Portfolio Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate Administrator shall withdraw from the BX Industrial Portfolio Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included in the BX Industrial Portfolio Available Funds for the related Distribution Date for allocation between the BX-VRR Interest and the BX Industrial Portfolio Non-VRR Certificates) equal to the lesser of (i) the amounts then on deposit in the BX Industrial Portfolio Gain-on-Sale Reserve Account and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the BX-VRR Allocation Percentage of the amount described in the immediately preceding clause (A).

 

 



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On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the Tower 333 Available Funds for such Distribution Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest and principal due and owing to reimburse all previously allocated Tower 333 Realized Losses reimbursable to the Holders of the Tower 333 Non-VRR Certificates on such Distribution Date pursuant to Section 4.01(d). If the Certificate Administrator determines that such Tower 333 Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate Administrator shall withdraw from the Tower 333 Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included in the Tower 333 Available Funds for the related Distribution Date for allocation between the T333-VRR Interest and the Tower 333 Non-VRR Certificates) equal to the lesser of (i) the amounts then on deposit in the Tower 333 Gain-on-Sale Reserve Account and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the T333-VRR Allocation Percentage of the amount described in the immediately preceding clause (A).

 

On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the 825 South Hill Available Funds for such Distribution Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest and principal due and owing to reimburse all previously allocated 825 South Hill Realized Losses reimbursable to the Holders of the 825 South Hill Non-VRR Certificates on such Distribution Date pursuant to Section 4.01(e). If the Certificate Administrator determines that such 825 South Hill Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate Administrator shall withdraw from the 825 South Hill Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included in the 825 South Hill Available Funds for the related Distribution Date for allocation between the 825S-VRR Interest and the 825 South Hill Non-VRR Certificates) equal to the lesser of (i) the amounts then on deposit in the 825 South Hill Gain-on-Sale Reserve Account and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the 825S-VRR Allocation Percentage of the amount described in the immediately preceding clause (A).

 

Any amounts remaining in the Gain-on-Sale Reserve Account after such distributions on any Distribution Date that (A) are allocable to the Mortgage Loans shall be held and maintained in such account and applied to offset future Pooled Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses from time to time; and (B) are allocable to the Serviced Companion Loans (other than the Trust Subordinate Companion Loans), shall be remitted within one Business Day after each such Distribution Date by the Certificate Administrator to the Master Servicer (which shall remit to the Serviced Companion Loan Noteholders in accordance with Section 3.05(h)). Any gains allocable to the BX Industrial Portfolio Trust Subordinate Companion Loan will be applied on the applicable Distribution Date to reimburse the BX Industrial Portfolio Loan-Specific Certificateholders for BX Industrial Portfolio Realized Losses and, to the extent not so applied, such gains will be held and applied to offset future BX Industrial Portfolio Realized Losses, if any. Any gains allocable to the Tower 333 Trust Subordinate Companion Loan will be applied on the applicable Distribution Date to reimburse the Tower 333 Loan-Specific Certificateholders for Tower 333 Realized Losses and, to the extent not so applied, such gains will be held and applied to offset future Tower 333

 

 



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Realized Losses, if any. Any gains allocable to the 825 South Hill Trust Subordinate Companion Loan will be applied on the applicable Distribution Date to reimburse the 825 South Hill Loan-Specific Certificateholders for 825 South Hill Realized Losses and, to the extent not so applied, such gains will be held and applied to offset future 825 South Hill Realized Losses, if any.

 

On each Distribution Date, immediately after giving effect to the operation of the first and fifth paragraphs of this Section 4.01(k), amounts held in the Gain-on-Sale Reserve Account (other than amounts allocable to any related Serviced Companion Loan or Trust Subordinate Companion Loan pursuant to the terms of any related Intercreditor Agreement) that exceed amounts reasonably required (as determined by the Certificate Administrator) to offset future Pooled Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses, shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR Interest) and, upon termination of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account (other than amounts allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor Agreement) shall be distributed by the Certificate Administrator to the Class R Certificates (in respect of the Class LTR Interest). Amounts paid with respect to the Mortgage Loans from the Gain-on-Sale Reserve Account pursuant to the preceding clauses (i) and (ii) of the first paragraph of this Section 4.01(k) shall first be deemed to have been distributed to the Lower-Tier Regular Interests in reimbursement of Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses previously allocated thereto in the same manner as provided in Section 4.01(a) of this Agreement. Amounts paid from the Gain-on-Sale Reserve Account will not reduce the Certificate Balances of any Class of Non-VRR Certificates, Class S Certificates or the Class RR Certificates receiving such distributions.

 

On each Distribution Date, the Certificate Administrator shall withdraw from the BX Industrial Portfolio Gain-on-Sale Reserve Account and deposit in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account, the amount, if any, on deposit in the BX Industrial Portfolio Gain-on-Sale Reserve Account (to be included in the BX Industrial Portfolio Available Funds for the related Distribution Date).

 

On each Distribution Date, the Certificate Administrator shall withdraw from the Tower 333 Gain-on-Sale Reserve Account and deposit in the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account, the amount, if any, on deposit in the Tower 333 Gain-on-Sale Reserve Account (to be included in the Tower 333 Available Funds for the related Distribution Date).

 

On each Distribution Date, the Certificate Administrator shall withdraw from the 825 South Hill Gain-on-Sale Reserve Account and deposit in the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account, the amount, if any, on deposit in the 825 South Hill Gain-on-Sale Reserve Account (to be included in the 825 South Hill Available Funds for the related Distribution Date).

 

(l)         Realized Losses. On each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the Certificate Administrator shall calculate the amount, if any, of the Pooled Realized Loss and VRR Realized Loss for such Distribution Date. Any allocation of Realized Losses to any Class of Pooled Principal Balance Certificates and VRR Realized Losses to the VRR Interest shall be made by reducing the

 

 



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Certificate Balance or VRR Interest Balance, as applicable, thereof by the amount so allocated. On each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(c), the Certificate Administrator shall calculate the amount, if any, of the BX Industrial Portfolio Non-VRR Realized Loss and BX Industrial Portfolio BX-VRR Realized Loss for such Distribution Date. Any allocation of BX Industrial Portfolio Non-VRR Realized Losses to any Class of related Loan-Specific Certificates and BX Industrial Portfolio BX-VRR Realized Losses to the BX-VRR Interest shall be made by reducing the Certificate Balance thereof by the amount so allocated. On each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(d) the Certificate Administrator shall calculate the amount, if any, of the Tower 333 Non-VRR Realized Loss and Tower 333 T333-VRR Realized Loss for such Distribution Date. Any allocation of Tower 333 Non-VRR Realized Losses to any Class of related Loan-Specific Certificates and Tower 333 T333-VRR Realized Losses to the T333-VRR Interest shall be made by reducing the Certificate Balance thereof by the amount so allocated. On each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(e) the Certificate Administrator shall calculate the amount, if any, of the 825 South Hill Non-VRR Realized Loss and 825 South Hill 825S-VRR Realized Loss for such Distribution Date. Any allocation of 825 South Hill Non-VRR Realized Losses to any Class of related Loan-Specific Certificates and 825 South Hill 825S-VRR Realized Losses to the 825S-VRR Interest shall be made by reducing the Certificate Balance thereof by the amount so allocated. The allocation of Pooled Realized Losses and VRR Realized Losses, BX Industrial Portfolio Non-VRR Realized Losses, BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses, Tower 333 T333-VRR Realized Losses, 825 South Hill Non-VRR Realized Losses, 825 South Hill 825S-VRR Realized Losses,, shall constitute allocations of losses and other shortfalls experienced by the Trust Fund.

 

The Certificate Balances of each Class of Pooled Principal Balance Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any Pooled Realized Losses allocated to such Class of Certificates with respect to such date. Any such write-offs will be applied to the Classes of Pooled Principal Balance Certificates in the following order, in each case until the Certificate Balance of such Class is reduced to zero: first, to the Class D Certificates; second, to the Class C Certificates; third, to the Class B Certificates, fourth, to the Class A-S Certificates; and finally, to the Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, pro rata, based on their respective Certificate Balances. The Certificate Balances of each Class of BX Industrial Portfolio Non-VRR Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any BX Industrial Portfolio Non-VRR Realized Losses allocated to such Class of BX Industrial Portfolio Non-VRR Certificates with respect to such date. Any such write-offs will be applied to the Classes of BX Industrial Portfolio Non-VRR Certificates in the following order, in each case until the Certificate Balance of such Class is reduced to zero: first, to the Class BX-C Certificates, second, to the Class BX-B Certificates, and finally, to the Class BX-A, in each case until the remaining Certificate Balances of such Classes of Certificates have been reduced to zero. The Certificate Balances of each Class of Tower 333 Non-VRR Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any Tower 333 Non-VRR Realized Losses allocated to such Class of Tower 333 Non-VRR Certificates with respect to such date. Any such write-offs will be applied to the Classes of Tower 333 Non-VRR Certificates in the following order, in each case until the Certificate Balance of such Class is

 

 



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reduced to zero: first, to the Class T333-D Certificates, second, to the Class T333-C Certificates, third, to the Class T333-B Certificates, and finally, to the Class T333-A, in each case until the remaining Certificate Balances of such Classes of Certificates have been reduced to zero. The Certificate Balances of each Class of 825 South Hill Non-VRR Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any 825 South Hill Non-VRR Realized Losses allocated to such Class of 825 South Hill Non-VRR Certificates with respect to such date. Any such write-offs will be applied to the Classes of 825 South Hill Non-VRR Certificates in the following order, in each case until the Certificate Balance of such Class is reduced to zero: first, to the Class 825S-E Certificates, second, to the Class 825S-D Certificates, third, to the Class 825S-C Certificates, fourth, to the Class 825S-B and finally, to the Class 825S-A, in each case until the remaining Certificate Balances of such Classes of Certificates have been reduced to zero.

 

Any Realized Losses so allocated to any Class of Certificates shall be allocated among the respective Certificates of such Class in proportion to the Percentage Interests evidenced thereby.

 

On each Distribution Date, any VRR Realized Loss for such Distribution Date shall be allocated to the VRR Interest; and, in connection therewith, the VRR Interest Balance will be reduced without distribution, as a write-off, to the extent of such VRR Realized Loss.

 

On each Distribution Date, any BX Industrial Portfolio BX-VRR Realized Loss for such Distribution Date shall be allocated to the BX-VRR Interest; and, in connection therewith, the BX-VRR Interest Balance will be reduced without distribution, as a write-off, to the extent of such BX Industrial Portfolio BX-VRR Realized Loss.

 

On each Distribution Date, any Tower 333 T333-VRR Realized Loss for such Distribution Date shall be allocated to the T333-VRR Interest; and, in connection therewith, the T333-VRR Interest Balance will be reduced without distribution, as a write-off, to the extent of such Tower 333 T333-VRR Realized Loss.

 

On each Distribution Date, any 825 South Hill 825S-VRR Realized Loss for such Distribution Date shall be allocated to the 825S-VRR Interest; and, in connection therewith, the 825S-VRR Interest Balance will be reduced without distribution, as a write-off, to the extent of such 825 South Hill 825S-VRR Realized Loss.

 

Distributions in reimbursement of Pooled Realized Losses or VRR Realized Losses, as applicable, previously allocated to the respective Classes of the Pooled Principal Balance Certificates and distributions in reimbursement of VRR Realized Losses previously allocated to the VRR Interest shall be made in the amounts and manner specified in Section 4.01(b) or Section 4.01(f), as applicable. Additional Trust Fund Expenses and shortfalls in Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on a Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as Realized Losses and VRR Realized Losses. Reimbursement of previously allocated Pooled Realized Losses and VRR Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of Certificates or Class of Class RR Certificates

 

 



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in respect of which any such reimbursement is made. Distributions in reimbursement of BX Industrial Portfolio Non-VRR Realized Losses or BX Industrial Portfolio BX-VRR Realized Losses, as applicable, previously allocated to the respective Classes of the related Loan-Specific Certificates and distributions in reimbursement of BX Industrial Portfolio BX-VRR Realized Losses previously allocated to the BX-VRR Interest shall be made in the amounts and manner specified in Section 4.01(c) or Section 4.01(g), as applicable. Distributions in reimbursement of Tower 333 Non-VRR Realized Losses or Tower 333 T333-VRR Realized Losses, as applicable, previously allocated to the respective Classes of the related Loan-Specific Certificates and distributions in reimbursement of Tower 333 T333-VRR Realized Losses previously allocated to the T333-VRR Interest shall be made in the amounts and manner specified in Section 4.01(d) or Section 4.01(h), as applicable. Distributions in reimbursement of 825 South Hill Non-VRR Realized Losses or 825 South Hill 825S-VRR Realized Losses, as applicable, previously allocated to the respective Classes of the related Loan-Specific Certificates and distributions in reimbursement of 825 South Hill 825S-VRR Realized Losses previously allocated to the 825S-VRR Interest shall be made in the amounts and manner specified in Section 4.01(e) or Section 4.01(i), as applicable. Additional Trust Fund Expenses attributable to the BX Industrial Portfolio Trust Subordinate Companion Loan and shortfalls in BX Industrial Portfolio Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on the BX Industrial Portfolio Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as BX Industrial Portfolio Non-VRR Realized Losses and BX Industrial Portfolio BX-VRR Realized Losses. Reimbursement of previously allocated BX Industrial Portfolio Non-VRR Realized Losses and BX Industrial Portfolio BX-VRR Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of BX Industrial Portfolio Non-VRR Certificates or BX-VRR Interest in respect of which any such reimbursement is made.

 

Additional Trust Fund Expenses attributable to the Tower 333 Trust Subordinate Companion Loan and shortfalls in Tower 333 Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on the Tower 333 Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as Tower 333 Non-VRR Realized Losses and Tower 333 T333-VRR Realized Losses. Reimbursement of previously allocated Tower 333 Non-VRR Realized Losses and Tower 333 T333-VRR Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of Tower 333 Non-VRR Certificates or T333-VRR Interest in respect of which any such reimbursement is made.

 

Additional Trust Fund Expenses attributable to the 825 South Hill Trust Subordinate Companion Loan and shortfalls in 825 South Hill Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on the 825 South Hill Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as 825 South Hill Non-VRR Realized Losses and 825 South Hill 825S-VRR Realized Losses. Reimbursement of previously allocated 825 South Hill Non-VRR Realized Losses and 825 South Hill 825S-VRR Realized Losses will not constitute

 

 



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distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of 825 South Hill Non-VRR Certificates or 825S-VRR Interest in respect of which any such reimbursement is made.

 

If and to the extent any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans and previously resulted in a reduction of the Aggregate Principal Distribution Amount are subsequently recovered on the related Mortgage Loan, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the Non-VRR Percentage of the amount of such recovery will be added to the Certificate Balance(s) of the Class or Classes of Pooled Principal Balance Certificates that previously were allocated Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(b), in each case up to the lesser of (A) the unallocated portion of the Non-VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed Realized Losses previously allocated to the subject Class of Certificates, and the Interest Shortfall with respect to each affected Class of Non-VRR Certificates for the next Distribution Date will be increased by the aggregate amount of interest that would have accrued through the then current Distribution Date if the restored write-down for the reimbursed Class of Pooled Principal Balance Certificates had never been written down; and (ii) the VRR Percentage of the amount of such recovery will be added to the VRR Interest Balance up to the lesser of (A) the VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed VRR Realized Losses previously allocated to the VRR Interest, and the interest payable on the VRR Interest will be deemed increased by the VRR Allocation Percentage of any contemporaneous increases in interest payable on the Non-VRR Certificates pursuant to clause (i) of this sentence. To the extent that the Certificate Balance or VRR Interest Balance of, and/or any interest payable on, any Class of Non-VRR Certificates or the VRR Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the Corresponding Lower-Tier Regular Interest. If the Certificate Balance of any Class of Pooled Principal Balance Certificates or the VRR Interest Balance (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed Pooled Realized Losses or VRR Realized Losses, as applicable, of such Class of Certificates or the VRR Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed Realized Losses or VRR Realized Losses, as applicable, so decreased shall be deemed not to exist.

 

If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Trust Subordinate Companion Loan (including REO Loans) and previously resulted in a reduction of the BX Industrial Portfolio Aggregate Principal Distribution Amount are subsequently recovered on the related Trust Subordinate Companion Loan or REO Property, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the BX Industrial Portfolio Non-VRR Percentage of the amount of such recovery will be added to the Certificate Balance(s) of the Class or Classes of Loan-Specific Certificates that previously were allocated BX Industrial Portfolio Non-VRR Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(c), in each case up to the lesser of (A) the unallocated portion of the BX Industrial Portfolio Non-VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed BX Industrial Portfolio Non-VRR Realized Losses previously allocated to the subject Class of Certificates, and the BX Industrial Portfolio Interest Shortfall with respect to

 

 



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each affected Class of Loan-Specific Certificates for the next Distribution Date will be increased by the amount of interest that would have accrued through the then current Distribution Date if the restored write-down for the reimbursed Class of Loan-Specific Certificates had never been written down; and (ii) the BX-VRR Percentage of the amount of such recovery will be added to the BX-VRR Interest Balance, up to the lesser of (A) the BX-VRR Percentage of the amount of such recovery and (B) the amount of unreimbursed BX Industrial Portfolio BX-VRR Realized Losses previously allocated to the BX-VRR Interest, and the interest payable on the BX-VRR Interest will be deemed increased by the BX-VRR Allocation Percentage of any contemporaneous increases in interest payable on the Loan-Specific Certificates pursuant to clause (i) of this sentence. To the extent that the Certificate Balance or BX-VRR Interest Balance of, and/or any interest payable on, any Class of Loan-Specific Certificates or the BX-VRR Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the Corresponding Lower-Tier Regular Interest. If the Certificate Balance of any Class of Loan-Specific Certificates or the BX-VRR Interest Balance (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed BX Industrial Portfolio Non-VRR Realized Losses or BX Industrial Portfolio BX-VRR Realized Losses, as applicable, of such Class of Certificates or the BX-VRR Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed BX Industrial Portfolio Non-VRR Realized Losses or BX Industrial Portfolio BX-VRR Realized Losses, as applicable, so decreased shall be deemed not to exist.

 

If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Trust Subordinate Companion Loan (including REO Loans) and previously resulted in a reduction of the Tower 333 Aggregate Principal Distribution Amount are subsequently recovered on the related Trust Subordinate Companion Loan or REO Property, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the Tower 333 Non-VRR Percentage of the amount of such recovery will be added to the Certificate Balance(s) of the Class or Classes of Loan-Specific Certificates that previously were allocated Tower 333 Non-VRR Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(d), in each case up to the lesser of (A) the unallocated portion of the Tower 333 Non-VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed Tower 333 Non-VRR Realized Losses previously allocated to the subject Class of Certificates, and the Tower 333 Interest Shortfall with respect to each affected Class of Loan-Specific Certificates for the next Distribution Date will be increased by the amount of interest that would have accrued through the then current Distribution Date if the restored write-down for the reimbursed Class of Loan-Specific Certificates had never been written down; and (ii) the T333-VRR Percentage of the amount of such recovery will be added to the T333-VRR Interest Balance, up to the lesser of (A) the T333-VRR Percentage of the amount of such recovery and (B) the amount of unreimbursed Tower 333 T333-VRR Realized Losses previously allocated to the T333-VRR Interest, and the interest payable on the T333-VRR Interest will be deemed increased by the T333-VRR Allocation Percentage of any contemporaneous increases in interest payable on the Loan-Specific Certificates pursuant to clause (i) of this sentence. To the extent that the Certificate Balance or T333-VRR Interest Balance of, and/or any interest payable on, any Class of Loan-Specific Certificates or the T333-VRR Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the Corresponding 

 

 



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Lower-Tier Regular Interest. If the Certificate Balance of any Class of Loan-Specific Certificates or the T333-VRR Interest Balance (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed Tower 333 Non-VRR Realized Losses or Tower 333 T333-VRR Realized Losses, as applicable, of such Class of Certificates or the T333-VRR Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed Tower 333 Non-VRR Realized Losses or Tower 333 T333-VRR Realized Losses, as applicable, so decreased shall be deemed not to exist.

 

If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Trust Subordinate Companion Loan (including REO Loans) and previously resulted in a reduction of the 825 South Hill Aggregate Principal Distribution Amount are subsequently recovered on the related Trust Subordinate Companion Loan or REO Property, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the 825 South Hill Non-VRR Percentage of the amount of such recovery will be added to the Certificate Balance(s) of the Class or Classes of Loan-Specific Certificates that previously were allocated 825 South Hill Non-VRR Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(e), in each case up to the lesser of (A) the unallocated portion of the 825 South Hill Non-VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to the subject Class of Certificates, and the 825 South Hill Interest Shortfall with respect to each affected Class of Loan-Specific Certificates for the next Distribution Date will be increased by the amount of interest that would have accrued through the then current Distribution Date if the restored write-down for the reimbursed Class of Loan-Specific Certificates had never been written down; and (ii) the 825S-VRR Percentage of the amount of such recovery will be added to the 825S-VRR Interest Balance, up to the lesser of (A) the 825S-VRR Percentage of the amount of such recovery and (B) the amount of unreimbursed 825 South Hill 825S-VRR Realized Losses previously allocated to the 825S-VRR Interest, and the interest payable on the 825S-VRR Interest will be deemed increased by the 825S-VRR Allocation Percentage of any contemporaneous increases in interest payable on the Loan-Specific Certificates pursuant to clause (i) of this sentence. To the extent that the Certificate Balance or 825S-VRR Interest Balance of, and/or any interest payable on, any Class of Loan-Specific Certificates or the 825S-VRR Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the Corresponding Lower-Tier Regular Interest. If the Certificate Balance of any Class of Loan-Specific Certificates or the 825S-VRR Interest Balance (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed 825 South Hill Non-VRR Realized Losses or 825 South Hill 825S-VRR Realized Losses, as applicable, of such Class of Certificates or the 825S-VRR Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed 825 South Hill Non-VRR Realized Losses or 825 South Hill 825S-VRR Realized Losses, as applicable, so decreased shall be deemed not to exist.

 

With respect to any Distribution Date, any Pooled Realized Losses or VRR Realized Losses, as applicable, allocated pursuant to this Agreement with respect to such Distribution Date shall reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated among the Lower-Tier Regular Interests in the

 

 



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same priority as the Class of Corresponding Certificates. With respect to any Distribution Date, any BX Industrial Portfolio Non-VRR Realized Losses, BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses, Tower 333 T333-VRR Realized Losses, 825 South Hill Non-VRR Realized Losses or 825 South Hill 825S-VRR Realized Losses, as applicable, allocated pursuant to this Agreement with respect to such Distribution Date shall reduce the principal balances of the related Trust Subordinate Companion Loan REMIC Regular Interests as a write-off and shall be allocated among the related Trust Subordinate Companion Loan REMIC Regular Interests in the same priority as the Class of Corresponding Certificates.

 

(m)       All amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) 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.

 

(n)        The Certificate Administrator shall, as soon as reasonably practicable within the month preceding the month in which the final distribution with respect to any Class of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect that:

 

(A)       the Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such Certificates at the office of the Certificate Administrator therein specified, and

 

(B)       if such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution Date;

 

provided that the Class R Certificates shall remain outstanding until no other Class of Certificates or Lower-Tier Regular Interests are outstanding.

 

Any funds not distributed to any Holder or Holders of such Classes of Certificates 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 for the benefit of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(n) 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 Holders to surrender their Certificates for cancellation to receive the

 

 



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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 Holders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Holders shall be paid out of such funds. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Holder on any amount held hereunder or by the Certificate Administrator as a result of such Holder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(n). Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

(o)        The Non-VRR Percentage of the Excess Prepayment Interest Shortfalls allocated to the Mortgage Loans, if any, for each Distribution Date shall be allocated (and the Non-VRR Percentage of Compensating Interest Payments shall be deemed distributed) among the various Classes of Non-VRR Certificates, and the VRR Percentage of the Excess Prepayment Interest Shortfalls allocated to the Mortgage Loans, if any, for each Distribution Date shall be deemed allocated (and the VRR Percentage of Compensating Interest Payments shall be deemed distributed) to the VRR Interest and, in each case, correspondingly to the respective Class or Classes of Corresponding Lower-Tier Regular Interests, pro rata, based upon the Interest Accrual Amount distributable to each such Class of Certificates prior to reduction by such Excess Prepayment Interest Shortfalls. Compensating Interest Payments shall be deposited by the Master Servicer into the Collection Account on or prior to the Master Servicer Remittance Date.

 

(p)        On the final Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding Master Servicer Remittance Date in accordance with Section 3.06(e)(v) of this Agreement.

 

(q)        On each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any amounts on deposit therein that represent Excess Interest received with respect to each ARD Loan (other than the portion of such Excess Interest allocated to the related Trust Subordinate Companion Loan) during the related Collection Period shall be distributed (i) to the Holders of the Class S Certificates in an amount equal to the Non-VRR Percentage of such Excess Interest and (ii) to the VRR Interest Owners, pro rata, in an aggregate amount equal to the product of (A) the VRR Percentage, multiplied by (B) the amount of such Excess Interest. On each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any amounts on deposit therein

 

 



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that represent Excess Interest received with respect to the Tower 333 Trust Subordinate Companion Loan during the related Collection Period shall be distributed to the T333-VRR Interest.

 

Section
4.02     Statements to Certificateholders; Reports by Certificate Administrator; Other Information
Available to the Holders and Others.  (a) On each Distribution Date, the Certificate Administrator shall prepare and
make available on the Certificate Administrator’s Website to each Certificateholder and the RR Interest Owner a
statement (substantially in the form set forth as Exhibit K to this Agreement and based on the information set forth
in (i) the CREFC® Investor Reporting Package (CREFC® IRP) prepared by the Master Servicer
(other than the CREFC® Special Servicer Loan File) and the other reports prepared by the Master Servicer,
Certificate Administrator and Special Servicer relating to such Distribution Date, including the CREFC®
Special Servicer Loan File, upon which information the Certificate Administrator may conclusively rely, in accordance with
CREFC® guidelines and (ii) the CREFC® Reconciliation of Funds Template prepared by the
Certificate Administrator) as to distributions made on such Distribution Date (each, a “Distribution Date
Statement”) setting forth (with respect to each Class of Certificates and the RR Interest) the following
information as it relates solely to the Pooled Certificates:

 

(i)     the Record Date, Interest Accrual Period, and Determination Date for such Distribution Date;

 

(ii)    the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates with a Certificate Balance in reduction of the Certificate Balance of those Certificates and a reduction in the balance of the RR Interest;

 

(iii)   the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates (other than the Class R and Class S Certificates) allocable to (A) the Interest Accrual Amount, (B) Interest Shortfalls and/or (C) the VRR Interest Distribution Amount;

 

(iv)   the aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)    the aggregate amount of compensation, if any, paid to the Trustee, the Certificate Administrator and CREFC® and servicing compensation, if any, paid to the Master Servicer and the Special Servicer for the related Determination Date and any other fees or expenses accrued and paid from the Trust Fund;

 

(vi)   (A) the Aggregate Available Funds for the Distribution Date, (B) the total amount of all principal and/or interest distributions, as well as any other distributions (other than Yield Maintenance Charges), properly made on or in respect of any Class of Non-VRR Certificates and the VRR Interest with respect to such Distribution Date and (C) any other cash flows received on the Mortgage Loans and applied to pay fees and expenses (including the components of the Aggregate Available Funds, or such other cash flows);

 

 



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(vii)  the amount of the distribution on the Distribution Date to the holders of any Class of Non-VRR Certificates and the VRR Interest allocable to Prepayment Premiums and Yield Maintenance Charges;

 

(viii) the accrued Interest Accrual Amount in respect of each Class of Non-VRR Certificates and the VRR Interest for such Distribution Date;

 

(ix)   the Pass-Through Rate for each Class of Non-VRR Certificates and the VRR Interest for the Distribution Date and the next succeeding Distribution Date;

 

(x)    the Principal Distribution Amount for the Distribution Date;

 

(xi)   the aggregate Certificate Balance or aggregate Notional Amount, as the case may be, of each Class of Certificates (other than the Class S or Class R Certificates), immediately before and immediately after such Distribution Date, separately identifying any reduction in the aggregate Certificate Balance (or, if applicable, the aggregate Notional Amount) of each such Class as a result of the allocation of any Pooled Realized Losses, BX Industrial Portfolio Non-VRR Realized Losses, BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses, Tower 333 T333-VRR Realized Losses, 825 South Hill Non-VRR Realized Losses, 825 South Hill 825S-VRR Realized Losses or VRR Realized Losses, as applicable, and/or Additional Trust Fund Expenses on such Distribution Date;

 

(xii)  the fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance, and the denominator of which is the related initial aggregate Certificate Balance, for each Class of Non-VRR Certificates and the VRR Interest immediately following the Distribution Date;

 

(xiii) the amount of any Appraisal Reduction Amounts, Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amounts allocated during the related Collection Period on a loan-by-loan basis; and the total Appraisal Reduction Amounts, Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amounts as of such Distribution Date on a loan-by-loan basis;

 

(xiv) the number and related Stated Principal Balance of any Mortgage Loans modified, extended or waived on a loan-by-loan basis since the previous Determination Date (including a description of any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the Collection Period or that have cumulatively become material over time);

 

(xv)  the amount of any remaining unpaid Interest Shortfalls for each Class of Non-VRR Certificates and the VRR Interest as of the Distribution Date;

 

(xvi) an loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment (other than Liquidation Proceeds and Insurance Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate amount of Principal Prepayments made during the related Collection Period;

 



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(xvii)   an loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date;

 

(xviii)  the amount of the distribution to the holders of each Class of Certificates or the RR Interest Owner on the Distribution Date attributable to reimbursement of Pooled Realized Losses, BX Industrial Portfolio Non-VRR Realized Losses, BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses, Tower 333 T333-VRR Realized Losses, 825 South Hill Non-VRR Realized Losses, 825 South Hill 825S-VRR Realized Losses or VRR Realized Losses, as applicable;

 

(xix) as to any Mortgage Loan repurchased by a Mortgage Loan Seller or otherwise liquidated or disposed of during the related Collection Period, (A) the Loan Number of the related Mortgage Loan and (B) the amount of proceeds of any repurchase of a Mortgage Loan, Liquidation Proceeds and/or other amounts, if any, received thereon during the related Collection Period and the portion thereof included in the Aggregate Available Funds for such Distribution Date;

 

(xx)  the amount on deposit in each of the Interest Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account and the 825 South Hill Gain-on-Sale Reserve Account before and after giving effect to the distribution made on such Distribution Date (and any material account activity since the prior Distribution Date);

 

(xxi) the then-current credit support levels for each Class of Certificates (other than the Class X, Class S and Class R Certificates);

 

(xxii)   the original and then-current ratings of each Class of Certificates (other than the Class S and Class R Certificates);

 

(xxiii)  with respect to any REO Loan as to which the related Mortgaged Property became an REO Property during the preceding calendar month, the city, state, property type, latest Debt Service Coverage Ratio and the current Stated Principal Balance;

 

(xxiv)  with respect to any REO Property included in the Trust Fund at the close of business on the related Determination Date (A) the Loan Number of the related Mortgage Loan and (B) the value of such REO Property based on the most recent Appraisal or valuation;

 

(xxv)   with respect to any Serviced REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery Determination has been made, (A) the Loan Number of the related Mortgage Loan, (B) the Realized Loss and VRR Realized Loss attributable to the related Mortgage Loan, (C) the amount of sale proceeds and other amounts, if any, received in respect of such Serviced REO Property during the related Collection Period and the portion thereof included in the Aggregate Available Funds for such Distribution Date, (D) the date of the Final Recovery Determination and (E) the balance of the Gain-on-Sale Reserve Account and the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account and the 825 South Hill Gain-on-Sale Reserve Account for such Distribution Date;

 

 



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(xxvi)  the amount of the distribution on the Distribution Date to the holders of the Class S and Class R Certificates;

 

(xxvii) material breaches of Mortgage Loan representations and warranties or any covenants under this Agreement of which the Certificate Administrator has received or delivered written notice;

 

(xxviii) [Reserved];

 

(xxix)  the amount of Realized Losses and VRR Realized Losses, BX Industrial Portfolio Non-VRR Realized Losses and BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses and Tower 333 T333-VRR Realized Losses, 825 South Hill Non-VRR Realized Losses and 825 South Hill 825S-VRR Realized Losses, Additional Trust Fund Expenses and Interest Shortfalls, if any, incurred with respect to the Mortgage Loans during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent reimbursed or paid);

 

(xxx)   an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;

 

(xxxi)  the identity of the Controlling Class;

 

(xxxii) the identity of the Directing Holder; and

 

(xxxiii) such other information as contemplated by Exhibit K to this Agreement.

 

In the case of information furnished pursuant to sub-clauses (ii), (iii), (v), (vii), (viii), (xv) and (xviii) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000 of original Certificate Balance or Notional Amount, as the case may be.

 

On each Distribution Date, the Certificate Administrator shall make available to each Holder of a Class R Certificate a copy of the reports made available to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually distributed with respect to the Class R Certificates on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the Code as from time to time in force.

 

The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and posting of such information to the Certificate Administrator’s Website or filing such information pursuant to this Agreement, including, but not limited to, filing via through the EDGAR system, unless the Certificate Administrator has an explicit obligation to review or prepare such information.

 

Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder of record or the RR Interest Owner, a report summarizing on an annual

 

 



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basis (if appropriate) the items provided to Certificateholders pursuant to clauses (ii) and (iii) above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder, together with such other information that the Certificate Administrator deems necessary or desirable, or that a Certificateholder, the RR Interest Owner or Certificate Owner reasonably requests, to enable such Certificateholders and the RR Interest Owner to prepare their federal income tax returns. Such information shall include the amount of original issue discount accrued on each Class of Certificates held by Persons other than Holders exempted from the reporting requirements and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force.

 

On each Distribution Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format to dbinvestor@list.db.com (or to such other address as the Depositor shall specify by written notice to the Certificate Administrator).

 

(b)        The Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person (provided that the Offering Circular, the Distribution Date Statements and the Commission filings will be made available to the general public, and provided, further, that any Privileged Person that is a Borrower Party shall only be entitled to access documents made available to the general public) the following items, in each case to the extent received by the Certificate Administrator:

 

(i)       the following “deal documents”:

 

(A)        the Offering Circular;

 

(B)        this Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)        the CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

(ii)    [Reserved];

 

(iii)   the following “periodic reports”:

 

(A)       the Distribution Date Statements; and

 

(B)       the supplemental reports and the CREFC® data files identified as such in the definition of “CREFC® Investor Reporting Package (CREFC® IRP)” (other than the CREFC® Loan Setup File and the CREFC® Special Servicer Loan File), to the extent it has received or prepared such report or file;

 

 



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(iv)   the following “additional documents”:

 

(A)       the summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format;

 

(B)       any other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and

 

(C)       the CREFC® Appraisal Reduction Template;

 

(v)    the following “special notices”:

 

(A)       any notice with respect to a release pursuant to Section 3.10(g);

 

(B)       all Special Notices;

 

(C)       notice of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(D)       notice of final payment on the Certificates or the RR Interest;

 

(E)       all notices of the occurrence of any Servicer Termination Events (or any analogous servicer termination event under any Other Pooling and Servicing Agreement relating to any Non-Serviced Whole Loan) received by the Certificate Administrator;

 

(F)       notice of termination or resignation of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee);

 

(G)       [Reserved];

 

(H)       any notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer;

 

(I)        [Reserved];

 

(J)        [Reserved];

 

(K)       any and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the Master Servicer’s, the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(L)       any notice of the termination of the Trust;

 

 



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(M)      any notice of the occurrence or termination of a Control Termination Event, a BX Industrial Portfolio Control Appraisal Period, a Tower 333 Control Appraisal Period or a 825 South Hill Control Appraisal Period,;

 

(N)       any notice of the occurrence of a Consultation Termination Event;

 

(O)       [Reserved];

 

(P)       [Reserved];

 

(Q)       all of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator since the Closing Date pursuant to Section 10.11 and Section 10.12 of this Agreement;

 

(R)       all of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since the Closing Date pursuant to Section 10.13 of this Agreement; and

 

(S)       any notice or documents provided by 

the Depositor or the Master Servicer directing the Certificate Administrator to post to the “special notices” tab;

 

(vi)   the Investor Q&A Forum;

 

(vii)  solely to Certificateholders and Certificate Owners, the Investor Registry; and

 

(viii) the “U.S. Risk Retention Special Notices” tab on the Certificate Administrator’s Website, to which the Certificate Administrator shall post the disclosure required pursuant to 12 C.F.R. 244.4(c)(1)(ii) of the Risk Retention Rule;

 

provided that with respect to a Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence of an Excluded Loan, the Certificate Administrator shall only be required to make available such notice of the occurrence of a Control Termination Event or the notice of the occurrence of a Consultation Termination Event to the extent the Certificate Administrator has been notified of such Excluded Loan.

 

The Certificate Administrator shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices” tab described in clause (viii) above, provide email notification to any Privileged Person (other than Financial Market Publishers) that has registered to receive access to the Certificate Administrator’s Website that a notice has been posted to the “U.S. Risk Retention Special Notices” tab.

 

Notwithstanding the foregoing, all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information” (and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons other than Excluded Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded

 

 



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Controlling Class Loans). The “U.S. Risk Retention Special Notices” tab shall be available to Privileged Persons (other than any Financial Market Publisher).

 

Any Person that is a Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to the general public: the Offering Circular, this Agreement, the Mortgage Loan Purchase Agreements and the Commission filings on the Certificate Administrator’s Website, and (b) in the case of the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder, if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in physical form of an investor certification substantially in the forms of Exhibit L-1D and Exhibit L-1E and upon delivery to the Certificate Administrator in physical form of an investor certification substantially in the form of Exhibit L-1F, which shall include each of the CTSLink User ID’s associated with such Excluded Controlling Class Holder, all information (other than Excluded Information) available on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded Controlling Class Loans).

 

In the case of the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of an investor certification substantially in the form of Exhibit L-1B hereto, such Directing Holder, Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee may each rely on (i) an investor certification in the form of Exhibit L-1B hereto from the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit L-1D hereto from the Directing Holder or a Controlling Class Certificateholder to the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Loan(s). In the event the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing substantially in the form of Exhibit L-1E that such party is an Excluded Controlling Class Holder and identify the Excluded Controlling Class Loan(s) and thereafter shall not be entitled to any Excluded Information related to such Excluded Controlling Class Loan(s) and made available on the Certificate Administrator’s Website. With respect to any Excluded Information, each of the Master Servicer and the Special Servicer shall mark or label such information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information (and may 

 

 



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be segregated on loan-by-loan basis) from information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special Servicer and the Certificate Administrator shall be entitled to conclusively assume that the Directing Holder and all beneficial owners of the Certificates of the Controlling Class are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, has received such notice from the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder that it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer or the Certificate Administrator shall be liable for any communication to the Directing Holder or Controlling Class Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Loan (including, in the case of a summary of an Asset Status Report or Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to label any such information provided to the Certificate Administrator).

 

Each of the Master Servicer, the Special Servicer and the Certificate Administrator shall be entitled to conclusively rely on (i) any written notice from the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder that it is no longer an Excluded Controlling Class Holder and (ii) any certification delivered by the Directing Holder or a Controlling Class Certificateholder, as applicable, substantially in the form of Exhibit L1-B that such Person is no longer an Excluded Controlling Class Holder. To the extent the Directing Holder or a Controlling Class Certificateholder receives access pursuant to this Agreement to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information, such Directing Holder or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not directly or indirectly provide any information related to the Excluded Controlling Class Loan to the related Borrower or to any Excluded Controlling Class Holder or (A) any employees or personnel of such Directing Holder or Controlling Class Certificateholder or any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

To the extent any of the Risk Retention Consultation Parties or a Holder of a Class RR Certificate, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner receives access pursuant to this Agreement to any information solely related to a Mortgage Loan with respect to which such party is a Borrower Party (which shall include any Asset Status Reports, Final Asset Status Reports (or summaries thereof), any inspection reports related to Specially Serviced Loans conducted by the Special Servicer or any Excluded Special Servicer and which may include any Appraisal Reduction Amount calculations, and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the Special Servicer, supporting any determination that any Advance was (or,

 

 



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if made, would be) a Nonrecoverable Advance, but in each case other than information with respect to such Mortgage Loan that is aggregated with information of other Mortgage Loans at a pool level), on the Certificate Administrator’s Website or otherwise receives access to such information, such Risk Retention Consultation Party or Holder of a Class RR Certificate, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner shall be deemed to have agreed that it (i) will not directly or indirectly provide any such information to (A) the related Borrower Party, (B) any employees or personnel of such Risk Retention Consultation Party or Holder of a Class RR Certificate, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above. For the avoidance of doubt, for the purposes of this paragraph, any file or report contained in the CREFC® Investor Reporting Package (“CREFC® IRP”) (other than the CREFC® Special Servicer Loan File relating to any such Excluded Loan) shall be considered information that is aggregated with information of other Mortgage Loans at a pool level.

 

The Certificate Administrator makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor. In addition, the Certificate Administrator may disclaim responsibility for any information distributed or filed by the Certificate Administrator for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy or completeness of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection with providing access to the Certificate Administrator’s Internet 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 herewith. Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any Excluded Information to the extent such information was included in any summary of an Asset Status Report or Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as Excluded Information.

 

The Certificate Administrator shall have no liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s Website of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant to this Agreement if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.

 

The provisions in this Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage Loans at a website maintained by the Master Servicer.

 

 



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(c)         
The Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders,
the RR Interest Owner and Certificate Owners who are Privileged Persons may (A) submit questions to the Certificate Administrator
relating to the Distribution Date Statement and (B) submit questions to the Master Servicer or the Special Servicer, as applicable,
relating to the reports being made available pursuant to this Section 4.02(c) (collectively, “Inquiries”),
the Mortgage Loans or the Mortgaged Properties (other than a Non-Serviced Mortgage Loan), the Trust Subordinate Companion Loans
or related Mortgaged Properties, and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered,
together with the answers thereto. Upon receipt of an Inquiry for the Master Servicer or the Special Servicer, the Certificate
Administrator shall forward the Inquiry to the Master Servicer or the Special Servicer, as applicable, (and in the case of an inquiry
relating to a Non-Serviced Mortgage Loan, to the applicable party under the Other Pooling and Servicing Agreement) in each case
within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry, the Certificate Administrator,
the Master Servicer or the Special Servicer (other than with respect to the Non-Serviced Mortgage Loans or related Mortgaged Properties),
as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the
Master Servicer or Special Servicer shall be sent by email to the Certificate Administrator. The Certificate Administrator shall
post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry
and the related answer to the Investor Q&A Forum. If the Certificate Administrator, the Master Servicer or the Special Servicer
determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope outlined above, (ii) answering
any Inquiry would not be in the best interests of the Trust and/or the Certificateholders and/or the RR Interest Owner, (iii) answering
any Inquiry would be in violation of applicable law, this Agreement or the applicable Loan Documents, (iv) answering any Inquiry
would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Master Servicer or the Special Servicer, as applicable, (v) answering such inquiry would require the disclosure of Privileged
Information (subject to the Privileged Information Exception), (vi) answering such inquiry would or is reasonably expected to result
in a waiver of an attorney-client privilege or the disclosure of attorney work product, or (vii) answering any Inquiry is
otherwise not advisable for any reason, it shall not be required to answer such Inquiry and, in the case of the Master Servicer
or the Special Servicer, shall promptly notify the Certificate Administrator, and the Certificate Administrator shall not post
such Inquiry on the Investor Q&A Forum. In addition, no party shall post or otherwise disclose information known to such party
to be Privileged Information as part of its response to any Inquiry. The Certificate Administrator shall notify the Person who
submitted such Inquiry if the Inquiry will not be answered. The Certificate Administrator shall not be required to post to the
Investor Q&A Forum 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
between the Certificate Administrator or other Person which are not submitted via the Investor Q&A Forum. In addition, no party
is permitted to post or otherwise disclose direct communication with the Directing Holder or any Risk Retention Consultation Party
(in its capacity as Risk Retention Consultation Party) as part of its response to any questions. In the case of an Inquiry relating
to a Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts to obtain an answer from the related
non-serviced master servicer or the


 






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related non-serviced special servicer, as applicable; provided that the Certificate
Administrator shall not be responsible for the content of such answer or any delay or failure to obtain such answer.


 


(d)         
The Certificate Administrator shall make available to any Certificateholder and Certificate Owner, the Investor Registry.
The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where
Certificateholders, the RR Interest Owner and Certificate Owners can register and thereafter obtain contact information with respect
to any other Certificateholder, the RR Interest Owner or Certificate Owner that has so registered. Any person registering to use
the Investor Registry will be required to certify that (a) it is a Certificateholder, the RR Interest Owner or a Certificate
Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact information available
on the Investor Registry for at least 45 days from the date of such certification to other registered Certificateholders, the RR
Interest Owner and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory fields such as the
individual’s name, the company name and email address, as well as certain optional fields such as address, phone, and Class(es)
of Certificates owned. If any Certificateholder, the RR Interest Owner or Certificate Owner notifies the Certificate Administrator
that it wishes to be removed from the Investor Registry (which notice may not be within 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.


 


(e)          
The Master Servicer may at its sole cost and expense, but is not required to, make any of the reports or files it delivers
pursuant to this Agreement available on the Master Servicer’s website only with the use of a password, in which case the
Master Servicer shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password
shall be deemed to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective
Certificateholder who requests such password, provided that any such Certificateholder or prospective Certificateholder,
as the case may be, has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer.
In connection with providing access to the Master Servicer’s website, the Master Servicer may require registration and the
acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include,
to the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the
availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability
or damage that may arise therefrom. The Master Servicer shall not be liable for dissemination of this information in accordance
with this Agreement, provided that such information otherwise meets the requirements set forth herein with respect to the
form and substance of such information or reports. The Master Servicer shall be entitled to attach to any report provided pursuant
to this subsection, any reasonable disclaimer with respect to information provided, or any assumptions required to be made by such
report. Notwithstanding anything herein to the contrary, the Master Servicer may, at its sole cost and expense, make available
by electronic media, bulletin board service or Internet website any reports or other information the Master Servicer is required
or


 






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permitted to provide to any Borrower with respect to such Borrower’s Mortgage Loan or Serviced Whole Loan to the extent
such action does not conflict with the terms of this Agreement, the terms of the related Loan Documents or applicable law. If the
Master Servicer is required to deliver any statement, report or other information under any provision of this Agreement, then,
the Master Servicer may satisfy such obligation by (x) physically delivering a paper copy of such statement, report or information,
(y) delivering such statement, report or information in a commonly used electronic format, or (z) making such statement,
report or information available on its website, unless this Agreement expressly specifies a particular method of delivery; provided
that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance with clause (x) or
(y) or, upon request, clause (z).


 


(f)           
Subject to Section 3.13, the Special Servicer shall from time to time (and, in any event, as may be reasonably
requested by the Master Servicer) provide the Master Servicer with such information in its possession regarding the Specially Serviced
Loans and REO Properties as may be reasonably necessary for the Master Servicer to prepare each report and any supplemental
information to be provided by the Master Servicer to the Certificate Administrator. Neither the Certificate Administrator nor the
Depositor shall have any obligation to recompute, verify or recalculate the information provided thereto by the Master Servicer.
Unless the Certificate Administrator has actual knowledge that any report or file received from the Master Servicer contains erroneous
information, the Certificate Administrator is authorized to rely thereon in calculating and making distributions to Certificateholders
and allocating Realized Losses to the Certificates in accordance with Section 4.01 of this Agreement and preparing
the statements to Certificateholders required by Section 4.02(a) of this Agreement.


 


(g)          
As soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate
Administrator shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s
possession or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes
of satisfying applicable reporting requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar
nor the Certificate Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities
laws of any available information so furnished to any person including any prospective purchaser of a Certificate or any interest
therein, nor for the content or accuracy of any information so furnished which was prepared or delivered to them by another.


 


(h)          
The Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two
Business Days prior notice, for review by any Privileged Person and any Serviced Companion Loan Noteholder that is a Privileged
Person (solely with respect to items (ii) and (iii), to the extent such information relates to the related Serviced Companion Loan),
originals or copies of documents relating to the Mortgage Loans and any related REO Properties to the extent in its possession,
including, without limitation, the following items (except to the extent prohibited by applicable law or under any of the related
Loan Documents):


 


(i)           
any and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to
which the environmental testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions
set forth in clauses (i) and (ii) thereof was satisfied;


 






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(ii)           
the most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls
have been made available by the related Borrower) and/or lease summaries and retail sales information, if any, received from the
Master Servicer or the Special Servicer in respect to each Mortgaged Property;


 


(iii)         
the Mortgage File, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced
Whole Loan entered into by the Master Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and


 


(iv)         
any other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A
under the Securities Act.


 


The Certificate Administrator
may require a Privileged Person to execute an Investor Certification prior to granting access to such information, which may be
in the form of a “click-through” confirmation. Copies of any and all of the foregoing items will be available from
the Certificate Administrator upon request. The Certificate Administrator will be permitted to require payment by the requesting
party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs and expenses of making such information available
and providing any copies thereof. The Certificate Administrator’s obligation under this Section 4.02(h) to make
available any document is subject to the Certificate Administrator’s receipt of such document.


 


The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.


 


(i)           
The Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such
other vendor chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of
Exhibit L-2 to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental
notices delivered or made available pursuant to this Section 4.02 to Privileged Persons.


 


Section 4.03         
Compliance with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent
shall comply with all federal withholding requirements with respect to payments to Certificateholders and other payees of interest,
original issue discount or other amounts that the Paying Agent reasonably believes are applicable under the Code. The consent of
Certificateholders or payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any amount
from interest, original issue discount payments or other amounts or advances thereof to any Certificateholder or payee pursuant
to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder or payee. Any
amount so withheld shall be treated as having been distributed to such Certificateholder for all purposes of this Agreement.


 


Section 4.04         
REMIC Compliance. (a) The parties intend that the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate
Companion Loan REMIC shall constitute, and that the affairs of the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate
Companion Loan REMIC shall be conducted so as to qualify it as, a “real estate mortgage investment conduit” as defined
in, and in accordance with, the REMIC Provisions at all times any Certificates are outstanding, and the provisions hereof shall
be interpreted


 






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consistently with this intention. In furtherance of such intention, the Certificate Administrator shall, to the
extent permitted by applicable law, act as agent, and is hereby appointed to act as agent, of each such REMIC and shall on behalf
of each such REMIC:


 


(i)           
make or cause to be made an election, on behalf of each of the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate
Companion Loan REMICs, to be treated as a REMIC on Form 1066 for its first taxable year, in accordance with the REMIC Provisions;


 


(ii)           
prepare and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall
sign), all required Tax Returns for the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate Companion Loan REMICs,
using a calendar year as the taxable year for each of such REMIC as required by the REMIC Provisions and other applicable federal,
state or local income tax laws;


 


(iii)         
prepare and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and
local tax authorities all information reports as and when required to be provided to them in accordance with the REMIC Provisions;


 


(iv)        
if the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii)
of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier
REMIC, the Upper-Tier REMIC and the Trust Subordinate Companion Loan REMICs as a REMIC or is otherwise required by the Code, prepare
and file or distribute, or cause to be prepared and signed and filed or distributed, such documents with or to such Persons when
and as required by the REMIC Provisions or the Code or comparable provisions of state and local law;


 


(v)          
within 30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC, the Upper-Tier
REMIC and the Trust Subordinate Companion Loan REMICs on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish
or cause to be furnished to the IRS, on Form 8811 or as otherwise may be required by the Code, the name, title and address of the
person that the Certificateholders may contact for tax information relating thereto (and the Certificate Administrator shall act
as the representative of 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 of the Closing Date to provide any information reasonably requested by the Master Servicer, the Special
Servicer or the Certificate Administrator and necessary to make such filing); and


 


(vi)        
maintain such records relating to the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate Companion Loan REMICs
as may be necessary to prepare the foregoing returns, schedules, statements or information, such records, for federal income tax
purposes, to be maintained on a calendar year and on an accrual basis.


 


The Certificate Administrator
shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code of each Trust
REMIC. Each


 






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Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed to have consented
to such designation and agrees to execute any documents required to give effect thereto, and any fees and expenses incurred by
the Certificate Administrator in connection with any audit or administrative or judicial proceeding shall be paid by the Trust
Fund.


 


The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action,
the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would cause the termination
of the REMIC status of the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Subordinate Companion Loan REMICs or the imposition
of tax on the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Subordinate Companion Loan REMICs (other than a tax on income
expressly permitted to be received by the terms of this Agreement). Notwithstanding any provision of this paragraph to the contrary,
the Certificate Administrator shall not be required to take any action that the Certificate Administrator in good faith believes
to be inconsistent with any other provision of this Agreement, nor shall the Certificate Administrator be deemed in violation of
this paragraph if it takes any action expressly required or authorized by any other provision of this Agreement, and the Certificate
Administrator shall have no responsibility or liability with respect to any act or omission of the Depositor, the Trustee, the
Master Servicer or the Special Servicer which does not enable the Certificate Administrator to comply with any of clauses (i)
through (vi) of the first paragraph of this Section 4.04(a) or which results in any action contemplated by clauses (i) or
(ii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) exercise reasonable care
not to allow the occurrence of any “prohibited transactions” within the meaning of Section 860F(a) of the
Code, unless the party seeking such action shall have delivered to the Certificate Administrator an Opinion of Counsel (at such
party’s expense) that such occurrence would not (A) result in a taxable gain, (B) otherwise subject the Lower-Tier
REMIC, the Upper-Tier REMIC or the Trust Subordinate Companion Loan REMICs to tax (other than a tax at the highest marginal corporate
tax rate on net income from foreclosure property), or (C) cause the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Subordinate
Companion Loan REMICs to fail to qualify as a REMIC; and (ii) exercise reasonable care not to allow the Trust Fund to receive
any contributions, or any income from the performance of services or from assets not permitted under the REMIC Provisions to be
held by a REMIC (provided that the receipt of any income expressly permitted or contemplated by the terms of this Agreement
shall not be deemed to violate this clause). None of the Master Servicer, the Special Servicer, the Trustee or the Depositor shall
be (i) permitted to take any action that the Certificate Administrator would not be permitted to take pursuant to the preceding
two sentences or (ii) responsible or liable (except in connection with taking any act or omission referred to in the two preceding
sentences or the following sentence) for any failure by the Certificate Administrator to comply with the provisions of this Section 4.04.
The Depositor, the Trustee, the Master Servicer and the Special Servicer shall cooperate in a timely manner with the Certificate
Administrator in supplying any information within the Depositor’s, the Trustee’s, the Master Servicer’s or the
Special Servicer’s control (other than any confidential information) that is reasonably necessary to enable the Certificate
Administrator to perform its duties under this Section 4.04.


 


The Certificate Administrator
shall be responsible for the preparation of IRS Form W-9, if requested. The Trustee shall be entitled to rely on any information
contained therein and is hereby directed to execute such IRS Form W-9; provided that the Certificate


 






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Administrator shall
be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by applicable Treasury Regulations.


 


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 any REMIC
and (ii) to avoid payment by any Trust REMIC under Section 6226 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 any Class R Certificate, past or present.
A Holder of any Class R Certificate agrees, by acquiring such interest, to any such elections and to the Certificate Administrator’s
designation as “partnership representative” of each REMIC under Section 6223 of the Code.


 


(b)         
The following assumptions are to be used for purposes of determining the anticipated payments of principal and interest
for calculating the original yield to maturity and original issue discount with respect to the Certificates: (i) each Mortgage
Loan will pay principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates,
provided that the Mortgage Loans will prepay in accordance with the Prepayment Assumption; (ii) none of the Master
Servicer, the Special Servicer and the Certificateholder owning a majority of the Percentage Interests in the Controlling Class
will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund; and
(iii) no Mortgage Loan is repurchased by a Mortgage Loan Seller pursuant to the terms of the related Mortgage Loan Purchase
Agreement.


 


Section 4.05         
Imposition of Tax on the Trust Fund. If any tax, including interest, penalties or assessments, additional amounts
or additions to tax, is imposed on the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs or the Upper-Tier REMIC, such
tax shall be charged against amounts otherwise distributable to the Holders of the Certificates; provided that any taxes
imposed on any net income from foreclosure property pursuant to Section 860G(d) of the Code or any similar tax imposed
by a state or local jurisdiction shall instead be treated as an expense of the related Serviced REO Property in determining Net
REO Proceeds with respect to the Serviced REO Property (and until such taxes are paid, the Special Servicer from time to time shall
withdraw from amounts in the REO Account (and, in the case of any Serviced Whole Loan, from amounts in the Serviced Whole Loan
REO Account) allocable to the Mortgage Loans and transfer to the Certificate Administrator amounts reasonably determined by the
Certificate Administrator to be necessary to pay such taxes, which the Certificate Administrator shall maintain in a separate,
non-interest-bearing account, and the Certificate Administrator shall send to the Special Servicer for deposit in the REO Account
(or, if applicable, the Serviced Whole Loan REO Account) the excess determined by the Certificate Administrator from time to time
of the amount in such account over the amount necessary to pay such taxes) and shall be paid therefrom; provided that any
such tax imposed on net income from foreclosure property that exceeds the amount in any such reserve shall be retained from Aggregate
Available Funds as provided in Section 3.06(a)(xii) or, in the case of any Serviced Whole Loan, in Section 3.06(b)(xiii),
and the next sentence. Except as provided in the preceding sentence, the Certificate Administrator is hereby authorized to and
shall retain or cause to be retained from Aggregate Available Funds sufficient funds to pay or provide for the payment of, and
to actually pay, such tax as is legally owed by the applicable Trust REMIC (but such


 






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authorization shall not prevent the Trustee
from contesting, at the expense of the Trust Fund or in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion
Loan, on a pro rata basis as between the related Mortgage Loan and any related Serviced Pari Passu Companion Loan (based
on their respective outstanding principal balances)) any such tax in appropriate proceedings, and withholding payment of such tax,
if permitted by law, pending the outcome of such proceedings. The Certificate Administrator is hereby authorized to and shall segregate
or cause to be segregated, into a separate non-interest bearing account, (i) the net income allocable to the Mortgage Loans from
any “prohibited transaction” under Section 860F(a) of the Code or (ii) the amount of any contribution
to the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC after the Startup Day that is subject
to tax under Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such tax (and
return the balance thereof, if any, to the Collection Account, the Lower-Tier Distribution Account or the Upper-Tier Distribution
Account). To the extent that any such tax is paid to the IRS, the Certificate Administrator shall retain an equal amount from future
amounts otherwise distributable to the Holders of the Class R Certificates, as the case may be, and shall distribute such
retained amounts to the Holders of Non-VRR Certificates and the VRR Interest Owners, the Holders of the Loan-Specific Certificates,
or the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed and then to the Holders of the Class R
Certificates. Neither the Master Servicer, the Special Servicer, the Certificate Administrator, nor the Trustee shall be responsible
for any taxes imposed on the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC except to the
extent such tax is attributable to a breach of a representation or warranty or the negligence or willful misconduct of the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee or an act or omission of the Master Servicer, the
Special Servicer, the Certificate Administrator or the Trustee in contravention of this Agreement, provided, further,
that such breach, act or omission could result in liability under Section 6.03 of this Agreement, in the case of the
Master Servicer, Section 4.04 of this Agreement, in the case of the Trustee or Section 4.04 of this Agreement,
in the case of the Certificate Administrator in accordance with the standard of liability set forth in those sections. Notwithstanding
anything in this Agreement to the contrary, in each such case, the Master Servicer or the Special Servicer shall not be responsible
for the Trustee’s or the Certificate Administrator’s breaches, acts or omissions, the Trustee shall not be responsible
for the breaches, acts or omissions of the Certificate Administrator, the Master Servicer or the Special Servicer and the Certificate
Administrator shall not be responsible for the breaches, acts or omissions of the Trustee, the Master Servicer or the Special Servicer.


 


Section 4.06         
Remittances. On the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer
with respect to the Mortgage Loans and the Trust Subordinate Companion Loans that it is servicing shall:


 


(i)           
remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account (with respect to the Mortgage
Loans) and the Trust Subordinate Companion Loan REMIC Distribution Accounts (with respect to the Trust Subordinate Companion Loans)
an amount equal to Prepayment Premiums and Yield Maintenance Charges, and, for deposit in accordance with Section 3.05(i)
of this Agreement, Gain-on-Sale Proceeds, in each case received by the Master Servicer in its Collection Period preceding such
Distribution Date;


 






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(ii)          
remit to the Certificate Administrator for deposit in (a) the Lower-Tier Distribution Account an amount equal to the
aggregate of the Pooled Aggregate Available Funds for such Distribution Date; (b) the BX Industrial Portfolio Trust Subordinate
Companion Loan REMIC Distribution Account and amount equal to the aggregate of the BX Industrial Portfolio Available Funds for
such Distribution Date; (c) the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account and amount equal to the aggregate
of the Tower 333 Available Funds for such Distribution Date; and (d) the 825 South Hill Trust Subordinate Companion Loan REMIC
Distribution Account and amount equal to the aggregate of the 825 South Hill Available Funds for such Distribution Date;


 


(iii)         
remit to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess
Interest for the benefit of the Holders of the Excess Interest Certificates and the RR Interest Owner received by the Master Servicer
in the Collection Period preceding such Distribution Date; and


 


(iv)          
remit to CREFC® the CREFC® Intellectual Property Royalty License Fee.


 


Section 4.07         
P&I Advances. (a)  On or before 3:00 p.m. (New York City time) on each Master Servicer Remittance
Date, the Master Servicer shall in the case of all Mortgage Loans and the Trust Subordinate Companion Loans either (i) remit to
the Certificate Administrator for deposit into the (A) Lower-Tier Distribution Account from its own funds an amount equal
to the aggregate amount of P&I Advances, if any, with respect to the Mortgage Loans to be made in respect of the related Distribution
Date or (B) Trust Subordinate Companion Loan REMIC Distribution Accounts from its own funds an amount equal to the aggregate amount
of P&I Advances, if any, with respect to the Trust Subordinate Companion Loans to be made in respect of the related Distribution
Date, (ii) apply amounts held in the Collection Account or the applicable Serviced Whole Loan Collection Account for future distribution
to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances; provided that such
amounts in the applicable Serviced Whole Loan Collection Account shall only be applied up to the related Mortgage Loan’s
pro rata share of the amounts held therein on such date, or (iii) make P&I Advances in the form of any combination of (i) and
(ii) aggregating the total amount of P&I Advances to be made by the Master Servicer, except that the portion of such P&I
Advance equal to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan or Trust Subordinate Companion
Loan shall not be remitted to the Certificate Administrator but shall instead be remitted to CREFC®. Any amounts held in the
Collection Account or any Serviced Whole Loan Collection Account, as applicable, for future distribution and so used to make P&I
Advances shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit
in the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, on or before the next succeeding
P&I Advance Determination Date (to the extent not previously replaced through either (x) the deposit of Late Collections of
the delinquent principal and/or interest in respect of which such P&I Advances were made or (y) the deposit of Periodic Payments
collected prior to the expiration of any applicable grace period that ends after the P&I Advance Determination Date in respect
of which such P&I Advances were made). The Master Servicer shall notify the Trustee and the Certificate Administrator of (i)
the aggregate amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for
such Distribution Date, on or before the P&I Advance Determination Date. If the Master Servicer fails to make a


 






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required P&I
Advance by 3:00 p.m. (New York City time) on any Master Servicer Remittance Date, then the Trustee shall make such P&I Advance
pursuant to Section 7.06 of this Agreement by 12:00 noon (New York City time) on the related Distribution Date, in
each case unless the Master Servicer shall have cured such failure (and shall have provided written notice of such cure to the
Trustee) by 11:00 a.m. (New York City time) on such Distribution Date or the Trustee determines that such P&I Advance, if made,
would be a Nonrecoverable Advance. Neither the Master Servicer nor the Trustee shall be required to make principal or interest
advances with respect to any delinquent payment amounts due on any Companion Loan (other than the Trust Subordinate Companion Loans).
If the Master Servicer or the Trustee makes a P&I Advance with respect to any Mortgage Loan that is part of a Whole Loan with
a related Serviced Companion Loan or Non-Serviced Companion Loan, then it shall provide written notice to the related Other Servicer,
Other Special Servicer and Other Trustee of the amount of such P&I Advance with respect to such Mortgage Loan within two (2)
Business Days of making such P&I Advance.


 


(b)           
Subject to Section 4.07(c) and 4.07(d) below, the aggregate amount of P&I Advances to be made by
the Master Servicer with respect to any Distribution Date shall equal the aggregate of: (i) the Periodic Payments (other than any
Balloon Payment) (net of related Servicing Fees (other than, in the case of any Non-Serviced Mortgage Loan, the servicing fee rate
pursuant to the applicable Other Pooling and Servicing Agreement)) that were due on the Mortgage Loans, the Trust Subordinate Companion
Loans and any REO Loan (including any portion of a REO Loan related to the Trust Subordinate Companion Loans, other than any portion
of an REO Loan related to any other Companion Loan) during the related Collection Period and delinquent as of the P&I Advance
Determination Date (or not advanced by any Sub Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage
Loan or Trust Subordinate Companion Loan delinquent in respect of its Balloon Payment as of the Master Servicer Remittance Date
(including any REO Loan (including any portion of a REO Loan related to the Trust Subordinate Companion Loans, other than any portion
of an REO Loan related to any other Companion Loan) as to which the related Balloon Payment would have been past due), an amount
equal to the Assumed Scheduled Payment, the BX Industrial Portfolio Assumed Scheduled Payment, the Tower 333 Assumed Scheduled
Payment or the 825 South Hill Assumed Scheduled Payment, as applicable, therefor. Subject to subsection (c) below, the obligation
of the Master Servicer to make such P&I Advances, with respect to the Mortgage Loans that it is servicing, is mandatory, and
with respect to any applicable Mortgage Loan or REO Loan, shall continue until (but not including) the Distribution Date on which
Liquidation Proceeds or REO Proceeds, if any, are to be distributed. The Periodic Payment or Assumed Scheduled Payment shall be
reduced, for purposes of P&I Advances, by any modifications pursuant to Section 3.26 of this Agreement or otherwise
and by any reductions by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers.


 


(c)          
Notwithstanding anything herein to the contrary, no P&I Advance shall be required hereunder if the Master Servicer,
the Special Servicer or the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable
P&I Advance. In addition, neither the Master Servicer nor the Trustee shall make any P&I Advance to the extent that it
has received written notice that the Special Servicer has determined (if no Consultation Termination Event is continuing, in consultation
with the Directing Holder) that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In making such


 






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recoverability determination, the Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to (i)
give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage
Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee,
as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the P&I
Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement
Amount which is being or may be deferred or delayed, (ii) consider (among other things) the obligations of the Borrower under the
terms of the related Mortgage Loan (or the Whole Loan, as applicable) as it may have been modified, (iii) consider (among other
things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by
such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer)
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things) future
expenses, (v) estimate and consider (among other things) the timing of recoveries, (vi) in the case of a potential P&I Advance
with respect to the Trust Subordinate Companion Loans, consider the subordinate nature of the Trust Subordinate Companion Loans,
it being the intent that no P&I Advance with respect to the Trust Subordinate Companion Loans should be reimbursed from out
of general collections of principal on the Mortgage Pool.


 


The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of the
Master Servicer or Trustee shall make any P&I Advances with respect to delinquent amounts due on any Companion Loan. If an
Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer
and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this
sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not,
in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions,
and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment
to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable
and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal
for such purpose at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions
of the related Intercreditor Agreement).


 


Any such determination
by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced
by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Special Servicer, any related
Serviced Pari Passu Companion Loan Noteholder(s), the Directing Holder (but only if no Consultation Termination Event is continuing)
and the Depositor and, in the case of the Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor,
the Directing Holder (but only if no Consultation Termination Event is continuing), the Certificate Administrator, the Master


 






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Servicer
and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master
Servicer, Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied
by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information
used by the Master Servicer, Special Servicer or the Trustee, as applicable, to make such determination, together with any existing
Appraisal or any Updated Appraisal); provided that with respect to any Specially Serviced Loan, the Special Servicer may,
at its option, make a determination in accordance with the Servicing Standard, that any P&I Advance previously made or proposed
to be made is nonrecoverable and shall deliver to the Master Servicer, the Directing Holder (but only if no Consultation Termination
Event is continuing) (and, with respect to a Serviced Mortgage Loan, to any Other Servicer or Other Special Servicer under the
pooling and servicing agreement into which the related Companion Loan is deposited), the Certificate Administrator, the Trustee
and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement), notice of such determination, together with a certificate of a Servicing Officer
and the supporting information described above. Any such determination shall be conclusive and binding on the Master Servicer,
the Special Servicer and the Trustee.


 


Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a P&I Advance constitutes, or would constitute a Nonrecoverable
Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at
the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Intercreditor
Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such
determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders.


 


Notwithstanding the above,
(i) the Trustee shall be entitled to rely conclusively on and be bound by any determination by the Master Servicer or the
Special Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master
Servicer shall be entitled to rely conclusively on and be bound by any determination of the Special Servicer that a P&I Advance,
if made, would be a Nonrecoverable P&I Advance (but this statement shall not be construed to entitle the Special Servicer to
reverse any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination
that an advance constitutes, or would constitute a Nonrecoverable Advance). The Trustee, in determining whether or not a P&I
Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall use its good
faith business judgment. The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in
its possession regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes
of making recoverability determinations.


 


(d)         
In connection with the recovery of any P&I Advance out of the Collection Account pursuant to Section 3.06(a)
of this Agreement or any Serviced Whole Loan Collection Account pursuant to Section 3.06(b) of this Agreement, the
Master Servicer shall be entitled to pay itself or the Trustee, as the case may be (in reverse of such order with respect to any


 






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Mortgage Loan or REO Property) out of any amounts then on deposit in the Collection Account or the applicable Serviced Whole Loan
Collection Account (subject to the provisions of Section 3.06) (to the extent amounts therein relate to the Mortgage
Loans, taking into account the related Intercreditor Agreement), interest at the Reimbursement Rate in effect from time to time,
accrued on the amount of such P&I Advance from the date made to but not including the date of reimbursement with respect to
the Mortgage Loan or Trust Subordinate Companion Loan that the Master Servicer is servicing; provided, however, that
no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan or Trust Subordinate Companion Loan until
after the related Due Date has passed and any applicable grace period has expired or (ii) if the related Periodic Payment is received
after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date. The Master
Servicer shall reimburse itself or the Trustee, as the case may be, for any outstanding P&I Advance as soon as practicably
possible after funds available for such purpose are deposited in the Collection Account or the applicable Serviced Whole Loan Collection
Account with respect to the Mortgage Loan or Trust Subordinate Companion Loan that the Master Servicer is servicing.


 


Notwithstanding anything
to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall
make an advance for Excess Interest, Yield Maintenance Charges or Penalty Charges and (ii) if the Master Servicer receives notice
of an Appraisal Reduction Event and the related Appraisal Reduction Amount, the interest portion of any P&I Advance with respect
to a Serviced Mortgage Loan or Trust Subordinate Companion Loan, as applicable, as to which there has been an Appraisal Reduction
Amount will be an amount equal to the product of (x) the amount required to be advanced without giving effect to the Appraisal
Reduction Amount and (y) a fraction, the numerator of which is the Stated Principal Balance of such Mortgage Loan or Trust Subordinate
Companion Loan, as applicable, as of the immediately preceding Determination Date less any Appraisal Reduction Amount applicable
to such Mortgage Loan or Trust Subordinate Companion Loan, as applicable, and the denominator of which is the Stated Principal
Balance of such Mortgage Loan or Trust Subordinate Companion Loan as of such Determination Date. All P&I Advances for any Mortgage
Loans or Trust Subordinate Companion Loan that have been modified shall be calculated on the basis of their terms as modified.
With respect to any Non-Serviced Mortgage Loan, if the Master Servicer or the Trustee, as applicable, does not receive notice of
an Appraisal Reduction Event and the related Appraisal Reduction Amount from the related Other Servicer, then the Master Servicer
or the Trustee, as applicable, shall have no obligation to proportionately reduce the interest portion of any P&I Advance required
to be made by the Master Servicer or the Trustee, as applicable. With respect to any Non-Serviced Companion Loan that has already
been securitized prior to the Closing Date, the Certificate Administrator, on behalf of the Trust, shall notify each Other Servicer
and each Other Trustee of a Non-Serviced Mortgage Loan that (a) such Non-Serviced Mortgage Loan has been included in this Trust
and (b) upon (i) the existence of an Appraisal Reduction Event and/or (ii) the related calculation of any Appraisal Reduction Amount
(or receipt of notice of any such calculation), such Other Servicer shall provide the Master Servicer (who shall promptly provide
to the Special Servicer (who shall promptly forward, prior to a Consultation Termination Event, to the Directing Holder)) and the
Trustee with prompt notice of the existence of any such Appraisal Reduction Event and/or any such Appraisal Reduction Amount once
calculated. With respect to any Serviced Companion Loan, the Master Servicer shall notify the related Other Servicer and Other
Trustee of the existence of an Appraisal Reduction Event and any related Appraisal Reduction Amount. The


 


 






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


 


The portion of any Insurance
Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan, Trust Subordinate Companion Loan or any REO Loan allocable
to principal shall equal the total amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee pursuant to this Agreement and (ii) a portion thereof equal to the interest
component of the Periodic Payment(s), as accrued at the related Net Mortgage Rate from the date as to which interest was last paid
by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds are received; provided
that, if the interest portion(s) of one or more P&I Advances with respect of such Mortgage Loan, Trust Subordinate Companion
Loan or REO Loan, as applicable, were 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 amount of the Net Liquidation Proceeds to be applied to
principal has been applied to pay the principal of such Mortgage Loan, Trust Subordinate Companion Loan or REO Loan in full, any
remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan,
Trust Subordinate Companion Loan or REO Loan.


 


(e)          
With respect to any Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer and the Trustee will each be permitted
to make its determination that the Master Servicer or the Trustee has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to
such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made by the Other Servicer
(or any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related
to such Non-Serviced Mortgage Loan, if any) under the Other Pooling and Servicing Agreement (or any pooling and servicing agreement
with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage
Loan, if any). If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance
with respect to any Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to any Non-Serviced Mortgage
Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the
Trustee, as applicable, shall provide the Other Servicer (and any master servicer with respect to a commercial mortgage securitization
holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any), the Other Special Servicer and
Other Trustee with written notice of such determination, promptly and in any event within two (2) Business Days after such determination
or such longer time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives written notice
from an Other Servicer (relating to the Other Pooling and Servicing Agreement that governs the servicing and administration of
the related Non-Serviced Whole Loan) that it has determined, with respect to the related Non-Serviced Companion Loan, that any
proposed advance of principal and/or interest with respect to the related Non-Serviced Companion Loan would be, or any outstanding
advance of principal and interest is, a nonrecoverable advance of


 






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principal and/or interest, such determination shall not be binding
on the Certificateholders, the Master Servicer or the Trustee; provided that, with respect to each Non-Serviced Whole Loan,
each of the Master Servicer and the Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.


 


If the Master Servicer
receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations,
it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with respect
to each commercial mortgage securitization that holds a Non-Serviced Companion Loan related to a Non-Serviced Mortgage Loan, if
any.


 


(f)          
With respect to any Serviced Whole Loan that has a Serviced Companion Loan, the Master Servicer, the Special Servicer and
the Trustee will be permitted to make its determination that the Master Servicer or the Trustee has made a P&I Advance on the
related Mortgage Loan that is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute
a Nonrecoverable P&I Advance with respect to such Mortgage Loan in accordance with Section 4.07(a) independently
of any determination made in respect of the related Serviced Companion Loan, by the master servicer under the related Other Pooling
and Servicing Agreement. If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed
P&I Advance with respect to such Serviced Whole Loan, if made, or any outstanding P&I Advance with respect to any such
Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance or if the Master Servicer, the Special
Servicer or the Trustee, as applicable, subsequently determines that a proposed Servicing Advance would be a Nonrecoverable Advance
or an outstanding Servicing Advance is or would be a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement
with written notice of such determination, promptly and in any event within two (2) Business Days after such determination or such
longer time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives written notice from any
master servicer under any such Other Pooling and Servicing Agreement that such master servicer has determined, with respect to
the related Serviced Companion Loan, that any proposed advance of principal and/or interest with respect to such Serviced Companion
Loan would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest,
such determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with
respect to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on
any such nonrecoverability determination.


 


(g)         
If the applicable Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer
for commercial mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other
trustee or master servicer with respect to each commercial mortgage securitization that holds a Serviced Pari Passu Companion Loan
related to any Serviced Whole Loan, if any.


 


(h)         
The Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to
the extent permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount in
respect of such P&I Advances to the extent permitted pursuant to Section 3.06 of this Agreement and the Master
Servicer and


 






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the Special Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances
from the related Borrowers to the extent permitted by applicable law and the related Mortgage Loan (or Trust Subordinate Companion
Loan) and this Agreement.


 


Section 4.08         
Appraisal Reductions; Collateral Deficiency Amounts. (a) For purposes of (x) determining the Pooled Non-Reduced
Certificates, the Controlling Class and whether a Control Termination Event has occurred and is continuing, and (y) determining
the Voting Rights of the related Classes for purposes of removal of the Special Servicer, the VRR Percentage of the Appraisal Reduction
Amounts allocated to the Mortgage Loans will be allocated to the VRR Interest to notionally reduce (to not less than zero) the
Certificate Balance of the Class RR Certificates. The Non-VRR Percentage of the Appraisal Reduction Amounts allocated to the Mortgage
Loans will be allocated to each Class of Pooled Principal Balance Certificates in reverse sequential order to notionally reduce
the related Certificate Balances until the Certificate Balance of each such Class of Certificates is reduced to zero (i.e.,
first, to the Class D Certificates, second, to the Class C Certificates, third, to the Class B
Certificates, fourth, to the Class A-S Certificates, and fifth, to the Class A-2, Class A-3, Class
A-4 and Class A-SB Certificates, pro rata, based on their Certificate Balances).


 


As a result of calculating
one or more Appraisal Reduction Amounts that is allocated to the Trust Subordinate Companion Loans, the amount of any required
P&I Advance with respect to such Trust Subordinate Companion Loan shall be reduced, which will have the effect of reducing
the amount of interest available to the Loan-Specific Certificates (other than the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest) then-outstanding in reverse sequential order.


 


As of the first Determination
Date following a Serviced Mortgage Loan becoming an AB Modified Loan, the Master Servicer shall calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special
Servicer with respect to such Mortgage Loan or Trust Subordinate Companion Loan, as applicable, and all other information relevant
to a Collateral Deficiency Amount determination. Upon obtaining knowledge or receipt of notice by the Master Servicer that a Non-Serviced
Mortgage Loan has become an AB Modified Loan, the Master Servicer shall (i) promptly request from the related Other Servicer, Other
Special Servicer and Other Trustee the most recent appraisal with respect to such AB Modified Loan, in addition to all other information
reasonably required by the Master Servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified
Loan, and (ii) as of the first Determination Date following receipt by the Master Servicer of the appraisal and any other information
set forth in the immediately preceding clause (i) that the Master Servicer reasonably expects to receive, calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Other
Special Servicer with respect to such Non-Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency
Amount determination. Upon obtaining knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage
Loan has become an AB Modified Loan, such party shall promptly notify the Master Servicer thereof. The Special Servicer, upon reasonable
prior written request, shall provide the Master Servicer with information in its possession (or that is reasonably obtainable at
no additional expense) that is


 






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reasonably required to calculate or recalculate any Collateral Deficiency Amount. Upon reasonable
prior written request, the Special Servicer shall use reasonable efforts to assist the Master Servicer in obtaining information
reasonably required to calculate or recalculate any Collateral Deficiency Amount with respect to a Non-Serviced Mortgage Loan in
the event that the Master Servicer is unsuccessful in obtaining such information from the related Other Servicer, Other Special
Servicer or Other Trustee. None of the Special Servicer, the Trustee or the Certificate Administrator shall calculate or verify
any Collateral Deficiency Amount.


 


For purposes of determining
the Pooled Non-Reduced Certificates, the Controlling Class and the occurrence of a Control Termination Event, the VRR Percentage
of any Appraisal Reduction Amounts shall be allocated to the VRR Interest to notionally reduce (to not less than zero) the VRR
Interest Balance thereof, and the Non-VRR Percentage of any Appraisal Reduction Amounts will be allocated to each class of Pooled
Principal Balance Certificates in reverse sequential order to notionally reduce the Certificate Balance thereof until the related
Certificate Balance of each such class is reduced to zero.


 


For purposes of determining
the Non-Reduced Certificates, the BX Industrial Portfolio Controlling Class and the occurrence of a BX Industrial Portfolio Note
B Control Appraisal Period, a BX Industrial Portfolio Note C Control Appraisal Period and a BX Industrial Portfolio Note D Control
Appraisal Period, Appraisal Reduction Amounts allocated to the BX Industrial Portfolio Whole Loan will be allocated first between
the BX Industrial Portfolio Floating Rate Loan and the BX Industrial Portfolio Fixed Rate Loan, pro rata. Appraisal Reduction
Amounts allocated to the BX Industrial Portfolio Fixed Rate Loan will be notionally allocated, first, to the BX Industrial Portfolio
Non-Trust Junior Subordinate Companion Loan Note D, then to the BX Industrial Portfolio Non-Trust Junior Subordinate Companion
Loan Note C, then to the BX Industrial Portfolio Trust Subordinate Companion Loan and then, pro rata, among the notes comprising
the BX Industrial Portfolio Mortgage Loan and the BX Industrial Portfolio Pari Passu Companion Loans. The BX Industrial Portfolio
Non-VRR Percentage of the Appraisal Reduction Amounts allocated to the BX Industrial Portfolio Trust Subordinate Companion Loan
will be allocated to each class of related Loan-Specific Certificates in reverse sequential order to notionally reduce the Certificate
Balance thereof until the related Certificate Balance of each such class is reduced to zero (i.e., first, to the
Class BX-C Certificates, second, to the Class BX-B Certificates, and finally, to the Class BX-A Certificates). The
BX-VRR Percentage of the Appraisal Reduction Amounts allocated the BX Industrial Portfolio Trust Subordinate Companion Loan will
be allocated to the BX-VRR Interest to notionally reduce (to not less than zero) the Certificate Balance of the BX-VRR Interest.
In addition, for purposes of determining the BX Industrial Portfolio Controlling Class and the occurrence of a BX Industrial Portfolio
Control Appraisal Period, BX Industrial Portfolio Non-VRR Percentage of Collateral Deficiency Amounts allocated to the BX Industrial
Portfolio Trust Subordinate Companion Loan will be allocated to each class of BX Industrial Portfolio Control Eligible Certificates
in reverse sequential order to notionally reduce the Certificate Balance thereof until the related Certificate Balance of each
such class is reduced to zero (i.e., first, to the Class BX-C Certificates, second, to the Class BX-B Certificates,
and finally, to the Class BX-A Certificates). For the avoidance of doubt, for purposes of determining the BX Industrial
Portfolio Controlling Class and the occurrence of a BX Industrial Portfolio Note B Control Appraisal Period, any Class of BX Industrial
Portfolio Control Eligible Certificates will be allocated both applicable Appraisal


 






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Reduction Amounts and applicable Collateral
Deficiency Amounts, as described in this paragraph.


 


For purposes of determining
the Non-Reduced Certificates, the Tower 333 Controlling Class and the occurrence of a Tower 333 Note B Control Appraisal Period
and Tower 333 Note C Control Appraisal Period, Appraisal Reduction Amounts allocated to the Tower 333 Whole Loan will be allocated
first to the Tower 333 Non-Trust Junior Subordinate Companion Loan, then to the Tower 333 Trust Subordinate Companion Loan and
then, pro rata, among the notes comprising the Tower 333 Mortgage Loan and the Tower 333 Pari Passu Companion Loans. The
Tower 333 Non-VRR Percentage of the Appraisal Reduction Amounts allocated to the Tower 333 Trust Subordinate Companion Loan will
be allocated to each class of related Loan-Specific Certificates in reverse sequential order to notionally reduce the Certificate
Balance thereof until the related Certificate Balance of each such class is reduced to zero (i.e., first, to the
Class T333-D Certificates, second, to the Class T333-C Certificates, third, to the Class T333-B Certificates, and
finally, to the Class T333-A Certificates). The T333-VRR Percentage of the Appraisal Reduction Amounts allocated the Tower
333 Trust Subordinate Companion Loan will be allocated to the T333-VRR Interest to notionally reduce (to not less than zero) the
Certificate Balance of the T333-VRR Interest. In addition, for purposes of determining the Tower 333 Controlling Class and the
occurrence of a Tower 333 Control Appraisal Period, Tower 333 Non-VRR Percentage of Collateral Deficiency Amounts allocated to
the Tower 333 Trust Subordinate Companion Loan will be allocated to each class of Tower 333 Control Eligible Certificates in reverse
sequential order to notionally reduce the Certificate Balance thereof until the related Certificate Balance of each such class
is reduced to zero (i.e., first, to the Class T333-D Certificates, second, to the Class T333-C Certificates,
third, to the Class T333-B Certificates, and finally, to the Class T333-A Certificates). For the avoidance of doubt,
for purposes of determining the Tower 333 Controlling Class and the occurrence of a Tower 333 Note B Control Appraisal Period,
any Class of Tower 333 Control Eligible Certificates will be allocated both applicable Appraisal Reduction Amounts and applicable
Collateral Deficiency Amounts, as described in this paragraph.


 


For purposes of determining
the Non-Reduced Certificates, the 825 South Hill Controlling Class and the occurrence of a 825 South Hill Control Appraisal Period,
Appraisal Reduction Amounts allocated to the 825 South Hill Whole Loan will be allocated first between the 825 South Hill Mortgage
Loan and 825 South Hill Trust Subordinate Companion Loan (as a collective whole) and the 825 South Hill Non-Trust Companion Loans,
pro rata. Appraisal Reduction Amounts allocated to the 825 South Hill Mortgage Loan and 825 South Hill Trust Subordinate
Companion Loan will be allocated, first to the 825 South Hill Trust Subordinate Companion Loan and then to the 825 South Hill Mortgage
Loan. The 825 South Hill Non-VRR Percentage of the Appraisal Reduction Amounts allocated to the 825 South Hill Trust Subordinate
Companion Loan will be allocated to each class of related Loan-Specific Certificates in reverse sequential order to notionally
reduce the Certificate Balance thereof until the related Certificate Balance of each such class is reduced to zero (i.e.,
first, to the Class 825S-E Certificates, second, to the Class 825S-D Certificates, third, to the Class 825S-C
Certificates, fourth, to the Class 825S-B and finally, to the Class 825S-A Certificates). The 825S-VRR Percentage
of the Appraisal Reduction Amounts allocated the 825 South Hill Trust Subordinate Companion Loan will be allocated to the 825S-VRR
Interest to notionally reduce (to not less than zero) the Certificate Balance of the 825S-VRR Interest. In addition, for purposes
of


 






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determining the 825 South Hill Controlling Class and the occurrence of a 825 South Hill Control Appraisal Period, 825 South
Hill Non-VRR Percentage of Collateral Deficiency Amounts allocated to the 825 South Hill Trust Subordinate Companion Loan will
be allocated to each class of 825 South Hill Control Eligible Certificates in reverse sequential order to notionally reduce the
Certificate Balance thereof until the related Certificate Balance of each such class is reduced to zero (i.e., first,
to the Class 825S-E Certificates, second, to the Class 825S-D Certificates, third, to the Class 825S-C Certificates,
fourth, to the Class 825S-B and finally, to the Class 825S-A Certificates). For the avoidance of doubt, for purposes
of determining the 825 South Hill Controlling Class and the occurrence of a 825 South Hill Control Appraisal Period, any Class
of 825 South Hill Control Eligible Certificates will be allocated both applicable Appraisal Reduction Amounts and applicable Collateral
Deficiency Amounts, as described in this paragraph.


 


For purposes of determining
the Controlling Class and whether a Control Termination Event has occurred and is continuing, Collateral Deficiency Amounts allocated
to an AB Modified Loan will be allocated by applying the Non-VRR Percentage of the Collateral Deficiency Amounts to each Class
of Control Eligible Certificates in reverse sequential order to notionally reduce the related Certificate Balances until the Certificate
Balance of each such Class of Control Eligible Certificates is reduced to zero. For the avoidance of doubt, for purposes of determining
the Controlling Class or the occurrence of a Control Termination Event, any Class of Control Eligible Certificates shall be allocated
the Non-VRR Percentage of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts (the sum of
which shall constitute the applicable Cumulative Appraisal Reduction Amount), in accordance with this Section 4.08(a).


 


With respect to (i) any
Appraisal Reduction Amount calculated for the purposes of determining the Non-Reduced Certificates or determining the Voting Rights
of the related Classes for purposes of removal of the Special Servicer and (ii) any Appraisal Reduction Amount or Collateral
Deficiency Amount calculated for purposes of determining the Controlling Class or the occurrence of a Control Termination Event,
the appraised value of the related Mortgaged Property shall be determined on an “as is” basis.


 


The Master Servicer shall
promptly notify the Certificate Administrator and the Special Servicer of the amount of any Appraisal Reduction Amount (which notification
shall be made by delivery of the CREFC® Loan Periodic Update File in accordance with Section 3.13(a)),
any Collateral Deficiency Amount and any resulting Cumulative Appraisal Amount allocated to each Mortgage Loan, AB Modified Loan
or Serviced Whole Loan if any (which notification shall be satisfied through the delivery of such information included in the CREFC®
Appraisal Reduction Amount Template included in the CREFC® Investor Reporting Package (or such other form as agreed
to by the Certificate Administrator and the Master Servicer), which shall be delivered simultaneously with the CREFC®
Loan Periodic Update File in accordance with Section 3.13(a)). Based on information in its possession, the Certificate
Administrator shall determine from time to time which Class of Certificates is the Controlling Class. Promptly upon its determination
of a change in the Controlling Class, the Certificate Administrator shall notify the Master Servicer and the Special Servicer of
such event, including the identity and contact information of the new Controlling Class Certificateholder (the cost of obtaining
such information from the Depository being an expense of the Trust).


 






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(b)         
The Holders of the majority (by Certificate Balance) of any Class of Control Eligible Certificates, BX Industrial Portfolio
Control Eligible Certificates, Tower 333 Control Eligible Certificates or 825 South Hill Control Eligible Certificates whose aggregate
Certificate Balance, as notionally reduced by Appraisal Reduction Amounts or Collateral Deficiency Amounts allocated thereto, is
less than 25% of the initial Certificate Principal Balance of such Class (such Class, an “Appraised-Out Class”)
as a result of an allocation of an Appraisal Reduction Amount or Collateral Deficiency Amount in respect of such Class shall have
the right, at their sole expense, to require the Special Servicer to order a second Appraisal of any Mortgage Loan (or Serviced
Whole Loan) for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency Amount (such
Holders, the “Requesting Holders”), and use its reasonable efforts to obtain an Appraisal prepared on an “as-is”
basis by an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt of the Requesting Holders’
written request. Any Appraised-Out Class for which the Requesting Holders are challenging the Appraisal Reduction Amount or Collateral
Deficiency Amount determination shall not exercise any rights of the Controlling Class, the BX Industrial Portfolio Controlling
Class, the Tower 333 Controlling Class or the 825 South Hill Controlling Class, until such time, if any, as such Class is reinstated
as the Controlling Class, the BX Industrial Portfolio Controlling Class, the Tower 333 Controlling Class or the 825 South Hill
Controlling Class, as applicable, and the rights of the Controlling Class will be exercised by the next most senior Control Eligible
Certificates, BX Industrial Portfolio Control Eligible Certificates, Tower 333 Control Eligible Certificates or 825 South Hill
Control Eligible Certificates, respectively, if any, during such period. The rights of the BX Industrial Portfolio Controlling
Class, the Tower 333 Controlling Class or the 825 South Hill Controlling Class, as applicable, during each Appraisal Review Period
shall be exercised by the next most senior BX Industrial Portfolio Control Eligible Certificates, Tower 333 Control Eligible Certificates
or 825 South Hill Control Eligible Certificates, respectively, if any, and otherwise, by the Pooled Trust Directing Holder.


 


In addition, the Requesting
Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional
appraisal of any Serviced Mortgage Loan for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral
Deficiency Amount if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged Properties that would
have a material effect on its appraised value, and the Special Servicer shall use reasonable efforts to obtain an Appraisal prepared
on an “as-is” basis by an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt
of the Requesting Holders’ written request; provided that the Special Servicer shall not be required to obtain such
appraisal if it determines in accordance with the Servicing Standard that no events at or with regard to the related Mortgaged
Property or Mortgaged Properties have occurred that would have a material effect on the appraised value of the related Mortgaged
Property or Mortgaged Properties. The right of the holders of an Appraised-Out Class to require the Special Servicer to order an
additional appraisal as described in this paragraph shall be limited to no more frequently than once in any 9-month period with
respect to any Mortgage Loan.


 


Upon receipt of any such
second Appraisal, the Special Servicer shall send such Appraisal to the Master Servicer, and the Master Servicer shall recalculate
such Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based upon such second


 






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Appraisal and receipt of
information reasonably requested by the Master Servicer from the Special Servicer, to the extent such information is in the possession
of, or reasonably obtainable at no additional expense by, the Special Servicer, and is reasonably necessary to make such recalculation.
If required by any such recalculation, the Appraised-Out Class shall be reinstated as the Controlling Class, the BX Industrial
Portfolio Controlling Class, the Tower 333 Controlling Class or the 825 South Hill Controlling Class.


 


Appraisals that are permitted
to be obtained by the Special Servicer at the request of holders of an Appraised-Out Class shall be in addition to any appraisals
that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without
regard to any appraisal requests made by any holder of an Appraised-Out Class.


 


(c)           
An appraisal for any Mortgage Loan that has not been brought current for at least three consecutive Periodic Payments (or
paid in full, liquidated, repurchased or otherwise disposed of) will be updated every 9 months for so long as an Appraisal Reduction
Event or Collateral Deficiency Amount exists.


 


(d)         
Notwithstanding the foregoing, within 60 days after an Appraisal Reduction Event (or in the case of an Appraisal Reduction
Event occurring by reason of clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event) (i) with
respect to Serviced Mortgage Loans and any related Serviced Companion Loans having a Stated Principal Balance of $2,000,000 or
higher, the Special Servicer shall order and use efforts consistent with the Servicing Standard to obtain an Updated Appraisal
or (ii) with respect to Serviced Mortgage Loans and any related Serviced Companion Loans having a Stated Principal Balance of less
than $2,000,000, the Special Servicer, at its option, shall (A) provide a Small Loan Appraisal Estimate within the same time period
as an Appraisal would otherwise be required and such Small Loan Appraisal Estimate shall be used in lieu of an Updated Appraisal
to calculate the Appraisal Reduction Amount for such Mortgage Loans or applicable Serviced Whole Loans; or (B) order and use efforts
consistent with the Servicing Standard to obtain an Updated Appraisal.


 


(e)          
The Special Servicer, upon reasonable request, shall deliver to the Master Servicer any information in the Special Servicer’s
possession (or that is reasonably obtainable at no additional expense by the Special Servicer) reasonably required to determine,
calculate, redetermine or recalculate any Appraisal Reduction Amount.


 


On the first Determination
Date occurring at least 10 Business Days after the later of (i) date the Master Servicer receives from the Special Servicer the
related Updated Appraisal or the Special Servicer’s Small Loan Appraisal Estimate, as applicable, and (ii) the occurrence
of an Appraisal Reduction Event, the Master Servicer shall adjust the Appraisal Reduction Amount to take into account such Updated
Appraisal or Small Loan Appraisal Estimate, as applicable and any information reasonably requested by the Master Servicer from
the Special Servicer, to the extent such information is in the possession of the Special Servicer, necessary to calculate the Appraisal
Reduction Amount. Each Appraisal Reduction Amount shall also be adjusted to take into account any subsequent Small Loan Appraisal
Estimate or Updated Appraisal, as applicable, and any letter updates, as of the date of each such subsequent Small Loan Appraisal
Estimate, Updated Appraisal or letter update, as applicable, and receipt of information reasonably


 






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requested by the Master Servicer
from the Special Servicer, to the extent such information is in the possession of (or reasonably obtainable at no additional expense
by) the Special Servicer and is reasonably necessary to calculate the Appraisal Reduction Amount. Such report shall also be forwarded
by the Master Servicer, to the extent the related Serviced Companion Loan has been included in a securitization transaction, to
the master servicer of such securitization into which the related Serviced Companion Loan has been sold, or to the holder of any
related Serviced Companion Loan by the Master Servicer.


 


Section 4.09         
Grantor Trust Reporting. The Certificate Administrator shall maintain adequate books and records to account for the
separate entitlements of the Grantor Trust.


 


(a)          
The parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions
thereof shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master
Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to
take advantage of market fluctuations or so as to improve the rate of return of the Grantor Trust Certificates, and shall otherwise
comply with Treasury Regulations Section 301.7701-4(c). Within 30 days of the Closing Date, the Certificate Administrator shall
obtain a taxpayer identification number for the Grantor Trust on IRS Form SS-4. The Certificate Administrator shall file or cause
to be filed with the IRS Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other
form as may be applicable and shall furnish or cause to be furnished to the Holders of the Grantor Trust Certificates and the RR
Interest Owner their allocable share of income and expense with respect to the Class S Grantor Trust Assets with the corresponding
alphabetic or alphanumeric designation and proceeds thereof, as such amounts are received or accrue, as applicable.


 


(b)         
The Grantor Trust will be treated as a WHFIT that is a WHMT. The Certificate Administrator shall report as required under
the WHFIT Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so
is provided to the Certificate Administrator on a timely basis. The Certificate Administrator is hereby directed to assume that
DTC, “Embassy & Co.” and “Hare & Co.” are the only “middleman” as defined by the WHFIT
Regulations unless the Depositor provides the Certificate Administrator with the identities of other “middlemen” that
are Certificateholders. The Certificate Administrator shall be entitled to rely on the first sentence of this Section 4.09(c)(i),
and shall be entitled to indemnification in accordance with the terms of this Agreement in the event that the IRS makes a determination
that any such notice is incorrect.


 


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


 






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(ii)          
The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations
nor for any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to
the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator.
Each owner of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance
of its interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information
regarding any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information
regarding any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof
or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.


 


(iii)         
To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on
the Certificate Administrator’s Website the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so
published will represent the Rule 144A CUSIPs. The Certificate Administrator shall make reasonable good faith efforts to keep the
website accurate and updated to the extent CUSIPs have been received. Absent the receipt of a CUSIP, the Certificate Administrator
will use a reasonable identifier number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting
delays that result from the receipt of inaccurate or untimely CUSIP information.


 


Section 4.10         
[Reserved].


 


Article V



THE CERTIFICATES


 


Section 5.01         
The Certificates. (a) The Certificates consist of the Class A-2 Certificates, the Class A-3 Certificates, the
Class A-4 Certificates, the Class A-SB Certificates, the Class A-S Certificates, the Class X-A Certificates, the Class B Certificates,
the Class C Certificates, the Class D Certificates, the Class S Certificates, the Class R Certificates, the Class RR Certificates,
the Class BX-A Certificates, the Class BX-B Certificates, the Class BX-C Certificates, the BX-VRR Interest, the Class T333-A Certificates,
the Class T333-B Certificates, the Class T333-C Certificates, the Class T333-D Certificates, the T333-VRR Interest, the Class 825S-A
Certificates, the Class 825S-B Certificates, the Class 825S-C Certificates, the Class 825S-D Certificates, the Class 825S-E Certificates
and the 825S-VRR Interest. The Class A-3 Certificates (the “Direct Sale Certificates”) will be sold directly
by the Depositor to JPMCB, subject to the satisfaction of certain terms and conditions set forth in an agreement between the Depositor
and JPMCB.


 


The Class A-2,
Class A-3, Class A-4, Class A-SB, Class A-S, Class X-A, Class B, Class C, Class D, Class R and the Class RR
Certificates will be substantially in the forms for such Class of Certificates as set forth next to such Classes in the Table
of Exhibits to this Agreement. The Certificates of each Class (other than the Class S and Class R Certificates) will be issuable
in registered form only, in minimum denominations of authorized Certificate Balance


 






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or Notional Amount, as applicable, as described
in the succeeding table, and multiples of $l in excess thereof (or such lesser amount if the Certificate Balance or Notional Amount,
as applicable, is not a multiple of $1). The Class RR Certificates will be issuable in one or more Individual Certificates, in
minimum denominations of authorized Certificate Balance as described in the succeeding table, and multiples of $l in excess thereof
(or such lesser amount if the Certificate Balance is not a multiple of $1). The Direct Sale Certificates will initially be issued
as Individual Certificates to JPMCB on the Closing Date. With respect to any Certificate or any beneficial interest in a Certificate,
the “Denomination” thereof shall be (i) the amount (A) set forth on the face thereof or (B) in the case
of any Global Certificate, set forth on a schedule attached thereto or, in the case of any beneficial interest in a Global Certificate,
the amount set forth on the books and records of the related Depository Participant or indirect participating brokerage firm, as
applicable, (ii) expressed in terms of Certificate Balance or Notional Amount, as applicable, and (iii) be in an authorized
denomination, as set forth below:


 


	Class	 	Minimum

    Denomination	 	Aggregate
    Denomination of
 all Certificates of Class
	A-2 	 	$	100,000	 	 	$	116,375,000	 
	A-3 	 	$	100,000	 	 	$	120,334,000	 
	A-4 	 	$	100,000	 	 	$	153,669,000	 
	A-SB 	 	$	100,000	 	 	$	14,257,000	 
	X-A 	 	$	1,000,000	 	 	$	483,075,000	 
	A-S 	 	$	100,000	 	 	$	78,440,000	 
	B 	 	$	100,000	 	 	$	59,375,000	 
	C 	 	$	100,000	 	 	$	22,230,000	 
	D 	 	$	100,000	 	 	$	13,371,030	 
	RR  	 	$	100,000	 	 	$	24,048,739	 
	BX-A 	 	$	100,000	 	 	$	21,576,000	 
	BX-B 	 	$	100,000	 	 	$	40,428,000	 
	BX-C 	 	$	100,000	 	 	$	6,966,000	 
	BX-VRR Interest 	 	$	100,000	 	 	$	3,630,000	 
	T333-A 	 	$	100,000	 	 	$	5,717,000	 
	T333-B 	 	$	100,000	 	 	$	25,892,000	 
	T333-C 	 	$	100,000	 	 	$	26,103,000	 
	T333-D 	 	$	100,000	 	 	$	5,232,000	 
	T333-VRR Interest 	 	$	100,000	 	 	$	3,313,000	 
	825S-A 	 	$	100,000	 	 	$	1,833,000	 
	825S-B 	 	$	100,000	 	 	$	7,953,000	 
	825S-C 	 	$	100,000	 	 	$	8,064,000	 
	825S-D 	 	$	100,000	 	 	$	8,838,000	 
	825S-E 	 	$	100,000	 	 	$	9,412,000	 
	825S-VRR Interest 	 	$	100,000	 	 	$	1,900,000	 



 


Each Certificate will
share ratably in all rights of the related Class.


 


The Class S and
Class R Certificates will each be issuable in one or more Individual Certificates in minimum denominations of 5% Percentage Interests
and integral multiples of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest
in each such Class.


 






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The Global Certificates
shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Certificate Owners
shall hold interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations
and aggregate Denominations and Classes as set forth above.


 


The Global Certificates
shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered
hereunder.


 


The Retained Certificates
shall each be issuable in one or more Individual Certificates at all times during the Transfer Restriction Period.


 


(b)          
Except insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent
and the Trustee may for all purposes (including the making of payments due on the Global Certificates and the giving of notice
to Holders thereof) deal with the Depository as the authorized representative of the Certificate Owners with respect to the Global
Certificates for the purposes of exercising the rights of Certificateholders hereunder; provided that, for purposes of transmitting
communications pursuant to Section 5.05(a) of this Agreement, to the extent that the Depositor has provided the Certificate
Administrator with the names of Certificate Owners (even if such Certificateholders hold their Certificates through the Depository)
the Certificate Administrator shall provide such information to such Certificate Owners directly. The rights of Certificate Owners
with respect to Global Certificates shall be limited to those established by law and agreements between such Certificateholders
and the Depository and Depository Participants. Except as set forth in Section 5.01(e) below, Certificate Owners of
Global Certificates shall not be entitled to physical certificates for the Global Certificates as to which they are the Certificate
Owners. Requests and directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent
if they are made with respect to different Certificate Owners. Subject to the restrictions on transfer set forth in this Section 5.01
of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Global Certificate may request that the Certificate
Administrator cause the Depository (or any Agent Member) to notify the Certificate Registrar and the Certificate Custodian in writing
of a request for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates. Upon receipt of
such a request and payment by the related Certificate Owner of any attendant expenses, the Certificate Administrator shall cause
the issuance and delivery of such Individual Certificates. The Certificate Registrar may establish a reasonable record date in
connection with solicitations of consents from or voting by Certificateholders and give notice to the Depository of such record
date. Without the written consent of the Certificate Registrar, no Global Certificate may be transferred by the Depository except
to a successor Depository that agrees to hold the Global Certificates for the account of the Certificate Owners.


 


(c)         
Any of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have
imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may
be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in
which the Certificates are admitted to trading, or to conform to general usage.


 






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(d)         
The Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s
instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered
in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:


 


“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.”


 


The Global Certificates
may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend
as may be appropriate.


 


(e)           
If (i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing or
able properly to discharge its responsibilities as Depository, and the Certificate Administrator and the Depositor are unable to
locate a qualified successor within 90 days of such notice or (ii) the Trustee has instituted or has been directed to institute
any judicial proceeding to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in
connection with such proceeding it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates
of such Class, the Certificate Administrator shall notify the affected Certificate Owner or Owners through the Depository of the
occurrence of such event and the availability of Individual Certificates to such Certificate Owners requesting them. Upon surrender
to the Certificate Administrator of Global Certificates by the Depository, accompanied by registration instructions from the Depository
for registration of transfer, the Certificate Administrator shall issue the Individual Certificates. Neither the Trustee, the Certificate
Administrator, the Certificate Registrar, the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay in delivery of such instructions. Upon the issuance
of Individual Certificates, the Trustee, the Certificate Administrator, the Certificate Registrar and the Master Servicer shall
recognize the Holders of Individual Certificates as Certificateholders hereunder.


 


(f)          
If the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted
or have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the
Certificates, and the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by
counsel that in connection with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer may in their sole discretion determine that the Certificates represented by






     -402-


     


    

 


the Global
Certificates shall no longer be represented by such Global Certificates. In such event, the Certificate Administrator or the Authenticating
Agent will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual
Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession Individual Certificates previously
executed, the Authenticating Agent will authenticate and the Certificate Registrar will deliver such Certificates) in a Denomination
equal to the aggregate Denomination of such Global Certificates.


 


(g)          
Each Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed
and authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.
All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating
Agent by an authorized officer or signatory. Certificates bearing the signature of an individual who was at any time the proper
officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating
Agent, notwithstanding that such individual has ceased to hold such office or position prior to the delivery of such Certificates
or did not hold such office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form
set forth in Exhibit A-1 through Exhibit A-27 executed by the Authenticating Agent by manual signature, and
such certificate of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate
has been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.


 


(h)         
If, in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated
distribution to the Depository based on the expected receipt of any monthly payment based on information set forth in any report
of the Master Servicer or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be or which
is paid on the last two Business Days preceding such Distribution Date, and the related Borrower fails to make such payments at
such time, the Certificate Administrator shall use commercially reasonable efforts to cause the Depository to make the revised
distribution on a timely basis on such Distribution Date. The Trustee, the Certificate Administrator (in any of its capacities),
the Master Servicer and the Special Servicer shall not be liable or held responsible for any resulting delay (or claims by the
Depository resulting therefrom) in the making of such distribution to Certificateholders. Any out-of-pocket costs incurred by the
Certificate Administrator as a consequence of a Borrower failing to make such payments shall be reimbursable to the Certificate
Administrator as an expense of the Trust Fund.


 


(i)          
During the Transfer Restriction Period, each Retained Certificate shall only be held as Individual Certificates in the Retained
Interest Safekeeping Account by the Certificate Administrator (and each Retaining Party’s respective interest shall be tracked
in the form of an entry in the Certificate Administrator’s trust accounting system under the Retained Interest Safekeeping
Account), for the benefit of the Holder of the related Certificate. The Certificate Administrator shall hold such Retained Certificates
in safekeeping and shall release the same only upon receipt of (i) written instructions from the holder of the Retained Certificates
and the Retaining Sponsor, and in accordance with any authentication procedures as may be






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utilized by the Certificate Administrator
and in accordance with this Agreement, and (ii) any certifications or other requirements governing transfers of the Retained Certificate
required under Section 5.02(m). There shall be, and hereby is, established by the Certificate Administrator an account
which will be designated the “Retained Interest Safekeeping Account” and into which the Retained Certificates shall
be held and which shall be governed by and subject to this Agreement. In addition, on and after the date hereof, the Certificate
Administrator may establish any number of subaccounts to the Retained Interest Safekeeping Account for each Retaining Party. The
Retained Certificates to be delivered in physical form to the Certificate Administrator shall be delivered as set forth herein.
No amounts distributable to the Retained Certificates shall be remitted to the Retained Interest Safekeeping Account, but shall
be remitted directly to each Retaining Party in accordance with written instructions provided separately by each Retaining Party
to the Certificate Administrator. Under no circumstances by virtue of safekeeping the Retained Certificates shall the Certificate
Administrator be obligated to bring legal action or institute proceedings against any person on behalf of the Retaining Parties.
During the Transfer Restriction Period and for such longer time as the applicable Retaining Party may request, the Certificate
Administrator shall hold the Retained Certificates in definitive, fully registered form without interest coupons at the below location,
or any other location; provided that the Certificate Administrator has given notice to each of the Retaining Parties of
such new location:


 


Wells Fargo Bank NA





Attn: Security Control
and Transfer (SCAT) – MAC N9345-010





425 E. Hennepin Avenue





Minneapolis, MN 55414


 


The Certificate Administrator
shall make available to each VRR Retaining Party its respective account information as mutually agreed upon by the Certificate
Administrator and such VRR Retaining Party, and in accordance with the Certificate Administrator’s policies and procedures.
Any transfer of a Certificate evidencing the VRR Interest or any Certificate evidencing either the BX-VRR Interest, the T333-VRR
Interest or the 825S-VRR Interest shall be subject to this Article V. During the Transfer Restriction Period, unless
the Retaining Sponsor and the Depositor otherwise consent in writing, the Certificate Administrator shall not permit any Person
to copy (other than for internal purposes), and shall not itself provide to any Person copies of, the executed Certificates held
by it in the Retained Interest Safekeeping Account.


 


Section 5.02         
Registration, Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be
kept at its offices books (the “Certificate Register”) for the registration, transfer and exchange of Certificates
(the Certificate Administrator, in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee,
the Master Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof
at all reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth
in the Certificate Register. The names and addresses of all Certificateholders and the names and addresses of the transferees of
any Certificates shall be registered in the Certificate Register; provided that, in no event shall the Certificate Registrar
be required to maintain in the Certificate Register the names of the individual Participants holding beneficial interests in the
Trust Fund through the Depository.


 






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The Person in whose name any Certificate is so registered shall be deemed and treated as the
sole owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar, the Master Servicer,
Special Servicer, the Trustee, the Certificate Administrator, any Paying Agent and any agent of any of them shall not be affected
by any notice or knowledge to the contrary. An Individual Certificate is transferable or exchangeable only upon the surrender of
such Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder or
his duly authorized attorney), subject to the requirements of Section 5.01(g) and Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement. Upon request of the Certificate Administrator,
the Certificate Registrar shall provide the Certificate Administrator with the names, addresses and Percentage Interests of the
Holders. In its capacity as Certificate Registrar, the Certificate Administrator shall be responsible for, among other things,
holding each Certificate evidencing the VRR Interest as Individual Certificates on behalf of each Holder of such Certificates in
accordance with Section 5.01(i).


 


(b)         
Upon surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c),
(d), (e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall
execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more
new Certificates in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates
shall be delivered by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate
surrendered for registration of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate
issued pursuant to this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request,
subject to the provisions of Sections 5.01(g) and 5.02(c), (d), (e), (f), (g), (h)
and (i) of this Agreement.


 


(c)           
In addition to the provisions of Sections 5.01(g) and (j) and 5.02(d), (e), (f),
(g), (h) and (i) of this Agreement and the rules of the Depository, the exchange, transfer and registration
of transfer of the Offered Certificates that are Individual Certificates or beneficial interests in the Global Certificates shall
be subject to the following restrictions:


 


(i)           
Transfers between Holders of Individual Certificates. With respect to the transfer and registration of transfer of
an Individual Certificate representing an interest in a Class of the Offered Certificates to a transferee that takes delivery in
the form of an Individual Certificate (other than transfers of the Class S or Class R Certificates, which may be made only in accordance
with Section 5.02(i) of this Agreement, and transfers of any Class RR Certificate or any Certificate evidencing the
BX-VRR Interest, the T333-VRR Interest or the 825S-VRR Interest, which may only be made in accordance with Section 5.02(c)(iv)
of this Agreement and during the Transfer Restriction Period in accordance with Section 5.01(i)):


 


(A)         
Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register
the transfer of such Individual Certificate (other than the Direct Sale Certificates when initially sold to JPMCB) if the requested
transfer is being made by a transferee who has provided the Certificate Registrar with an Investment Representation Letter substantially
in the form of Exhibit D-1 to this Agreement (an “Investment Representation


 






     -405-


     


    

 





Letter”), to the
effect that the transfer is being made to a Qualified Institutional Buyer in accordance with Rule 144A;


 


(B)         
Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register
the transfer of such Individual Certificate pursuant to Regulation S after the expiration of the Restricted Period if (1) the
transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate substantially in the form of Exhibit G
to this Agreement (a “Regulation S Transfer Certificate”), and (2) the transferee furnishes to the Certificate
Registrar an Investment Representation Letter; or


 


(C)         
Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register
the transfer of such Individual Certificate if prior to the transfer such transferee furnishes to the Certificate Registrar (1) an
Investment Representation Letter to the effect that the transfer is being made to an Institutional Accredited Investor or to an
Affiliated Person in accordance with an applicable exemption under the Act, and (2) in the case of a transfer to an Affiliated
Person, an opinion of counsel acceptable to the Certificate Registrar that such transfer is in compliance with the Act;


 


and, in each case, the Certificate
Registrar shall register the transfer of such Individual Certificate only if prior to the transfer the transferee furnishes to
the Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection
with the proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer,
require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense)
as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption
from, or in a commercial mortgage-backed securitization transaction not subject to, the registration requirements of the Act and
other applicable laws.


 


(ii)          
Transfers within the Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Global
Certificate remains outstanding and is held by or on behalf of the Depository, transfers within such Global Certificate shall only
be made in accordance with this Section 5.02(c)(ii).


 


(A)        
Rule 144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the
Restricted Period, a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its
beneficial interest in such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a
beneficial interest in the related Regulation S Global Certificate, such Certificate Owner may, in addition to complying with all
applicable rules and procedures of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants
(the “Applicable Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent
beneficial interest in such Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A).
Upon receipt by the Certificate Registrar at the Corporate


 






     -406-


     


    

 


Trust Office of (1) written instructions given in accordance with
the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another
specified Agent Member’s account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination
of the beneficial interest in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance
with the Applicable Procedures containing information regarding the account of the Agent Member and the Euroclear or Clearstream
account, as the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest,
and (3) a certificate in the form of Exhibit H to this Agreement given by the Certificate Owner of such interest,
the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Rule 144A Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global Certificate
to be so transferred and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate
by the Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or
cause to be credited to the account of the Person specified in such instructions (who shall be an Agent Member acting for or on
behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest in the Regulation S Global Certificate having
a Denomination equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.


 


(B)          
Rule 144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted
Period, a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial
interest in such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial
interest in the related Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures,
transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate
only upon compliance with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar
at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from an Agent
Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s account
a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures
containing information regarding the account of the Agent Member and, in the case of a transfer pursuant to and in accordance with
Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited with, and the account of the Agent Member
to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit I to this Agreement
given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository or the Certificate Custodian,
as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial
interest in the Rule 144A Global Certificate to be






     -407-


     


    

 


so transferred and, concurrently with such reduction, to increase the Denomination
of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate
to be so transferred, and 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 having a Denomination equal to the amount by which the Denomination of the Rule 144A
Global Certificate was reduced upon such transfer.


 


(C)          
Regulation S Global Certificate to Rule 144A Global Certificate. If the Certificate Owner of an interest in
a Regulation S Global Certificate wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate
to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Rule 144A Global Certificate,
such Certificate Owner may, in addition to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial
interest for an equivalent beneficial interest in such Rule 144A Global Certificate only upon compliance with the provisions
of this Section 5.02(c)(ii)(C). Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written
instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit
or cause to be credited to another specified Agent Member’s account a beneficial interest in the Rule 144A Global Certificate
in an amount equal to the Denomination of the beneficial interest in the Regulation S Global Certificate to be transferred, (2) a
written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member
to be credited with, and the account of the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear
or Clearstream account, as the case may be, to be debited for, such beneficial interest, and (3) with respect to a transfer of
a beneficial interest in a Regulation S Global Certificate for a beneficial interest in the related Rule 144A Global Certificate
(i) during the Restricted Period, a certificate in the form of Exhibit J to this Agreement given by the holder
of such beneficial interest or (ii) after the Restricted Period, an Investment Representation Letter from the transferee to
the effect that such transferee is a Qualified Institutional Buyer, the Certificate Registrar shall instruct the Depository or
the Certificate Custodian, as applicable, to reduce the Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the Regulation S Global Certificate to be transferred, and, concurrently with such reduction, to
increase the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial interest in
the Regulation S Global Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions a beneficial interest in such Rule 144A Global Certificate having a Denomination equal to the amount
by which the Denomination of the Regulation S Global Certificate was reduced upon such transfer.


 






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(iii)         
Transfers from the Global Certificates to Individual Certificates. Any and all transfers from a Global Certificate
to a transferee wishing to take delivery in the form of an Individual Certificate will require the transferee to take delivery
subject to the restrictions on the transfer of such Individual Certificate described in a legend set forth on the face of such
Certificate substantially in the form of Exhibit F to this Agreement (the “Securities Legend”),
and such transferee agrees that it will transfer such Individual Certificate only as provided therein and herein. No such transfer
shall be made and the Certificate Registrar shall not register any such transfer unless such transfer is made in accordance with
this Section 5.02(c)(iii).


 


(A)        
Transfers of a beneficial interest in a Global Certificate to an Institutional Accredited Investor will require delivery
in the form of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance with the
provisions of Section 5.02(c)(i)(C) of this Agreement.


 


(B)         
Transfers of a beneficial interest in a Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor
wishing to take delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance
with the provisions of Section 5.02(c)(i)(A) or (B) of this Agreement, respectively.


 


(C)         
Notwithstanding the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual
Certificate pursuant to Subparagraph (B) above shall be made prior to the expiration of the Restricted Period.


 


Upon acceptance for exchange
or transfer of a beneficial interest in a Global Certificate for an Individual Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Global Certificate (or on a continuation of such schedule affixed
to such Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and
a decrease in the Denomination of such Global Certificate equal to the Denomination of such Individual Certificate issued in exchange
therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and the Depositor in accordance with
applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial interest in the Global Certificate
shall bear the Securities Legend.


 


(iv)        
Transfers of Individual Certificates to the Global Certificates. If a Holder of an Individual Certificate wishes
at any time to transfer such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in
the related Regulation S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only
in accordance with the Applicable Procedures and this Section 5.02(c)(iv) (other than with respect to any Retained
Certificate during the Transfer Restriction Period, which shall be held as an Individual Certificate pursuant to Section 5.01(i)).
Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) the Individual Certificate to be transferred with
an assignment and transfer pursuant to Section 5.05(a) of this Agreement, (2) written instructions given in accordance
with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited


 






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to a
specified Agent Member’s account a beneficial interest in such Regulation S Global Certificate or such Rule 144A Global
Certificate, as the case may be, in an amount equal to the Denomination of the Individual Certificate to be so transferred, (3) a
written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member
and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited
with such beneficial interest, and (4) (x) an Investment Representation Letter from the transferee and, if delivery is
to be taken in the form of a beneficial interest in the Regulation S Global Certificate, a Regulation S Transfer Certificate from
the transferor or (y) an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified
Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the Rule 144A Global Certificate, the
Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual Certificate for the Denomination
of the Individual Certificate not so transferred, registered in the name of the Holder or the Holder’s transferee (as instructed
by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to increase
the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate, as the case may be, by the Denomination
of the Individual Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions who, in the case of any increase in the Regulation S Global Certificate during the Restricted Period, shall
be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case may be, a corresponding Denomination
of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may be.


 


It is the intent of the foregoing
that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take delivery
in the form of a beneficial interest in a Global Certificate, other than the initial transfer from the Initial Purchasers to an
initial investor.


 


(v)          
All Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates,
an exchange of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an
Individual Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange
is made in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates
remain outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02
and in accordance with the rules of the Depository and Applicable Procedures (other than with respect to any Retained Certificate
during the Transfer Restriction Period, which shall be held as an Individual Certificate pursuant to Section 5.01(i)).


 


(d)          
If Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend,
the Certificates so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement
of Certificates bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates
so issued shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is
delivered to the


 






     -410-


     


    

 


Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the
party requesting the removal of such legend) familiar with United States securities laws, as may be reasonably required by
the Certificate Registrar, that neither the Securities Legend nor the restrictions on transfers set forth therein are required
to ensure that transfers of any Certificate comply with the provisions of Rule 144A, Rule 144 or Regulation S under
the Act, the Risk Retention Rule or that such Certificate is not a “restricted security” within the meaning of Rule 144
under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall execute and deliver a Certificate
that does not bear the Securities Legend.


 


(e)          
Subject to the restrictions on transfer and exchange set forth in Section 5.01(h) and in this Section 5.02,
the Holder of any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any
authorized denomination) by surrendering such Certificate at the office of the Certificate Administrator or at the office of any
transfer agent appointed as provided under this Agreement, together with an instrument of assignment or transfer (executed by the
Holder or its duly authorized attorney), in the case of transfer, and a written request for exchange, in the case of exchange.
Following a proper request for transfer or exchange, the Certificate Registrar shall, within five Business Days of such request
if made at such office of the Certificate Administrator or within ten Business Days if made at the office of a transfer agent (other
than the Certificate Registrar), execute and deliver at the office of the Certificate Administrator or at the office of such transfer
agent, as the case may be, to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class
mail (at the risk of the transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee
or Holder, as applicable, may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate
Denomination and in such Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual
Certificate shall not be valid unless made at the office of the Certificate Administrator or at the office of a transfer agent
by the registered Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any
request for an exchange or registration of transfer of any Certificate during the period of 15 days preceding any Distribution
Date.


 


(f)          
An Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global
Certificate pursuant to Section 5.01 of this Agreement) or a beneficial interest in a Global Certificate may only be
transferred to Eligible Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar has
actual knowledge that such an Individual Certificate or beneficial interest in a Global Certificate is being held by or for the
benefit of a Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction,
then the Certificate Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the
investor to sell such Individual Certificate or beneficial interest in a Global Certificate to an Eligible Investor within fourteen
days after notice of such determination and each Certificateholder by its acceptance of a Certificate authorizes the Certificate
Registrar to take such action.


 


(g)          
Subject to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates
shall be limited to transfers of such Global


 






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Certificates in whole, but not in part, to nominees of the Depository or to a successor
of the Depository or such successor’s nominee.


 


(h)         
No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of
transfer or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors,
as provided herein. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the
Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any
legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer.


 


(i)           
Subject to Section 5.02(e) of this Agreement, transfers of the Class S or Class R Certificates may be made
only in accordance with this Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R
Certificate only if (x) the transferor has advised the Certificate Registrar in writing that such Certificate is being transferred
to a Qualified Institutional Buyer (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment
Representation Letter. The Certificate Registrar shall register the transfer of a Class S Certificate only if (x) the transferor
has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional Buyer
or an Affiliated Person or an Institutional Accredited Investor and (y) prior to such transfer the transferee furnishes to
the Certificate Registrar an Investment Representation Letter. In addition, the Certificate Registrar may as a condition of the
registration of any such transfer require the transferor to furnish such other certifications, legal opinions or other information
(at the transferor’s expense) as it may reasonably require to confirm that the proposed transfer is being made pursuant to
an exemption from, or in a transaction not subject to, the registration requirements of the Act and other applicable laws.


 


(j)          
No transfer, sale, pledge or other disposition of any Class of the Offered Certificates or interest therein shall be made
unless that transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the
Act and any applicable state securities laws, or is otherwise made in accordance with the Act and such state securities laws. Neither
the Depositor, the Master Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register
or qualify the Offered Certificates under the Act or any other securities law or to take any action not otherwise required under
this Agreement to permit the transfer of such Offered Certificates without registration or qualification. Any Certificateholder
desiring to effect such a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Certificate
Administrator, the Trustee and the Certificate Registrar, against any loss, liability or expense that may result if the transfer
is not so exempt or is not made in accordance with such federal and state laws.


 


(k)          
No transfer of any Class S, Class R, Class RR, Class BX-C, Class T333-D, Class 825S-C, Class 825S-D and Class 825S-E
Certificate or of the BX-VRR Interest, T333-VRR Interest, 825S-VRR Interest or RR Interest (each, a “Restricted Certificate”)
shall be made to (i) an employee benefit plan or other retirement arrangement, including an individual retirement account
or Keogh plan, which is subject to the fiduciary responsibility provisions of


 






     -412-


     


    

 


ERISA or to Section 4975 of the Code, or a governmental
plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local law (“Similar Law”)
which is to a material extent similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii)
any person acting on behalf of any such Plan or using the assets of any such Plan (including any entity whose underlying assets
include plan assets within the meaning of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA), other than
(except with respect to the Class RR Certificates, the BX-VRR Interest, the T333-VRR Interest, the 825S-VRR Interest, the Class
S Certificates, the Class R Certificates or the RR Interest), an insurance company using the assets of its general account
under circumstances whereby such purchase and the subsequent holding of such Certificate 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 PTCE 95-60, or, in the case of a plan subject to Similar Law, where the acquisition, holding and disposition
of such Restricted Certificate will not constitute or result in a non-exempt violation under Similar Law. Except in connection
with the transfer thereof by the Depositor or a Retaining Party (provided that, in the case of a Retaining Party, such exception
shall apply only with respect to the transfer thereof on the Closing Date), each prospective transferee of a Restricted Certificate
shall deliver to the Depositor, the Certificate Registrar and the Certificate Administrator, a transfer or representation letter,
substantially in the form of Exhibit D-2 to this Agreement, stating that the prospective transferee is not and will
not become a Person referred to in (i) or (ii) above. Neither the Certificate Administrator nor the Certificate Registrar
shall register a Class S, Class R or Class RR Certificate in any Person’s name unless such Person has provided the letter
referred to in clause (A) of the preceding sentence. The transferee of a beneficial interest in a Global Certificate
that is a Restricted Certificate shall be deemed to represent that it is not and will not become a Plan or a Person acting on behalf
of any Plan or using the assets of any Plan to acquire such interest other than (except with respect to the Class RR Certificates,
the RR Interest, the BX-VRR Interest, the T333-VRR Interest, the 825S-VRR Interest, Class S Certificates or Class R Certificates)
an insurance company using the assets of its general account under circumstances whereby the purchase and holding 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 PTCE 95-60, or, in the case of a plan subject to Similar Law, where the acquisition,
holding and disposition of such Restricted Certificate will not constitute a non-exempt violation under Similar Law. Any transfer
of a Restricted Certificate that would violate or result in a non-exempt prohibited transaction under ERISA or Section 4975
of the Code or Similar Law shall be deemed absolutely null and void ab initio.


 


Each purchaser of Certificates
that is a Plan subject to ERISA and/or Section 4975 of the Code (an “ERISA Plan”) or is acting on behalf of
or using the assets of an ERISA Plan will be deemed to have represented and warranted that (i) none of the Depositor, the Trust,
the Trustee, any Initial Purchaser, the Master Servicer, the Special Servicer, the Certificate Administrator or any of their respective
affiliated entities, has provided any investment advice within the meaning of Section 3(21) of ERISA (and regulations thereunder)
to the ERISA Plan, or to any fiduciary or other person making the decision to invest the assets of the ERISA Plan (“Fiduciary”),
in connection with its acquisition of Certificates, and (ii) the Fiduciary is exercising its own independent judgment in evaluating
the transaction.


 






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(l)           
Each Person who has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest
are expressly subject to the following provisions:


 


(i)           
Each Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
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 Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a
Person who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted
Transferee shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.


 


(ii)           
No 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 Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require delivery to it in form
and substance satisfactory to it, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor
an affidavit in substantially the form attached as Exhibit C-1 (a “Transferee Affidavit”) of
the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (i) the
proposed transferee historically has paid its debts as they have come due and intends to do so in the future, (ii) the proposed
transferee understands that, as the holder of an Ownership Interest, it may incur liabilities in excess of cash flows generated
by the residual interest, (iii) the proposed transferee intends to pay taxes associated with holding the Ownership Interest
as they become due, (iv) the proposed transferee will not transfer the 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, (v) the
proposed transferee will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the proposed transferee or any other U.S. Person and (vi) the
proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.02(l) and (y) other
than in connection with the initial issuance of the Class R Certificates, require a statement from the proposed transferor
substantially in the form attached as Exhibit C-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


 






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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
that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee.


 


Neither the Certificate
Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restriction or transfer imposed under Article V of this Agreement or under applicable law with respect to
any transfer of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to
require delivery of the certification(s) and/or opinions of counsel described in Article V applicable with respect
to changes in registration of record ownership of Certificates in the Certificate Register. The Certificate Administrator and the
Certificate Registrar shall have no liability for transfers, including transfers made through the book-entry facilities of the
Depository or between or among Depository Participants or Certificate Owners made in violation of applicable restrictions.


 


Upon written notice to
the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, 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 Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS
and the transferor of such Ownership Interest or such agent such information necessary to the application of Section 860E(e) of
the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate Administrator may charge a reasonable
fee for computing and furnishing such information to the transferor or to such agent referred to above; provided that such
Persons shall in no event be excused from furnishing such information.


 


(m)        
At all times during the Transfer Restriction Period, if a Transfer of any Retained Certificate after the Closing Date is
to be made, then, upon receipt of: (i) a certification from such Certificateholder’s prospective Transferee substantially
in the form attached hereto as Exhibit C-3 or Exhibit C-5, as applicable, which such certification must
be countersigned by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor, (ii) a certification from
the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit C-4 or
Exhibit C-6, as applicable, which such certification must be countersigned by the Retaining Sponsor with a medallion stamp
guarantee of the Retaining Sponsor, (iii) a W-9 completed by the Transferee and (iv) wire instructions and contact information
of the Transferee, the Certificate Administrator (which may conclusively rely upon such certifications) shall instruct the Certificate
Registrar to register such Transfer.  Upon receipt of the Certificate Administrator’s instruction, the Certificate Registrar
shall, subject to Section 5.02(e), register the Transfer of the Retained Certificate and reflect such Retained Certificate
in the name of the prospective Transferee and shall deliver written confirmation substantially in the form of Exhibit MM
to this Agreement. The Certificate Registrar shall not


 






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register a Transfer of any Retained Certificate after the Closing Date during
the Transfer Restriction Period unless it is so instructed by the Certificate Administrator. After the termination of the Transfer
Restriction Period, if a transfer of a Retained Certificate is to be made and such Retained Certificate is in Retained Interest
Safekeeping Account, then upon receipt of: (i) a certification from such Certificateholder’s prospective Transferee substantially
in the form attached hereto as Exhibit C-3 or Exhibit C-5, which such certification must be countersigned
by the Retaining Sponsor 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 C-4 or Exhibit C-6, which
such certification must be countersigned by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor, the
Certificate Administrator (which may conclusively rely upon such certifications) shall instruct the Certificate Registrar to register
such Transfer, and upon receipt of the Certificate Administrator’s instruction, the Certificate Registrar shall register
the Transfer of the Retained Certificate and reflect such Retained Certificate in the name of the prospective Transferee. After
the termination of the Transfer Restriction Period, if a transfer of a Retained Certificate is to be made and such Retained Certificate
is in the Retained Interest Safekeeping Account, the Certificate Registrar shall not register a Transfer of such Retained Certificate
unless it is so instructed by the Certificate Administrator. For the avoidance of doubt, in no event shall a Retained Certificate
be held as a Book-Entry Certificate during the Transfer Restriction Period. After the Transfer Restriction Period, a Retained Certificate
may be transferred subject to the restrictions on transfer set forth in this Article V. Any transfer of an interest
in a Retained Certificate that is not in compliance with this Section 5.02 shall be null and void ab initio
to the extent permitted under applicable law.


 


(n)          
No Person shall be permitted to own, directly or indirectly, any interest in the RR Interest other than (i) GSMC or one
of its Majority Owned Affiliates that is not a Non-Exempt Person or (ii) a Person that provides financing permitted under the Risk
Retention Rule (a “Permitted Lender”) to GSMC or such Majority Owned Affiliate; provided, further, that if such
financing is provided by the Permitted Lender in a repurchase transaction, GSMC or such Majority-Owned Affiliate of GSMC may transfer
its interest in the applicable RR Interest to the Permitted Lender so long as GSMC or such Majority-Owned Affiliate is obligated
to repurchase such interest in such RR Interest pursuant to the terms of the related financing documents. Each RR Interest Owner,
if it wishes to transfer the applicable RR Interest, shall notify the Certificate Administrator in writing of such transfer and
identify the new RR Interest Owner. The Certificate Administrator shall register the ownership of the applicable RR Interest on
a registry of ownership maintained by the Certificate Administrator. Any transfer of the RR Interest (including to a Majority Owned
Affiliate) shall be null and void ab initio to the extent permitted under applicable law unless all of the following is
provided to the Certificate Administrator (i) the transferor of the RR Interest has executed and delivered to the Certificate Administrator
a certification in the form of Exhibit C-6 hereto and (ii) the transferee of the RR Interest has executed and delivered
to the Certificate Administrator a certification in the form of Exhibit C-5 hereto, which certification shall include wiring
instructions and contact information for such transferee. Notwithstanding anything else in this Agreement to the contrary, no Person
shall have any rights hereunder with respect to the RR Interest unless (i) in the case of GSMC or its Majority Owned Affiliate,
such Person is identified in writing to the Certificate Administrator as being the applicable RR Interest Owner, or (ii) in the
case of any subsequent transferee, such Person is identified as being the applicable RR Interest Owner on the ownership registry.
The


 


 



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Certificate Administrator, the other parties to this Agreement and the Certificateholders shall be entitled to treat the applicable
RR Interest Owner (in the case of any subsequent RR Interest Owner, as recorded on such ownership registry) as the owner in fact
thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in the RR Interest on
the part of any other Person. Any transfer of an interest in the RR Interest that is not in compliance with this Section 5.02(n)
shall be null and void ab initio to the extent permitted under applicable law.


 


Section 5.03         
Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate,
and (ii) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and
the Certificate Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar
that such Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall
execute and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of
any new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03
shall constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.


 


Section 5.04         
Appointment of Paying Agent. The Certificate Administrator may appoint a paying agent (a “Paying Agent”)
for the purpose of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate
Administrator shall cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Master Servicer, to
execute and deliver to the Master Servicer and the Trustee an instrument in which such Paying Agent shall agree with the Master
Servicer and the Trustee that such Paying Agent will hold all sums held by it for the payment to Certificateholders in trust for
the benefit of the Certificateholders entitled thereto until such sums have been paid to the Certificateholders or disposed of
as otherwise provided herein. The initial Paying Agent shall be the Certificate Administrator. Except for the Certificate Administrator,
as the initial Paying Agent, the Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least
“Baa2” by Moody’s, “A” from Fitch and “A (low)” by DBRS Morningstar (or, if not rated
by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs), or shall be otherwise acceptable to each Rating
Agency, as confirmed by a receipt of a Rating Agency Confirmation.


 


Section 5.05         
Access to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder
(for purposes of this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar,
and such application states that the Applicant desires to communicate with other Certificateholders with respect to its rights
under this Agreement, the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford
such Certificateholder (at such Certificateholder’s sole cost and expense)


 






     -417-


     


    

 


access during normal business hours to a current
list of the Certificateholders related to the Class of Certificates held by such Certificateholder.


 


Any Certificateholder
or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the exercise of its
rights under the terms of this Agreement (such party, a “Requesting Investor”) may deliver a written request
(a “Communication Request”) signed by an authorized representative of the Requesting Investor to the Certificate
Administrator. Any Communication Request shall contain the method other Certificateholders and Certificate Owners should use to
contact the Requesting Investor, and, if the Requesting Investors is not the registered holder of a Class of Certificates, then
the Communication Request must contain (i) a written certification from the Requesting Investor that it is a beneficial owner of
a class of certificates, (ii) the name of the transaction, Benchmark 2020-IG3 and (iii) one of the following forms of documentation
evidencing its beneficial ownership in such class of certificates: (A) a trade confirmation, (B) an account statement, (C) a medallion
stamp guaranteed letter from a broker or dealer stating the Requesting Investor is the beneficial owner, or (D) a document reasonably
acceptable to the Certificate Administrator that is similar to any of the documents identified in clauses (A) through (C). The
Certificate Administrator shall not be permitted to require any information other than the foregoing in verifying a Certificateholder’s
or Certificate Owner’s identity in connection with a Communication Request. Requesting Investors will be responsible for
their own expenses in making any Communication Request, but will not be required to bear any expenses of the Certificate Administrator.
Upon receipt of such request, the Certificate Administrator shall furnish or cause to be furnished to such Applicant a list of
the names and addresses of the Certificateholders as of the most recent Record Date.


 


(b)         
Every Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate
Registrar that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of
the disclosure of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from
which such information was derived.


 


(c)           
Upon the written request of any Certifying Certificateholder that (a) states that such Certificateholder desires the
Certificate Administrator to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted
by other Certificateholders, setting forth the relevant contact information and briefly stating the reason for the requested contact
and (b) provides a copy of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator
shall deliver such Special Notice to all Certificateholders at their respective addresses appearing on the Certificate Register.
The costs and expenses of the Certificate Administrator associated with delivering with any such Special Notice shall be borne
by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither
the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special
Notice to Certificateholders, regardless of the information set forth in such Special Notice.


 


Section 5.06         
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


 






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duly appointed in writing; and except as
herein otherwise expressly provided that, such action shall become effective when such instrument or instruments are delivered
to the Certificate Administrator and the Trustee and, when required, to the Master 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 and the Master Servicer, if made in the manner provided in this Section.


 


(b)          
The fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable
manner which the Certificate Administrator or the Trustee deems sufficient.


 


(c)          
Any request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every
Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect
of anything done, or omitted to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.


 


(d)          
The Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred
to in this Section 5.06 as it shall deem necessary.


 


Section 5.07         
Rule 144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that
is a Holder of an Offered Certificate or any beneficial owner of such a Certificate, furnish to such Holder or beneficial owner
or a prospective purchaser designated by such Holder or beneficial owner who is a Qualified Institutional Buyer the information
required to be delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate
Administrator and has been identified as Rule 144A information (which shall include all information on the Certificate Administrator’s
Website and all information currently required to be made available to Certificateholders, as well as any other specifically identified
information herein).


 


Section 5.08         
Voting Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator
shall administer such vote through the Depository with respect to Book-Entry Certificates and directly with registered Holders
by mail with respect to Individual Certificates. In each case, such vote shall be administered in accordance with the following
procedures, unless different procedures are otherwise described herein with respect to a specific vote:


 


(a)           
Any matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator.
Such notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice
and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders
of Individual Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.


 






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(b)         
In connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings
in the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into
consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall
be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.


 


(c)          
The Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate
Administrator shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline.
Illegible or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall
not be counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results
of the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the
proposition and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.08(a) above. The Certificate
Administrator shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds
with the date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent
manifest error, retabulate the votes or conduct a new vote for the same proposition.


 


(d)         
Unless otherwise paid for by any Holder pursuant to Section 8.01 or Section 8.02, or clause (e)
below, any and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall
be borne by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or
answer questions other than process-related questions regarding the administration of the vote.


 


(e)          
If any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration
of the Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote
and the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.


 






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Article VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER and THE RISK RETENTION CONSULTATION PARTies


 


Section 6.01         
Liability of the Depositor, the Master Servicer and the Special Servicer. The Depositor, the Master Servicer and
the Special Servicer each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by
this Agreement.


 


Section 6.02         
Merger or Consolidation of the Master Servicer, the Special Servicer or the Depositor. Subject to the following paragraph,
each of the Master Servicer and the Special Servicer shall keep in full effect its existence, rights and good standing as a national
banking association under the laws of the United States of America, and shall not jeopardize its ability to do business in each
jurisdiction in which the Mortgaged Properties securing the Mortgage Loans that it is servicing are located or to protect the validity
and enforceability of this Agreement, the Certificates or any of such Mortgage Loans that it is servicing and to perform its respective
duties under this Agreement.


 


Each of the Master Servicer,
the Special Servicer or the Depositor may be merged or consolidated with or into any Person, or transfer all or substantially all
of its assets to any Person, in which case any Person into which the Master Servicer, the Special Servicer or the Depositor may
be merged or consolidated, or any Person resulting from any merger or consolidation to which the Master Servicer, the Special Servicer
or the Depositor is a party, or any Person succeeding to the business of the Master Servicer, the Special Servicer or the Depositor,
shall be the successor of the Master Servicer, the Special Servicer or the Depositor, as applicable, hereunder, and shall be deemed
to have assumed all of the liabilities of the Master Servicer, the Special Servicer or the Depositor, as applicable, hereunder,
if each of the Rating Agencies has provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan
Securities, if any; provided that none of the Master Servicer or the Special Servicer shall be required to obtain a Rating
Agency Confirmation from any Rating Agency if the Master Servicer or Special Servicer, as applicable, is merged into or consolidated
with a Qualified Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate; provided, further,
if the Master Servicer or the Special Servicer enters into a merger and the Master Servicer or the Special Servicer, as applicable,
is the surviving entity under applicable law, the Master Servicer or the Special Servicer, as applicable, shall not, as a result
of the merger, be required to provide a Rating Agency Confirmation or obtain the consent of the Depositor. Notwithstanding the
foregoing, no Master Servicer or Special Servicer may remain the Master Servicer or the Special Servicer, as applicable, under
this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited Party, or (y) transferring
all or substantially all of its assets to any Person if such Person is a Prohibited Party, except to the extent (i) the Master
Servicer or the Special Servicer, as applicable, is the surviving entity of such merger, consolidation or transfer and has been
and continues to be in compliance with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to
such merger, consolidation or transfer, which consent shall not be unreasonably withheld.


 


Section 6.03         
Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer and Others. (a) None of the Depositor,
the Master Servicer, the Special Servicer nor any Affiliates, partners, shareholders, directors, officers, employees, members,


 






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managers, representatives or agents (including sub-servicers) of the Depositor, the Master Servicer or the Special Servicer shall
be under any liability to the Trust Fund, the Certificateholders, the RR Interest Owner or any Serviced Companion Loan Noteholders,
any party hereto or any third party beneficiary for any action taken, or for refraining from the taking of any action, in good
faith pursuant to this Agreement (including actions taken or not taken at the direction of any Directing Holder), or for errors
in judgment; provided that this provision shall not protect the Depositor, the Master Servicer or the Special Servicer,
or any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor,
the Master Servicer or the Special Servicer, against any breach of warranties or representations made herein, or against any liability
which would otherwise be imposed by reason of willful misconduct, bad faith, fraud or negligence (or in the case of the Master
Servicer or Special Servicer, by reason of any specific liability imposed hereunder for a breach of the Servicing Standard) in
the performance of duties or by reason of negligent disregard of obligations or duties hereunder. The Depositor, the Master Servicer,
the Special Servicer and any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers)
of the Depositor, the Master Servicer or the Special Servicer may rely in good faith on any document of any kind which, prima
facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. In addition,
in no event shall the Depositor be obligated to cause any party to perform or comply with the obligations to remit the CREFC®
Intellectual Property Royalty License Fee to CREFC®, to report any such CREFC® Intellectual Property
Royalty License Fee so paid or to make available any Distribution Date Statement to the general public (or in particular, CREFC®).


 


The Trust Fund and each
Serviced Companion Loan Noteholder shall be indemnified and held harmless by each of the Master Servicer and the Special Servicer
(severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred in connection with
any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement or the Certificates, incurred by
the Trust Fund or such Serviced Companion Loan Noteholder, as applicable, by reason of willful misconduct, bad faith, fraud or
negligence in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder, on
the part of such indemnifying party.


 


The Depositor, the Master
Servicer, the Special Servicer and any Affiliates, directors, officers, employees, members, managers, representatives and agents
(including sub-servicers) of the Depositor, the Master Servicer and the Special Servicer shall be indemnified and held harmless
by the Trust Fund for any loss, liability or expense (including legal fees and expenses (including any such expenses incurred in
enforcing this indemnity)) incurred in connection with any claim, loss, penalty, fine, foreclosure, judgment, liability or legal
action relating to this Agreement or the Certificates, other than any loss, liability or expense (including legal fees and expenses
(including any such expenses incurred in enforcing this indemnity)) (i) incurred by such party by reason of willful misconduct,
bad faith, fraud or negligence in the performance of duties hereunder or by reason of negligent disregard of obligations and duties
thereunder or (ii) in the case of the Depositor and any of its Affiliates, directors, officers, representatives, members,
managers, employees and agents, incurred in connection with any violation by any of them of any state or federal securities law;
provided that such indemnified parties shall be paid out of the Collection Account in accordance with Section 3.06(a)
of this Agreement; provided, further, that if such matter relates directly to any Serviced Whole Loan,


 






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such indemnified
parties shall be paid first out of the applicable Serviced Whole Loan Collection Account (allocated in accordance with the
expense allocation provision of the related Intercreditor Agreement), and then, if funds therein are insufficient, out of
the Collection Account; provided that the Master Servicer shall, after receiving payment from amounts on deposit in the
Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable
efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro
rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders.


 


(b)         
None of the Depositor, the Master Servicer or the Special Servicer shall be under any obligation to appear in, prosecute
or defend any legal action that (i) is not incidental to its respective duties under this Agreement or (ii) in its opinion, may
expose it to any expense or liability not recoverable from the Trust Fund; provided that each of the Depositor, the Master
Servicer or the Special Servicer may in its discretion undertake any such action that it may deem necessary or desirable in respect
to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders, the RR Interest
Owner and holders of Serviced Companion Loan Securities, if applicable, hereunder. In such event, the legal expenses and costs
of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund and the Depositor,
the Master Servicer and the Special Servicer shall be entitled to be reimbursed therefor from the Collection Account in accordance
with Section 3.06(a) of this Agreement no later than 60 days after submitting such expenses or costs for reimbursement,
provided that a failure to reimburse such parties within such 60 days will not affect or limit such parties’ rights
to receive reimbursement hereunder; provided, further, that in the case of any Serviced Whole Loan, such amounts
shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement, and such parties
shall be entitled to be reimbursed first, from the applicable Serviced Whole Loan Collection Account and then, from
the Collection Account, all in accordance with Section 3.06(a) of this Agreement and the related Intercreditor Agreement.


 


(c)          
The terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.


 


(d)          
For the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust Fund
or a party to this Agreement is required to indemnify another party to this Agreement for costs, fees and expenses, such costs,
fees and expenses shall include costs (including, but not limited to reasonable attorney’s fees and expenses) of the enforcement
of such indemnity.


 


Section 6.04         
Limitation on Resignation of the Master Servicer and the Special Servicer; Termination of the Master Servicer and the
Special Servicer. (a) Each of the Master Servicer and the Special Servicer may assign their respective rights and delegate
their respective duties and obligations under this Agreement in connection with the sale or transfer of a substantial portion of
their commercial mortgage servicing, asset management or commercial mortgage surveillance, portfolio, provided that: (i) the
purchaser or transferee accepting such assignment and delegation (A) shall be an established mortgage finance institution,
bank or mortgage servicing institution, organized and doing business under the laws of the United States of America, any state
of the United States of America or the District of Columbia, authorized


 






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under such laws to perform the duties of the Master Servicer
or Special Servicer or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02
of this Agreement, (B) shall be acceptable to each Rating Agency as confirmed in a Rating Agency Confirmation delivered to
the Trustee and the Certificate Administrator relating to the Certificates and Serviced Companion Loan Securities, if any, (C)
shall execute and deliver to the Trustee and the Certificate Administrator an agreement that contains an assumption by such Person
of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Master Servicer
or Special Servicer, as applicable under this Agreement from and after the date of such agreement and (D) shall not be a Prohibited
Party; (ii) the Master Servicer or the Special Servicer shall not be released from its obligations under this Agreement that
arose prior to the effective date of such assignment and delegation under this Section 6.04; (iii) the rate at
which the Servicing Compensation or Special Servicing Compensation, as applicable (or any component thereof) is calculated shall
not exceed the rate then in effect and (iv) the resigning Master Servicer or Special Servicer, as applicable, shall be responsible
for the reasonable costs and expenses of each other party hereto and the Rating Agencies in connection with such transfer. Upon
acceptance of such assignment and delegation, the purchaser or transferee shall be the successor Master Servicer or Special Servicer,
as applicable, hereunder.


 


(b)         
Except as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer
and the Special Servicer shall not resign from its respective obligations and duties hereby imposed on it except (i) upon
determination that such duties hereunder are no longer permissible under applicable law, or (ii) in connection with the assignment
of rights and delegation of duties as set forth in Section 6.04(a). Any such determination described in clause (i)
above permitting the resignation of the Master Servicer or the Special Servicer, as applicable, shall be evidenced by an Opinion
of Counsel (obtained at the resigning Master Servicer’s or Special Servicer’s expense) to such effect delivered to
the Trustee and the Certificate Administrator.


 


(c)          
The Trustee shall be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination
Event or Special Servicer Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such
removal shall be effective unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing
Compensation or Special Servicing Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon
to which it is entitled) and all other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the
extent such amounts accrue prior to such effective date and (ii) with respect to a resignation by the Master Servicer, the
successor Master Servicer has deposited into the Investment Accounts from which amounts were withdrawn to reimburse the terminated
Master Servicer, an amount equal to the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn
except pursuant to this paragraph, in which case the successor Master Servicer shall, immediately upon deposit, have the same right
of reimbursement or payment as the terminated Master Servicer had immediately prior to its termination without regard to the operation
of this paragraph.


 


(d)          
No resignation or removal of the Master Servicer or the Special Servicer as contemplated by the preceding paragraphs of
this Section 6.04 shall become effective until


 






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(i) the Trustee or a successor Master Servicer or Special Servicer
shall have assumed the resigning or terminated Master Servicer’s or Special Servicer’s responsibilities, duties, liabilities
and obligations hereunder, (ii) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 10.09,
(iii) any other information required under Section 10.03 or Section 10.09 has been delivered to any
applicable Other Depositor with respect to any related Companion Loan, and (iv) as to any resignation, removal, succession,
merger or consolidation of the Master Servicer or the Special Servicer that would constitute a Reportable Event, upon at least
4 Business Days prior notice of the anticipated effective date of such event, the Certificate Administrator and the Depositor shall
cooperate in a timely manner with the Master Servicer, the Special Servicer or any other Person pursuing such resignation, removal,
succession, merger or consolidation, as applicable, in connection with the Depositor’s or the Certificate Administrator’s
obligation to file any related required Form 8-K relating to this Trust on the anticipated effective date of such event. If no
successor Master Servicer or Special Servicer can be obtained to perform such obligations for the same compensation to which the
terminated Master Servicer or Special Servicer would have been entitled, additional amounts payable to such successor Master Servicer
or Special Servicer shall be treated as Realized Losses.


 


Section 6.05         
Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer. Solely with respect
to their performance of their respective duties under this Agreement, the Master Servicer and the Special Servicer shall afford
the Depositor, the Initial Purchasers, the Certificate Administrator, the Trustee and the Rating Agencies, upon reasonable notice,
during normal business hours access to all records maintained by it in respect of its rights and obligations hereunder and access
to its officers responsible for such obligations. Upon written request, the Master Servicer and/or the Special Servicer, as applicable,
shall furnish to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee its most
recent publicly available financial statements (or, with respect to the Master Servicer, those of its ultimate parent) and such
other non-proprietary information as the Master Servicer or the Special Servicer, as the case may be, shall determine in its sole
and absolute discretion as it possesses, which is relevant to the performance of its duties hereunder and which it is not prohibited
by applicable law or contract from disclosing. The Depositor may, but is not obligated to, enforce the obligations of the Master
Servicer or the Special Servicer hereunder which are in default and may, but is not obligated to, perform, or cause a designee
to perform, any defaulted obligation of such Person hereunder or exercise any rights of such Person hereunder, provided
that the Master Servicer and the Special Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance
by the Depositor or its designee. If the Depositor or its designee undertakes any such action, it will be reimbursed by the Trust
Fund from the Collection Accounts (or with respect to a Serviced Whole Loan, to the extent such reimbursement is allocable to such
Serviced Whole Loan Collection Account), as provided in Section 3.06 and Section 6.03(a) hereof to the
extent not recoverable from the Master Servicer or Special Servicer, as applicable. None of the Depositor, the Certificate Administrator,
the Trustee, the Master Servicer (solely with respect to any action or failure to act by the Special Servicer) or the Special Servicer
(solely with respect to any action or failure to act by the Master Servicer) shall have any responsibility or liability for any
action or failure to act by the Master Servicer or the Special Servicer and no such party is obligated to monitor or supervise
the performance of the Master Servicer or the Special Servicer under this Agreement or otherwise. Neither the Master Servicer nor
the Special Servicer shall be under any obligation to disclose confidential or proprietary information pursuant to this Section.


 






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Section 6.06         
The Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer or an Affiliate of the Master
Servicer, or the Special Servicer or an Affiliate of the Special Servicer, may become the Holder (or with respect to a Global Certificate,
Certificate Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof. If, at any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer is the Holder or Certificate Owner of any Certificate, the Master Servicer or the Special Servicer
proposes to take action (including for this purpose, omitting to take action) that (i) is not expressly prohibited by the
terms hereof and would not, in the Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing
Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith
judgment, be considered by other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may, but
will not be required to, seek the approval of the Certificateholders to such action (or inaction) by delivering to the Certificate
Administrator a written notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies
the Percentage Interest in each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate
of the Master Servicer or the Special Servicer and (iii) describes in reasonable detail the action (or inaction) that the
Master Servicer or the Special Servicer proposes to take (or refrain from taking). The Certificate Administrator, upon receipt
of such notice, shall forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special Servicer
and its Affiliates, as appropriate) together with such instructions for response as the Certificate Administrator shall reasonably
determine. If at any time Certificateholders holding a majority of the Voting Rights of all Certificateholders and, if no Control
Termination Event is continuing, the applicable Directing Holder (calculated without regard to the Certificates beneficially owned
by the Master Servicer or its Affiliates or the Special Servicer or its Affiliates, as applicable) shall have consented in writing
to the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall act as proposed in the
written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall be entitled
to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses of the Certificate
Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that the Master Servicer or
the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder,
except in the case of unusual circumstances.


 


Section 6.07         
The Directing Holder and the Risk Retention Consultation Parties. (a) For so long as no Control Termination Event
is continuing, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect to all Specially Serviced
Loans (other than any applicable Excluded Loan), (2) the Special Servicer with respect to Performing Loans (other than any
applicable Excluded Loan or any Non-Serviced Mortgage Loan) with respect to Special Servicer Major Decisions, and (3) the
Master Servicer with respect to Performing Loans (other than any Excluded Loan applicable to the Directing Holder or Non-Serviced
Mortgage Loan) with respect to Master Servicer Major Decisions.


 


Notwithstanding anything
herein to the contrary, except as set forth in, and in any event subject to, this Section 6.07, with respect to any
Mortgage Loan (other than any Non-Serviced Mortgage Loan and any applicable Excluded Loan) or any Serviced Whole Loan, for so long
as no Control Termination Event is continuing, neither the Master Servicer nor the Special


 






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Servicer shall be permitted to take
any action that constitutes a Major Decision, and the Special Servicer shall not consent to the Master Servicer’s taking
any of the following actions that are Special Servicer Major Decisions, as to which the Directing Holder has objected in writing
within ten (10) Business Days (or, in connection with an Acceptable Insurance Default, 30 days) after receipt of a written report
by the Master Servicer or the Special Servicer, as applicable, describing in reasonable detail (i) the background and circumstances
requiring action of the Master Servicer or the Special Servicer, as applicable, (ii) the proposed course of action recommended,
and (iii) all information reasonably requested by the Directing Holder, and reasonably available to the Master Servicer or
the Special Servicer, as applicable, in order to grant or withhold such consent, which report may, if prepared by the Special Servicer,
in its sole discretion, take the form of an Asset Status Report (the “Major Decision Reporting Package”) (provided
that if such written objection has not been received by the Master Servicer or the Special Servicer, as applicable, within such
10-Business Day (or 30-day) period, then the Directing Holder will be deemed to have approved such action). Notwithstanding anything
to the contrary in this Agreement, if the Special Servicer or Master Servicer (if the Master Servicer is otherwise authorized by
this Agreement to take such action), as applicable, determines that immediate action, with respect to the matters described in
Section 6.07(a) (b) or (c) that requires the consent or consultation of the Directing Holder or a Risk Retention
Consultation Party, or any other matter requiring consent or consultation of the Directing Holder in this Agreement, is necessary
to protect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion
Loan Noteholders (as a collective whole as if such Certificateholders, the RR Interest Owner and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan,
taking into account the subordinate nature of such Subordinate Companion Loan) and the Master Servicer or the Special Servicer,
as applicable, has made a reasonable effort to contact the Directing Holder or such Risk Retention Consultation party, as applicable,
the Master Servicer or the Special Servicer, as applicable, may take any such action without waiting for the Directing Holder’s
response.


 


If a Control Termination
Event is continuing, but for so long as no Consultation Termination Event has occurred and is not continuing, neither the Master
Servicer nor the Special Servicer, as applicable, shall be required to obtain the consent of the Directing Holder with respect
to any of the Major Decisions or Asset Status Reports, but shall consult with the Directing Holder in connection with any Major
Decision that it is processing or, in the case of the Special Servicer, any Asset Status Report (or any other matter for which
the consent of the Directing Holder would have been required or for which the Directing Holder would have the right to direct the
Master Servicer or the Special Servicer if a Control Termination Event had not occurred and was not continuing) and to consider
alternative actions recommended by the Directing Holder in respect of such Major Decision or Asset Status Report (or such other
matter). Such consultation will not be binding on the Master Servicer or the Special Servicer. In the event the Master Servicer
or the Special Servicer, as applicable, receives no response from the Directing Holder within 10 days following the Master Servicer’s
or the Special Servicer’s written request for input (which request shall include the related Major Decision Reporting Package)
on any required consultation, the Master Servicer or the Special Servicer, as applicable, shall not be obligated to consult with
the Directing Holder on the specific matter.


 






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(b)          
In addition, (i) for so long as no Consultation Termination Event is continuing, with respect to any Specially Serviced
Loan (other than any applicable Excluded Loan with respect to the applicable Risk Retention Consultation Party), and (ii) during
the continuance of a Consultation Termination Event, with respect to any Serviced Mortgage Loan (other than any applicable Excluded
Loan with respect to the applicable Risk Retention Consultation Party), upon request of a Risk Retention Consultation Party, the
Master Servicer and the Special Servicer shall consult with such Risk Retention Consultation Party on a non-binding basis in connection
with any Major Decision that it is processing (and such other matters that are subject to the non-binding consultation rights of
such Risk Retention Consultation Party pursuant to this Agreement) and to consider alternative actions recommended by such Risk
Retention Consultation Party in respect of such Major Decision (or any other matter requiring consultation with such Risk Retention
Consultation Party); provided that in the event the Master Servicer or Special Servicer, as applicable, receives no response
from a Risk Retention Consultation Party within 10 days following the later of (i) the Master Servicer’s or the Special Servicer’s,
as applicable, written request for input on any requested consultation and (ii) delivery of all such additional information in
the possession of the Master Servicer or the Special Servicer, as applicable, reasonably requested by such Risk Retention Consultation
Party related to the subject matter of such consultation, the Master Servicer or the Special Servicer, as applicable, shall not
be obligated to consult with such Risk Retention Consultation Party on the specific matter; provided, however, that
the failure of such Risk Retention Consultation Party to respond will not relieve the Master Servicer or the Special Servicer,
as applicable, from using reasonable efforts to consult with such Risk Retention Consultation Party on any future matters with
respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan. For the avoidance of doubt, (x) no Risk
Retention Consultation Party shall have any consultation rights with respect to any related Excluded Loan and (y) any consultation
with either Risk Retention Consultation Party under this Agreement shall occur only upon request of such Risk Retention Consultation
Party, and any such consultation shall be on a strictly non-binding basis and shall be subject to all limitations with respect
to the procedures and timing for such consultation set forth in this Section 6.07.


 


No Risk Retention Consultation
Party acting in its capacity as Risk Retention Consultation Party shall have liability to the Trust Fund, any party to this Agreement,
any Certificateholders or any other Person for any action taken, or for refraining from the taking of any action, or for errors
in judgment.


 


(c)          
Notwithstanding the foregoing, other than during the continuance of a BX Industrial Portfolio Control Appraisal Period and
if the BX Industrial Portfolio Whole Loan is a Specially Serviced Loan, a Tower 333 Control Appraisal Period and if the Tower 333
Whole Loan is a Specially Serviced Loan or a 825 South Hill Control Appraisal Period and if the 825 South Hill Whole Loan is a
Specially Serviced Loan, the BX Industrial Portfolio Risk Retention Consultation Party, the Tower 333 Risk Retention Consultation
Party or the 825 South Hill Risk Retention Consultation Party, as applicable, shall have the same rights as provided in Section 6.07(b)
above solely with respect to the BX Industrial Portfolio Risk Whole, the Tower 333 Whole Loan or the 825 South Hill Whole Loan,
as applicable. During the continuance of a BX Industrial Portfolio Control Appraisal Period, the BX Industrial Portfolio Risk Retention
Consultation Party will no longer have any consultation rights in respect of any Major Decisions with respect to the BX Industrial
Portfolio Whole Loan. During the continuance of a Tower 333


 






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Control Appraisal Period, the Tower 333 Risk Retention Consultation
Party will no longer have any consultation rights in respect of any Major Decisions with respect to the Tower 333 Whole Loan. During
the continuance of a 825 South Hill Control Appraisal Period, the 825 South Hill Risk Retention Consultation Party will no longer
have any consultation rights in respect of any Major Decisions with respect to the 825 South Hill Whole Loan.


 


(d)          
The failure of the Directing Holder or any Risk Retention Consultation Party to respond to any request for consent or consultation
will not relieve the Master Servicer or the Special Servicer from using reasonable efforts to seek the consent of or consult with,
as applicable, the Directing Holder or the Risk Retention Consultation Parties on any future matters with respect to the applicable
Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan.


 


In addition, for so long
as no Control Termination Event is continuing, the Directing Holder may direct the Special Servicer to take, or to refrain from
taking, such other actions with respect to a Mortgage Loan as the Directing Holder may deem advisable or as to which provision
is otherwise made herein; provided that, notwithstanding anything herein to the contrary, no such direction from the Directing
Holder and no advice from any Risk Retention Consultation Party, and no objection contemplated by the preceding paragraph or this
paragraph, may require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage
Loan, applicable law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Special
Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer,
the Paying Agent, the Trust Fund, the Certificate Administrator or the Trustee to liability, or materially expand the scope of
the Special Servicer’s responsibilities hereunder.


 


If the Special Servicer
or Master Servicer, as applicable, determines that a refusal to consent by the Directing Holder, or any advice from the Directing
Holder or the Risk Retention Consultation Parties, would otherwise cause the Special Servicer or Master Servicer, as applicable,
to violate the terms of any Mortgage Loan, any Intercreditor Agreement, applicable law, the REMIC Provisions or this Agreement,
including without limitation, the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such
refusal to consent or advice and notify the Directing Holder, the Risk Retention Consultation Parties, the Trustee, the related
Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the
17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) of its determination, including
a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer
or Special Servicer in accordance with the direction of or approval of the Directing Holder or any Risk Retention Consultation
Party that does not violate any law or the Servicing Standard or any other provisions of this Agreement or any Intercreditor Agreements
will not result in any liability on the part of the Master Servicer or the Special Servicer.


 


Notwithstanding anything
to the contrary contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, at all times when no Consultation
Termination Event has occurred, the Directing Holder shall be entitled to the rights of the “Non-Directing Holder”
(or similar term) under the related Intercreditor Agreement.


 






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The Directing Holder
shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders, the RR Interest Owner or any other
Person for any action taken, or for refraining from the taking of any action, or for errors in judgment; provided that the
Directing Holder shall not be protected against any liability to a Controlling Class Certificateholder that would otherwise
be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties or by reason of reckless disregard
of obligations or duties.


 


(e)           
Subject to the terms and conditions of this Section 6.07(a), (i) the Special Servicer shall process all requests
for any matter that constitutes a Major Decision with respect to any Specially Serviced Loan, (b) the Special Servicer shall process
all requests for any matter that constitutes a Special Servicer Major Decision or Special Servicer Non-Major Decision with respect
to any Performing Loan (other than a Non-Serviced Mortgage Loan) unless the Master Servicer and the Special Servicer have mutually
agreed to have the Master Servicer process such request in accordance with the terms and conditions reasonably agreed to by the
Master Servicer and Special Servicer, including the Special Servicer’s consent, (c) the Master Servicer shall process all
requests for any matter that constitutes a Master Servicer Major Decision with respect to any Performing Loan (other than a Non-Serviced
Mortgage Loan) and (d) the Master Servicer shall process all requests for any matter that constitutes a Special Servicer Major
Decision with respect to any Performing Loan (other than a Non-Serviced Mortgage Loan) if the Master Servicer and the Special Servicer
have mutually agreed to have the Master Servicer process such request in accordance with the terms and conditions reasonably agreed
to by the Master Servicer and Special Servicer, including the Special Servicer’s consent. Upon receiving a request for any
matter that constitutes a Special Servicer Major Decision or Special Servicer Non-Major Decision, unless the Master Servicer and
the Special Servicer mutually agree that the Master Servicer will process such request in accordance with the terms and conditions
reasonably agreed to by the Master Servicer and Special Servicer, including the Special Servicer’s consent, the Master Servicer
shall forward such request to the Special Servicer and the Special Servicer will be required to process such request and the Master
Servicer will have no further obligation with respect to such request or the related Special Servicer Major Decision.


 


With respect to any Borrower
request or other action on Performing Loans that is not a Major Decision or a Special Servicer Non-Major Decision, the Master Servicer
shall not be required to obtain the consent of or consult with the Special Servicer, the Directing Holder or the Risk Retention
Consultation Parties.


 


(f)           
Notwithstanding anything to the contrary contained herein (i) if a Control Termination Event is continuing, the Directing
Holder shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) if a Control Termination
Event is continuing but Consultation Termination Event has not occurred and is not continuing, the Directing Holder shall remain
entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Master Servicer,
Special Servicer and any other applicable party shall consult with the Directing Holder in connection with any action to be taken
or refrained from taking to the extent set forth herein; and (iii) if a Consultation Termination Event is continuing, the
Directing Holder shall have no consultation or consent rights hereunder and no right to receive any notices, reports or information
(other than notices, Voting Rights


 






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given to all Certificateholders and rights to receive reports or information required to be
delivered to all Certificateholders) or any other rights as Directing Holder.


 


With respect to the BX
Industrial Portfolio Whole Loan, for so long as no BX Industrial Portfolio Note B Control Appraisal Period is continuing, the Pooled
Trust Directing Holder shall not be entitled to exercise the above described rights, and those rights shall be held by the BX Industrial
Portfolio Controlling Class Representative in accordance with this Agreement and the related Intercreditor Agreement. During a
BX Industrial Portfolio Note B Control Appraisal Period, the Directing Holder for the BX Industrial Portfolio Whole Loan shall
be the Pooled Trust Directing Holder.


 


With respect to the Tower
333 Whole Loan, for so long as no Tower 333 Note B Control Appraisal Period is continuing, the Pooled Trust Directing Holder shall
not be entitled to exercise the above described rights, and those rights shall be held by the Tower 333 Controlling Class Representative
in accordance with this Agreement and the related Intercreditor Agreement. During a Tower 333 Note B Control Appraisal Period,
the Directing Holder for the Tower 333 Whole Loan shall be the Pooled Trust Directing Holder.


 


With respect to the 825
South Hill Whole Loan, for so long as no 825 South Hill Control Appraisal Period is continuing and an AIG Lending Control Termination
Event has not occurred, the Pooled Trust Directing Holder shall not be entitled to exercise the above described rights, and those
rights shall be held by the 825 South Hill Controlling Class Representative in accordance with this Agreement and the related Intercreditor
Agreement. During an 825 South Hill Control Appraisal Period and if an AIG Lending Control Termination Event has occurred, the
Directing Holder for the 825 South Hill Whole Loan shall be the Pooled Trust Directing Holder.


 


(g)         
The Master Servicer, the Special Servicer or the Trustee, may from time to time request that the Certificate Administrator
provide the name of the then-current Pooled Trust Directing Holder for any applicable Mortgage Loan or Serviced Whole Loan or the
BX Industrial Portfolio Controlling Class Representative or the Tower 333 Controlling Class Representative or the 825 South Hill
Controlling Class Representative. Upon such request, the Certificate Administrator shall promptly (but in no event more than five (5)
Business Days following such request) provide the name of the then-current Pooled Trust Directing Holder, the BX Industrial Portfolio
Controlling Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class Representative,
as applicable, to the Master Servicer, the Special Servicer or the Trustee, but only to the extent the Certificate Administrator
has actual knowledge of the identity of the then-current Pooled Trust Directing Holder, the BX Industrial Portfolio Controlling
Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class Representative, as
applicable; provided that if the Certificate Administrator does not have actual knowledge of the identity of the then-current
Pooled Trust Directing Holder, the BX Industrial Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative
or the 825 South Hill Controlling Class Representative, as applicable, then the Certificate Administrator shall promptly (but in
no event more than five (5) Business Days following such request) (i) determine which Class is the Controlling Class and (ii) request
from the Controlling Class Certificateholders, the BX Industrial Portfolio Controlling Class Certificateholders, the Tower 333
Controlling Class Certificateholders or the 825 South Hill Controlling Class Certificateholders, as applicable, the


 






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identity of
the Pooled Trust Directing Holder, the BX Industrial Portfolio Controlling Class Representative, the Tower 333 Controlling Class
Representative or the 825 South Hill Controlling Class Representative, as applicable. Any expenses incurred in connection with
obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection
with an event as to which the Pooled Trust Directing Holder, the BX Industrial Portfolio Controlling Class Representative, the
Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class Representative, as applicable, has review, consent
or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement
and (ii) the requesting party has not been notified of the identity of the Pooled Trust Directing Holder, the BX Industrial
Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class
Representative, as applicable, or reasonably believes that the identity of the Pooled Trust Directing Holder, the BX Industrial
Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class
Representative, as applicable, has changed, then such expenses shall be at the expense of the Trust. The Master Servicer, the Special
Servicer and the Trustee, shall be entitled to conclusively rely on any such information so provided.


 


To the extent the Master
Servicer or the Special Servicer has written notice of any change in the identity of a Pooled Trust Directing Holder, the BX Industrial
Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class
Representative or the list of Holders (or Certificate Owners, if applicable) of the Controlling Class, the BX Industrial Portfolio
Controlling Class, the Tower 333 Controlling Class or the 825 South Hill Controlling Class, then the Master Servicer or the Special
Servicer, as applicable, shall promptly notify the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer thereof, who may rely conclusively on such notice from the Master Servicer or the Special Servicer, as applicable.


 


(h)         
DBNY, JPMCB and GSMC shall be the initial Risk Retention Consultation Parties and shall remain so until a successor is appointed
pursuant to the terms of this Agreement. Upon the resignation or removal of any of the existing Risk Retention Consultation Parties,
any successor Risk Retention Consultation Party shall deliver to the parties to this Agreement a certification substantially in
the form of Exhibit L-1H to this Agreement prior to being recognized as the 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.


 


(i)           
Once a Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled
to rely on such selection unless JPMCB (in the case of the VRR-A Risk Retention Consultation Party), GS Bank (in the case of the
VRR-B Risk Retention Consultation Party) or DBNY (in the case of the VRR-C Risk Retention Consultation Party, the BX Industrial
Portfolio Risk Retention Consultation Party, the Tower 333 Risk Retention Consultation Party and the 825 South Hill Risk Retention
Consultation Party), as applicable, shall have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator and each other VRR Interest Owner,


 






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in writing, of the selection of such new Risk Retention Consultation Party (including
the new contact information).


 


(j)            
Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Risk Retention Consultation
Parties may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates;
(ii) the Risk Retention Consultation Parties may act solely in the interests of the Holders of the Class RR Certificate; (iii)
the Risk Retention Consultation Parties do not have any liability or duties to the Holders of any Class of Certificates; (iv) the
Risk Retention Consultation Parties may take actions that favor interests of the Holders of one or more Classes including the Class
RR Certificates over the interests of the Holders of one or more other Classes of Certificates; and (v) the Risk Retention Consultation
Parties 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 any Risk Retention Consultation Party or any director, officer, employee,
agent or principal of such Risk Retention Consultation Party for having so acted.


 


Section 6.08         
Rights of Non-Directing Holders. With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer,
as applicable, shall:


 


(a)           consult
with the related Non-Directing Holder (or its designee or representative) on a strictly non-binding basis, to the extent that such
Non-Directing Holder (or its designee or representative) requests consultation with respect to any “major decision”
or “major action” set forth in the related Intercreditor Agreement or the implementation of any recommended actions
outlined in an Asset Status Report relating to the Serviced Whole Loan, and to consider alternative actions recommended by such
Non-Directing Holder (or its designee or representative); provided that after the expiration of a period of ten (10) Business
Days from the delivery to the related Non-Directing Holder (or its designee or representative) of written notice of a proposed
action, together with copies of the related notice, information or report, the Master Servicer or Special Servicer, as applicable,
shall no longer be obligated to consult with the applicable Non-Directing Holder (or its designee or representative) (unless the
Master Servicer or Special Servicer, as applicable, proposes a new course of action that is materially different from the action
previously proposed, in which case such ten (10) Business Day period shall begin anew from the date of such proposal and delivery
of all information relating thereto). Notwithstanding the foregoing non-binding consultation rights of the Non-Directing Holder,
the Master Servicer or the Special Servicer, as applicable, may take any “major decision” or “major action”
set forth in the related Intercreditor Agreement or any action set forth in the Asset Status Report before the expiration of the
aforementioned ten (10) Business Day period if the Master Servicer or the Special Servicer, as applicable, determines that immediate
action with respect thereto is necessary to protect the interests of the Certificateholder and the related Companion Loan Noteholder.
Unless specified otherwise in the related Intercreditor Agreement, neither the Master Servicer or the Special Servicer shall be
obligated at any time to follow or take any alternative actions recommended by the Non-Directing Holder; and


 


(b)           in
addition to the foregoing non-binding consultation rights, if provided for in the related Intercreditor Agreement, the Non-Directing
Holder shall have the right to annual conference calls with the Master Servicer or the Special Servicer at the offices of the Master
Servicer or the Special Servicer, as applicable, upon reasonable notice and at times


 






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reasonably acceptable to the Master Servicer
or the Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.


 


Article VII



SERVICER TERMINATION


 


Section 7.01         
Servicer Termination Events. (a) “Master Servicer Termination Event,” wherever used herein, means any
one of the following events:


 


(i)           
any failure by the Master Servicer (A) to make a required deposit to the Collection Account or the related Serviced
Whole Loan Collection Account for any Serviced Whole Loan on the day and by the time such deposit was first required to be made
under the terms of this Agreement, which failure is not remedied within two Business Days, (B) to deposit into, or remit to
the Certificate Administrator for deposit into, any Distribution Account any amount required to be so deposited or remitted (including,
without limitation, any required P&I Advance, unless the Master Servicer determines such P&I Advance is a Nonrecoverable
Advance), which failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided,
however, that to the extent the Master Servicer does not timely make such remittance to the Certificate Administrator, the
Master Servicer shall pay the Certificate Administrator for the account of the Certificate Administrator interest on any amount
not timely remitted at the Reimbursement Rate from and including the applicable required remittance date to, but not including,
the date such remittance is actually made), or (C) to remit to any holder of a Serviced Companion Loan, as and when required
by this Agreement or the related Intercreditor Agreement, any amount required to be so remitted (which failure continues for two
Business Days);


 


(ii)           
any failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect
to any year that a report on Form 10-K is required to be filed, five (5) Business Days in the case of the Master Servicer’s
obligations contemplated by Article X (except as otherwise provided under clause (x) of this definition of “Master
Servicer Termination Event”), or (B) 15 days in the case of the Master Servicer’s failure to make a Servicing Advance
or 45 days in the case of failure to pay the premium for any insurance policy required to be force placed by the Master Servicer
pursuant to this Agreement or in any event such reasonable shorter period of time as is necessary to avoid the commencement of
foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments or a lapse in any required insurance coverage)
after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Master
Servicer, by (a) any other party hereto, with a copy to each other party to this Agreement, (b) the Holders of Certificates
of any Class evidencing Percentage Interests aggregating not less than 25% of such Class or (c) an affected Serviced Companion
Loan Noteholder; provided that, if such failure is capable of being cured and the Master Servicer is diligently pursuing
such cure, such 15-, 30- or 45-day period, as applicable, will be extended an additional 30 days;


 






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(iii)        
any breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a)
of this Agreement, which materially and adversely affects the interests of any Certificateholders, the RR Interest Owner or Serviced
Companion Loan Noteholders and which continues unremedied for a period of 30 days after the date on which notice of such breach,
requiring the same to be remedied, shall have been given (a) to the Master Servicer by any party hereto or (b) to the
Master Servicer, the Special Servicer, the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing
Percentage Interests aggregating not less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided
that, if such breach is capable of being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will
be extended an additional 30 days;


 


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


 


(v)         
the Master Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to the Master Servicer or of or relating to all or substantially all of its property;


 


(vi)         
the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its
creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;


 


(vii)       
either of Moody’s or DBRS Morningstar (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating
Agency) has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more
classes of Serviced Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced
Companion Loan Securities on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification,
downgrade, withdrawal or “watch status” placement shall not have been withdrawn by Moody’s or DBRS Morningstar
(or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) within sixty (60) days of such event)
and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer as
the sole or a material factor in such rating action;


 


(viii)       
the Master Servicer is no longer rated at least “CMS3” or “CSS3”, respectively, by Fitch and such
Master Servicer is not reinstated to at least that rating within sixty (60) days of the delisting; or


 






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(ix)         
so long as any Other Securitization is subject to the reporting requirements of the Exchange Act, any failure by the Master
Servicer to deliver (a) any Exchange Act reporting items required to be delivered by the Master Servicer to the Trustee or
the Certificate Administrator under Article X by the time required under Article X or (b) any Exchange
Act reporting items that a primary servicer, sub-servicer or Servicing Function Participant (such entity, the “Sub-Servicing
Entity”) retained by the Master Servicer (but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver
(any Sub-Servicing Entity shall be terminated if it defaults in accordance with the provision of this clause (x));


 


then, and in each and every such case,
so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of (x) the
Holders of at least 25% of the aggregate Voting Rights of all Certificates or (y) the Depositor with respect to clause (ii)
above (to the extent such Master Servicer Termination Event relates to the obligations regarding Exchange Act reporting contemplated
by Article X) or clause (viii) above upon five (5) Business Days’ notice, shall, terminate all of the rights
and obligations of the Master Servicer (other than as set forth in Section 7.01(d)). In the case of clause (vii),
the Certificate Administrator shall be required to notify Certificateholders and Serviced Companion Loan Noteholders of such Master
Servicer Termination Event and request whether such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
favor such termination.


 


If the Master Servicer
is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01(a), then the Master
Servicer shall also be terminated as Special Servicer.


 


If the Master Servicer
receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event under Section 7.01(a)(vii)
or (viii) and if the Master Servicer provides the Trustee with the appropriate “request for proposal” materials
within five (5) Business Days following such termination notice, then the Master Servicer shall continue to serve as Master Servicer
hereunder until a successor Master Servicer is selected in accordance with this Section 7.01(a). Upon receipt of the
“request for proposal” materials, the Trustee shall promptly thereafter (using such “request for proposal”
materials provided by the Master Servicer) solicit good faith bids for the rights to service the Mortgage Loans and Serviced Companion
Loans under this Agreement from at least three (3) Persons qualified to act as Master Servicer hereunder in accordance with Section 6.02
and 7.02 of this Agreement (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified
Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that,
at the Trustee’s request, the Master Servicer shall supply the Trustee with the names of Persons from whom to solicit such
bids; and provided, further, that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders
submit bids for the right to service the Mortgage Loans and Serviced Companion Loans under this Agreement. The bid proposal shall
require any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement as successor Master
Servicer, and to agree to be bound by the terms hereof, within 45 days after the notice of termination of the Master Servicer.
The materials provided to the Trustee shall provide for soliciting bids: (i) on the basis of such successor Master Servicer
retaining all Sub-Servicers to continue the primary servicing of the Mortgage Loans and Serviced Companion Loans


 






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pursuant to the
terms of the respective Sub-Servicing Agreements and entering into a Sub-Servicing Agreement with the terminated Master Servicer
to service each of the Mortgage Loans and Serviced Companion Loans for which it was the Master Servicer and not subject to a Sub-Servicing
Agreement with a cashiering Sub-Servicer at a sub-servicing fee rate per annum equal to, for each Mortgage Loan and Serviced
Companion Loan serviced, the Primary Servicing Fee Rate (each, a “Servicing Retained Bid”); and (ii) on
the basis of terminating each Sub-Servicing Agreement and Sub-Servicer that it is permitted to terminate in accordance with Section 3.01(c)
of this Agreement (each, a “Servicing Released Bid”). The Trustee shall select the Qualified Bidder with the
highest cash Servicing Retained Bid (or, if none, the highest cash Servicing Released Bid from any Person qualified to act as a
Master Servicer) (the “Successful Bidder”) to act as successor Master Servicer hereunder; provided that
if the Trustee does not receive a Rating Agency Confirmation in accordance with the procedures set forth in Section 3.30
of this Agreement with respect to such Successful Bidder, then the Trustee shall repeat the bid process described above (but subject
to the above described 45 day time period) until such Rating Agency Confirmation is obtained. The Trustee shall direct the Successful
Bidder to enter into this Agreement as successor Master Servicer pursuant to the terms hereof no later than 45 days after notice
of the termination of the Master Servicer; provided that the initial Master Servicer may request and obtain, with the prior
written consent of the Directing Holder, an additional 20 days for such sale and assumption to be completed so long as the
initial Master Servicer delivers to the Trustee an Officer's Certificate stating that the sale and assumption of the right to service
the Mortgage Loans and Serviced Companion Loans cannot be completed in the initial 45-day period and specifying the reasons therefor.


 


Upon the assignment and
acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by
the Successful Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained
Bid, to the Master Servicer to be terminated pursuant to this Section 7.01(a), 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) and (ii) if the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer
its respective Bid Allocation.


 


The Master Servicer to
be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred in connection
with the attempt to sell its rights to service the Mortgage Loans and Serviced Companion Loans, which expenses are not reimbursed
to the party that incurred such expenses pursuant to the preceding paragraph.


 


If the Successful Bidder
has not entered into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder
was identified within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a)
of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in
connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The
Trustee thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02
of this Agreement.


 


Notwithstanding anything
to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal
materials referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective
in


 






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connection with a Master Servicer Termination Event under Section 7.01(a)(vii) or (viii) of this Agreement,
and the Master Servicer shall continue to perform as such and to collect the servicing fee until the conclusion of the process
described in this clause (a).


 


(b)          
“Special Servicer Termination Event,” wherever used herein, means any one of the following events:


 


(i)           
any failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and
such failure continues unremedied for one Business Day, or any failure by the Special Servicer to remit to Master Servicer for
deposit into, the Collection Account (or, in the case of a Serviced Whole Loan, the related Serviced Whole Loan Collection Account)
any amount required to be so remitted by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement;
provided that the failure of the Special Servicer to remit such amount to the Master Servicer shall not be a Special Servicer
Termination Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master Servicer
for any loss of income (at the Reimbursement Rate) on such amount suffered by the Master Servicer due to and caused by the late
remittance of the Special Servicer and reimburse the Trust for any resulting Advance Interest Amount due to the Master Servicer;


 


(ii)         
any failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect
to any year that a report on Form 10-K is required to be filed, five (5) Business Days in the case of the Special Servicer’s
obligations contemplated by Article X (except as otherwise provided under clause (x) of this definition of “Special
Servicer Termination Event”), or (B) 15 days in the case of failure to pay the premium for any insurance policy required
to be force placed by the Special Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as
is necessary to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments
or a lapse in any required insurance coverage) after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Special Servicer, by (a) any other party hereto, with a copy to each other party to
this Agreement, (b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less than 25%
of such Class or (c) an affected Serviced Companion Loan Noteholder; provided that, if such failure is capable of being
cured and the Special Servicer is diligently pursuing such cure, such 30- or 45-day period, as applicable, will be extended an
additional 30 days;


 


(iii)         
any breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(b)
of this Agreement, which materially and adversely affects the interests of any Certificateholders, the RR Interest Owner or Serviced
Companion Loan Noteholders and which continues unremedied for a period of 30 days after the date on which notice of such breach,
requiring the same to be remedied, shall have been given (a) to the Special Servicer by any party hereto, or (b) to the
Master Servicer, the Special Servicer, the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing
Percentage Interests aggregating not less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder;
provided that, if such breach is


 






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capable of being cured and the Special Servicer is diligently pursuing such cure, such
30-day period will be extended an additional 30 days;


 


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


 


(v)         
the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to the Special Servicer or of or relating to all or substantially all of its property;


 


(vi)         
the Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its
creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;


 


(vii)        
the Special Servicer is no longer rated at least “CSS3” by Fitch and such Special Servicer is not reinstated
to at least that rating within 60 days of the delisting;


 


(viii)       
either of Moody’s or DBRS Morningstar (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating
Agency) has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more
classes of Serviced Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced
Companion Loan Securities on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification,
downgrade, withdrawal or “watch status” placement shall not have been withdrawn by Moody’s or DBRS Morningstar
(or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) within sixty (60) days of such event)
and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Special Servicer as
the sole or a material factor in such rating action; or


 


(ix)         
any failure by the Special Servicer to deliver (a) any Exchange Act reporting items required to be delivered by the
Special Servicer to the Trustee or the Certificate Administrator under Article X by the time required under Article X
or (b) any Exchange Act reporting items that a Sub-Servicing Entity retained by the Special Servicer (but excluding any Mortgage
Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if it defaults in accordance with
the provision of this clause (viii));


 


then, and in each and every such case,
so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of
(x) the Holders of at least


 






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(A) 25% of the aggregate Pooled Voting Rights of all Certificates (other than with respect to
the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan) and (B)(i) 25% of the Voting
Rights in the case of the Special Servicer with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or
the 825 South Hill Whole Loan, (y)  for so long as no Control Termination Event is continuing, the Directing Holder, or (z)
the Depositor with respect to clause (ii) above (to the extent such Special Servicer Termination Event relates to the obligations
regarding Exchange Act reporting contemplated by Article X) or clause (ix) above upon five (5) Business Days’
notice, shall, terminate all of the rights and obligations of the Special Servicer (other than the rights to indemnification provided
in Section 6.03(a) of this Agreement and compensation provided in Section 3.12(c) of this Agreement). In
the case of clause (vii) and clause (viii) above, the Trustee shall, upon actual knowledge by a Responsible Officer of such
Special Servicer Termination Event, be required to notify the Special Servicer and the Certificate Administrator, and the Certificate
Administrator, upon receipt of such notice or upon actual knowledge by a Responsible Officer of such Special Servicer Termination
Event, shall notify the Certificateholders and Serviced Companion Loan Noteholders of such Special Servicer Termination Event and
request whether such Certificateholders and, if applicable, the Serviced Companion Loan Noteholders favor such termination.


 


(c)          
Notwithstanding Section 7.01(a), (i) if any Master Servicer Termination Event occurs that affects a Serviced
Companion Loan and the Master Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion
Loan Security qualifies, downgrades or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing
concerns with the Master Servicer as the sole or a material factor in such rating action and that rating action is not withdrawn
within 60 days, then the Trustee, at the direction of the Companion Loan Noteholder, shall direct the Master Servicer to appoint
a sub-servicer (or if a sub-servicer is then sub-servicing such Serviced Whole Loan, to appoint a new sub-servicer to service such
Serviced Whole Loan, but only if such existing sub-servicer is in default after any applicable cure periods under the related sub-servicing
agreement, and the Master Servicer shall be permitted to terminate the sub-servicing agreement due to such default) with respect
all of the rights and obligations of the Master Servicer under this Agreement related to such Serviced Whole Loan. The Master Servicer
shall appoint a replacement sub-servicer with respect to such Serviced Whole Loan; provided that such sub-servicer meets
the eligibility requirements of a successor master servicer under Section 7.02 (including receipt of a Rating Agency
Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any) and the eligibility requirements of each
Other Pooling and Servicing Agreement.


 


(d)          
Notwithstanding Section 7.01(b), (i) if any Special Servicer Termination Event occurs that affects a Serviced
Companion Loan and the Special Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion
Loan Security qualifies, downgrades or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing
concerns with the Special Servicer as the sole or a material factor in such rating action and that rating action is not withdrawn
within 60 days, then the Trustee, at the direction of the Companion Loan Noteholder, shall terminate the Special Servicer with
respect to the related Serviced Whole Loan only, but no other Mortgage Loan.


 






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(e)       
If the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the
“Terminated Party”), terminate all of its rights and obligations under this
Agreement and in and to the Mortgage Loans and the proceeds thereof, other than any rights the Terminated Party has to Excess
Servicing Fees, any rights it has hereunder as a Certificateholder and any rights or obligations that accrued prior to the date
of such termination (including the right to receive all amounts accrued or owing to it under this Agreement, plus interest at
the Reimbursement Rate on such amounts until received to the extent such amounts bear interest as provided in this Agreement,
with respect to periods prior to the date of such termination and the right to the benefits of Section 6.03 of this Agreement
notwithstanding any such termination), and with respect to the Special Servicer, the right to receive any Workout Fee subsequent
to its termination as Special Servicer, pursuant to Section 3.12(c) of this Agreement. No successor Special Servicer shall
be entitled to such Workout Fee received by the terminated Special Servicer. On or after the receipt by the Terminated Party of
such written notice, all of its authority and power under this Agreement, whether with respect to the Certificates (except that
the Terminated Party shall retain its rights as a Certificateholder if and to the extent that it is a Certificateholder), the
Mortgage Loans, the Serviced Companion Loans or otherwise, shall pass to and be vested in the Terminating Party pursuant to and
under this Section 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 Mortgage Loans and related documents, or otherwise. The
Master Servicer and the Special Servicer each agree in the event it is terminated pursuant to this Section 7.01 to promptly
(and in any event no later than ten Business Days subsequent to such notice) provide, at its own expense, the Terminating Party
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 Master Servicer or Special
Servicer 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 Master Servicer or the Special Servicer to the Collection Account, the applicable Serviced Whole Loan
Collection Account, any REO Account, the Loss of Value Reserve Fund, any Gain-on-Sale Reserve Account, Lock-Box Account or Cash
Collateral Account or which shall thereafter be received with respect to the Mortgage Loans, and shall promptly provide the Terminating
Party or such successor Master Servicer or successor Special Servicer (which may include the Trustee) 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
Master Servicer or Special Servicer shall reasonably request (including electronic form), to enable it to assume the Master Servicer’s
or Special Servicer’s function hereunder. All reasonable costs and expenses of the Terminating Party (including the cost
of obtaining a Rating Agency Confirmation and any applicable indemnity) or the successor Master Servicer or successor Special
Servicer incurred in connection with transferring the Mortgage Files to the successor Master Servicer or Special Servicer and
amending this Agreement to reflect such succession as successor Master Servicer or successor Special Servicer pursuant to this
Section 7.01 shall be paid by the predecessor Master Servicer or the Special Servicer, as applicable, upon presentation




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of
reasonable documentation of such costs and expenses. If the predecessor Master Servicer or Special Servicer (as the case may be)
has not reimbursed the Terminating Party or the successor Master Servicer or Special Servicer for such expenses within 90 days
after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust Fund; provided
that the Terminated Party shall not thereby be relieved of its liability for such expenses. If and to the extent that
the Terminated Party has not reimbursed such costs and expenses, the Terminating Party shall have an affirmative obligation to
take all reasonable actions to collect such expenses on behalf of the Trust Fund. 


In
no event shall the Trustee or the Certificate Administrator be deemed to have knowledge of, or be aware of, any Master Servicer
Termination Event or Special Servicer Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator,
as the case may be, has received written notice thereof or has actual knowledge thereof.


No
removal or replacement of the Master Servicer or the Special Servicer as contemplated by this Agreement shall become effective
until (i) the Trustee or a successor Master Servicer or Special Servicer shall have assumed the resigning or terminated Master
Servicer’s or Special Servicer’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate
Administrator shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under
Section 10.03 or Section 10.09 has been delivered
to any applicable Other Depositor with respect to any related Companion Loan, and (iv) as to any resignation, removal, succession,
merger or consolidation of the Master Servicer or the Special Servicer that would constitute a Reportable Event, upon at least
4 Business Days prior notice of the anticipated effective date of such event, the Certificate Administrator and the Depositor
shall cooperate in a timely manner with the Master Servicer, the Special Servicer or any other Person pursuing such resignation,
removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s or the Certificate Administrator’s
obligation to file any related required Form 8-K relating to this Trust on the anticipated effective date of such event.


Section
7.02     Trustee to Act;
Appointment of Successor. Upon the receipt of a notice of termination by the Master Servicer or the Special Servicer pursuant
to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a) and Section 7.01(c))
shall be its successor, until a successor is appointed by the Directing Holder as provided in this Section 7.02 or Section
3.22(b), as applicable, in all respects in its capacity as the Master Servicer or the Special Servicer under this Agreement
and the transactions set forth or provided for herein and, except as provided herein, shall be subject to all the responsibilities,
duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the Master Servicer or Special
Servicer by the terms and provisions hereof, provided that (i) the Terminating Party shall have no responsibilities, duties,
liabilities or obligations with respect to any act or omission of the Master Servicer or Special Servicer and (ii) any failure
to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide,
or delay in providing, records, tapes, disks, information or monies shall not be considered a termination event for such successor
hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall be indemnified to the full extent provided
to the Master Servicer or Special Servicer, as applicable, under this Agreement prior to the Master Servicer’s or the Special
Servicer’s termination. The appointment of a successor Master Servicer or successor Special Servicer shall not affect any
liability of the predecessor Master Servicer or


 

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Special
Servicer which may have arisen prior to its termination as the Master Servicer or the Special Servicer. The Terminating Party
shall not be liable for any of the representations and warranties of the Master Servicer or Special Servicer herein or in any
related document or agreement, for any acts or omissions of the predecessor Master Servicer or predecessor Special Servicer or
for any losses incurred in respect of any Permitted Investment by the Master Servicer pursuant to Section 3.07 hereunder
nor shall the Trustee be required to purchase any Mortgage Loan or any Serviced Companion Loan hereunder. As compensation therefor,
the Terminating Party as successor Master Servicer or successor Special Servicer shall be entitled to the Servicing Compensation
or Special Servicing Compensation, as applicable, and all funds relating to the Mortgage Loans or the Serviced Companion Loans
that accrue after the date of the Terminating Party’s succession to which such predecessor Master Servicer or Special Servicer
would have been entitled if such predecessor Master Servicer or Special Servicer, as applicable, had continued to act hereunder.
If any Advances made by the Master Servicer or the Trustee shall at any time be outstanding, or any amounts of interest thereon
shall be accrued and unpaid, all amounts available to repay Advances and interest hereunder shall be applied entirely to the Advances
made by the Trustee (and the accrued and unpaid interest thereon), until such Advances and interest shall have been repaid in
full. Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall if it is unable to so act or if
the Holders of Certificates entitled to (i) in the case of the Master Servicer, at least 25% of the aggregate Voting Rights, (ii)
in the case of the Special Servicer, at least 25% of the aggregate Pooled Voting Rights (other than with respect to the BX Industrial
Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan) or (iii) 25% of the aggregate Voting Rights
in the case of the Special Servicer with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825
South Hill Whole Loan so request in writing to the Trustee, or the Directing Holder (so long as no Control Termination Event is
continuing) so requests in writing to the Trustee, or, with respect to a Serviced Whole Loan, if an affected Serviced Companion
Loan Noteholder so requests in writing to the Trustee, or if the Trustee is not an “approved” servicer by any of
the Rating Agencies for mortgage pools similar to the Trust Fund, promptly appoint, or petition a court of competent jurisdiction
to appoint, any established mortgage loan servicing institution that, for so long as no Control Termination Event is continuing,
has been approved by the Directing Holder (which approval shall not be unreasonably withheld in the case of the appointment of
a successor Master Servicer) to act as the successor to the Master Servicer or Special Servicer, as applicable, hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder;
provided that the Trustee shall obtain a Rating Agency Confirmation with respect to the
Certificates and any Serviced Companion Loan Securities. No appointment of a successor to the Master Servicer or Special Servicer
hereunder shall be effective until the assumption by such successor of all the Master Servicer’s or Special Servicer’s
responsibilities, duties and liabilities hereunder, which appointment has been approved, if no Control Termination Event is continuing,
by the Directing Holder, such approval not to be unreasonably withheld. Pending appointment of a successor to the Master Servicer
(or the Special Servicer if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited
by law from so acting, the Trustee shall act in such capacity as hereinabove provided. Pending the appointment of a successor
to the Special Servicer, the Trustee shall act in such capacity. In connection with such appointment and assumption described
herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans, Serviced
Companion Loans or otherwise as it and such successor shall agree; provided that no such compensation




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shall
be in excess of that permitted to the Terminated Party hereunder, unless no successor to the Terminated Party can be obtained
to perform the obligations of such Terminated Party hereunder, in which case additional amounts shall be paid to such successor
and such amounts in excess of that permitted the Terminated Party shall be treated as Realized Losses and VRR Realized Losses.
Any successor Special Servicer shall be subject to the rights of the Directing Holder under Section 3.22(b) of this Agreement.
The Depositor, the Trustee, the Master Servicer or Special Servicer and such successor shall take such action, consistent with
this Agreement, as shall be necessary to effectuate any such succession.


If
the Trustee or an Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer,
it may reduce the Master Servicer’s Excess Servicing Fee Rate to the extent that it’s or such Affiliate’s
compensation as successor Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects
to appoint a successor to the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section
7.02, it may reduce the Master Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole
discretion of the Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of this
Section 7.02.


Section
7.03     Notification to Certificateholders and Other Persons. (a) Upon its receipt of written
notice of any termination pursuant to Section 7.01 above or appointment of a successor to the Master Servicer or the Special
Servicer, the Certificate Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses
appearing in the Certificate Register, the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement) and to each Serviced Companion Loan Noteholder
at its address appearing in the Serviced Companion Loan Noteholder Register.


(b)       
Within 30 days after the occurrence of any Servicer Termination Event (or any analogous servicer termination event under any Other
Pooling and Servicing Agreement relating to any Non-Serviced Whole Loan) of which a Responsible Officer of the Trustee has actual
knowledge, the Trustee shall transmit by mail to the Depositor, the Certificate Administrator (who shall then notify all Holders
of Certificates), the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement), and each Serviced Companion Loan Noteholder, notice of such Servicer
Termination Event, unless such Servicer Termination Event shall have been cured or waived.


Section
7.04     Other Remedies of Trustee. During the continuance of any Servicer Termination Event,
so long as the Servicer Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in Section
7.01 of this Agreement, 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, in the case of any Serviced Companion Loan, of the related Serviced Companion Loan
Noteholders (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 Fund (and, in the case of any Serviced Whole Loan, such
amounts shall be allocated in 


 

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accordance
with the expense allocation provision of the related Intercreditor 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.


Section
7.05     Waiver of Past Servicer Termination Events; Termination. The Holders of Certificates
evidencing not less than (a) 66-2/3% of the aggregate Voting Rights of the Certificates in the case of the Master Servicer, (b)
66-2/3% of the aggregate Pooled Voting Rights in the case of the Special Servicer (other than with respect to the BX Industrial
Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan) and (c) 66-2/3% of the aggregate Voting Rights
in the case of the Special Servicer with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825
South Hill Whole Loan may, together with each affected Serviced Companion Loan Noteholder (to the extent they are adversely affected
by such Servicer Termination Event), on behalf of all Holders of Certificates waive any termination event with respect to the
Master Servicer, the Special Servicer in the performance of its obligations hereunder and its consequences, except a termination
event with respect to making any required deposits (including, with respect to the Master Servicer, P&I Advances) to or payments
from the Collection Account, any Serviced Whole Loan Collection Account or the Lower-Tier Distribution Account, or in remitting
payments as received, in each case in accordance with this Agreement. Upon any such waiver of a past termination event, such termination
event shall cease to exist, and any 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 termination event or impair any right consequent
thereon. 


Section
7.06     Trustee as Maker of Advances. If the Master Servicer fails to fulfill its obligations
hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five Business
Days of the Master Servicer Termination Event resulting from such failure by the Master Servicer with respect to Servicing Advances
to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances
and (y) by 12:00 noon (New York City time) on the related Distribution Date with respect to P&I Advances pursuant to the Trustee’s
receipt of notice of failure pursuant to Section 4.07(a) of this Agreement unless the Trustee has received notice that
such failure has been cured by 11:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the
Trustee shall succeed to all of the Master Servicer’s rights with respect to Advances hereunder, including, without limitation,
the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to determine
that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such rights of reimbursement caused
by the Master Servicer’s failure to perform its obligations hereunder); provided that if Advances made by the Trustee
and the Master Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts
available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the
Trustee, until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement
of the Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any


 

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notice
given with respect to a Nonrecoverable Advance or any determination of nonrecoverability in connection therewith by the Master
Servicer hereunder. 


Article
VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR


Section
8.01     Duties of Trustee
and Certificate Administrator.
(a) Each of the Trustee and the Certificate Administrator undertakes to perform such duties and only such duties as are specifically
set forth in this Agreement and no permissive right of the Trustee shall be construed as a duty. During the continuance of a Servicer
Termination Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee, subject to the provisions of
Section 7.02 and 7.05 of this Agreement shall exercise such of the rights and powers vested in it by this Agreement,
and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs.


(b)       
The Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are specifically
required to be furnished to the Trustee or the Certificate Administrator pursuant to any provision of this Agreement (other than
the Mortgage Files, the review of which is specifically governed in Article II, any CREFC®
reports, and any information delivered for posting to the Certificate Administrator’s Website), shall examine them
to determine whether they conform on their face to the requirements of this Agreement; provided that, the Trustee or the
Certificate Administrator, as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate,
statement, opinion, report, document, order or other instrument provided to it hereunder. If any such instrument is found not
to conform on its face to the requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator,
as applicable, shall request the provider of such instrument to have the instrument corrected, and if the instrument is not corrected
to such Trustee’s or such Certificate Administrator’s reasonable satisfaction, such Trustee or such Certificate
Administrator will provide notice thereof to the Certificateholders.


(c)       
None of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control”
persons within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided
that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve
the Trustee, the Certificate Administrator or any such person, from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct or its own bad faith; and provided, further,
that:


(i)    
The Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express
provisions of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance
of such duties and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or
obligations shall be read into this Agreement against the Trustee or 


 

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the
Certificate Administrator and, in the absence of bad faith on the part of the Trustee or the Certificate Administrator, as the
case may be, 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 resolutions, certificates, statements, reports, opinions, documents, orders or other
instruments furnished to the Trustee or the Certificate Administrator, as the case may be, that conform on their face to the requirements
of this Agreement to the extent set forth herein without responsibility for investigating the contents thereof;


(ii)   
Reserved;


(iii)  
Neither the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or
omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 25%
of the Percentage Interests (or such other higher or lower percentage as is specified herein) of each affected Class, or of the
aggregate Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon
the Trustee or the Certificate Administrator, as the case may be, under this Agreement;


(iv)  
Neither the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control persons
shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate
of the Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor or any other Person, including, without limitation, in connection with actions taken pursuant
to this Agreement;


(v)   
Neither the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement
(and, if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and, in the case
of any Whole Loan, any such costs and expenses shall be allocated in accordance with the allocation provisions of the related
Intercreditor Agreement)), and the Trustee or the Certificate Administrator, as applicable, shall be entitled, as provided in
Section 3.06 hereof, to be reimbursed therefor from amounts on deposit in the Collection Account (and with respect to any
Serviced Whole Loan, the related Serviced Whole Loan Collection Account) or the Distribution Account and identified on the Trust
Ledger, unless such legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable,
or any breach of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained herein; and


(vi)  
Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of
any Person upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless
a


 

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Responsible
Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such act, failure or breach. Neither
the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s or the
Special Servicer’s failure to provide scheduled reports, certificates and statements when and as required to be delivered
to the Trustee or Certificate Administrator, as applicable, pursuant to this Agreement.


None
of the provisions contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate
Administrator, in its capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the
Trustee or the Certificate Administrator, as the case may be, the repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require
the Trustee or the Certificate Administrator, as the case may be, to perform, or be responsible for the manner of performance
of, any of the obligations of the Master Servicer or the Special Servicer under this Agreement, except, in the case of the Trustee,
during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges
of, the Master Servicer or the Special Servicer in accordance with the terms of this Agreement. Neither the Trustee nor the Certificate
Administrator shall be required to post any surety or bond of any kind in connection with its performance of its obligations under
this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss on any investment of funds
pursuant to this Agreement. Notwithstanding any other provision hereof, when acting as the Master Servicer hereunder, the Trustee
shall comply with the Servicing Standard.


Section
8.02     Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except as
otherwise provided in Section 8.01 of this Agreement:


(i)    
The Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, direction of the Depositor, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties and neither the Trustee
nor the Certificate Administrator shall have any responsibility to ascertain or confirm the genuineness of any such party or parties;


(ii)   
Each of the Trustee and the Certificate Administrator may consult with counsel and the written 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 the written advice of such counsel or such Opinion of Counsel;


(iii)  
(A) 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 make any investigation of matters arising hereunder or institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the Certificateholders or the RR Interest Owner,
pursuant to the provisions of this Agreement,


 

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unless
such Certificateholders or the RR Interest Owner, as applicable, shall have offered to the Trustee or the Certificate Administrator,
as the case may be, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case
may be, against the costs, expenses and liabilities which may be incurred therein or thereby, provided
that nothing contained herein shall relieve the Trustee of the obligations, upon the occurrence of a Servicer Termination
Event (which has not been cured or waived) of which a Responsible Officer of the Trustee has actual knowledge, to exercise such
of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; and (B) the right
of the Trustee and the Certificate Administrator to perform any discretionary act enumerated in this Agreement shall not be construed
as a duty, and the Trustee or the Certificate Administrator, as the case may be, shall not be answerable for other than its own
negligence or willful misconduct or bad faith in the performance of any such act;


(iv)  
None of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or “control”
persons within the meaning of the Act shall be personally liable (A) for an error of judgment made in good faith by a Responsible
Officer of the Trustee or the Certificate Administrator, as the case may be, unless it shall be proved that the Trustee or the
Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts or (B) for any action taken,
suffered or omitted by it in good faith and reasonably believed by the Trustee or the Certificate Administrator, as the case may
be, to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;


(v)   
Neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other
paper or document, unless requested in writing to do so by Holders of Certificates entitled to greater than 25% (or such other
percentage as is specified herein) of the Percentage Interests of each affected Class; provided that if the payment within
a reasonable time to the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities likely
to be incurred by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, as
the case may be, not reasonably assured to the Trustee or the Certificate Administrator, as the case may be, by the security afforded
to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as the case may be, may require indemnity
reasonably satisfactory to it from such requesting Holders against such cost, expense or liability as a condition to taking any
such action. The reasonable expense of every such investigation shall be paid by the Master Servicer or the Special Servicer,
as applicable, if a Servicer Termination Event shall have occurred and be continuing relating to the Master Servicer or the Special
Servicer, respectively, and otherwise by the Certificateholders requesting the investigation;


(vi)  
The Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the Certificate
Administrator may perform any duties hereunder either directly or by or through agents, affiliates, nominees, custodians or attorneys
but shall not be relieved of the obligations hereunder; provided that the Trustee or 

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the
Certificate Administrator, as the case may be, may not perform any duties hereunder through any Person that is a Prohibited Party;


(vii) 
Other than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee or
the Certificate Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any
kind whatsoever (including, but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable,
has been advised of the likelihood of such loss or damage and regardless of the form of action;


(viii)
In no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct;


(ix)  
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; 


(x)   
Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law; and


(xi)  
Nothing herein shall be construed as an obligation of the parties to this Agreement to advise the Certificateholders with respect
to their rights and protections relative to the Trust.


(b)       
Following the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any provision
of this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator shall
have received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution)
to the effect that the inclusion of such assets in the Trust Fund will not cause an Adverse REMIC Event.


(c)       
All rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate Administrator,
may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding
relating thereto, and any such suit, action or proceeding instituted by the Trustee and the




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Certificate
Administrator shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions
of this Agreement.


(d)       
Neither the Trustee nor the Certificate Administrator shall have a duty to conduct any affirmative investigation as to the occurrence
of any condition requiring the repurchase of any Mortgage Loan by any Mortgage Loan Seller pursuant to this Agreement or the eligibility
of any Mortgage Loan for purposes of this Agreement.


(e)       
Each of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and
indemnities afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves
hereunder (including, without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).


(f)        
In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable
Law”), the Certificate Administrator and the Trustee, as the case may be, are required to obtain, verify and
record certain information relating to individuals and entities that maintain a business relationship with the Certificate Administrator
or the Trustee. Accordingly, each of the parties hereto agrees to provide to the Certificate Administrator and the Trustee, 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 Certificate Administrator and the Trustee to comply with Applicable Law.


Section
8.03     Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans. The
recitals contained herein and in the Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator,
the Master Servicer, or the Special Servicer and the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the Master Servicer and the
Special Servicer make no representations or warranties as to the validity or sufficiency of this Agreement, of the Certificates
or any offering document used to offer the Certificates for sale or the validity, enforceability or sufficiency of any Mortgage
Loan, or related document. Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility or
liability for or with respect to the legality, validity and enforceability of any Mortgage, any Mortgage Loan, or the perfection
and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency
of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement. Without
limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible for: (i) the existence,
condition and ownership of any Mortgaged Property; (ii) the existence of any hazard or other insurance thereon (other than if
the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section
7.02 of this
Agreement) or the enforceability thereof; (iii) the existence of any Mortgage Loan or the contents of the related Mortgage File
on any computer or other record thereof (other than if the Trustee shall assume the duties of the Master Servicer or the Special
Servicer pursuant to Section 7.02 of this Agreement); (iv) the validity of the assignment
of any Mortgage Loan to the Trust Fund or of any intervening assignment; (v) the completeness of any Mortgage File; the performance
or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer
pursuant to Section 7.02 of




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this
Agreement); (vi) the compliance by the Depositor, the Master Servicer or 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 prior to the Trustee’s
receipt of written notice or other discovery of any non-compliance therewith or any breach thereof; (vii) any investment of monies
by or at the direction of the Master Servicer or any loss resulting therefrom, the acts or omissions of any of the Depositor,
the Certificate Administrator, the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties
of the Certificate Administrator, the Master Servicer or Special Servicer pursuant to Section 7.02
of this Agreement) or any sub-servicer or any Borrower; any action of the Master Servicer or Special Servicer (other
than if the Trustee shall assume the duties of the Master Servicer or Special Servicer pursuant to Section
7.02 of this Agreement) or any sub-servicer taken in the name of the Trustee, except to the extent such action is taken
at the express written direction of the Trustee; (viii) the failure of the Master Servicer or the Special Servicer or any sub-servicer
to act or perform any duties required of them on behalf of the Trust Fund or the Trustee hereunder; or (ix) any action by or omission
of the Trustee or the Certificate Administrator taken at the instruction of the Master Servicer or the Special Servicer (other
than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section
7.02 of this Agreement) unless the taking of such action is not permitted by the express terms of this Agreement; provided
that the foregoing shall not relieve the Trustee or the Certificate Administrator of their respective obligations to perform
their duties as specifically set forth in this Agreement. The Trustee or the Certificate Administrator shall not be accountable
for the use or application by the Depositor, the Certificate Administrator (in the case of the Trustee only), the Trustee (in
the case of the Certificate Administrator only), the Master Servicer or the Special Servicer of any of the Certificates or of
the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor, the Certificate Administrator
(in the case of the Trustee only), the Trustee (in the case of the Certificate Administrator only), the Master Servicer or the
Special Servicer in respect of the assignment of the Mortgage Loans or Trust Subordinate Companion Loan or deposited in or withdrawn
from the Collection Accounts, any Serviced Whole Loan Collection Account, the Lower-Tier Distribution Account, the Trust Subordinate
Companion Loan REMIC Distribution Accounts, the Upper-Tier Distribution Account, the Lock-Box Account, the Cash Collateral Account,
the Reserve Accounts, the Interest Reserve Account, any REO Account or any Gain-on-Sale Reserve Account or any other account maintained
by or on behalf of the Certificate Administrator, the Master Servicer or the Special Servicer, other than any funds held by the
Trustee or the Certificate Administrator. Neither the Trustee nor the Certificate Administrator shall have any responsibility
for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection
of any security interest or lien granted to it hereunder (unless the Trustee shall have become the successor Master Servicer)
or to record this Agreement. In making any calculation hereunder which includes as a component thereof the payment or distribution
of interest for a stated period at a stated rate “to the extent permitted by applicable law,” the Trustee or the
Certificate Administrator, as the case may be, shall assume that such payment is so permitted unless a Responsible Officer of
the Trustee or the Certificate Administrator, as the case may be, has actual knowledge, or receives an Opinion of Counsel (at
the expense of the Person asserting the impermissibility) to the effect, that such payment is not permitted by applicable law.
The Depositor is not obligated to monitor or supervise the performance of the Trustee or the Certificate Administrator under this
Agreement or otherwise.


 

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Section
8.04     Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate
Administrator and any agent of the Trustee or the Certificate Administrator in its individual capacity or any other capacity may
become the owner or pledgee of Certificates, and may deal with the Depositor, the Certificate Administrator, the Trustee, the
Master Servicer, the Special Servicer and the Initial Purchasers in banking transactions, with the same rights it would have if
it were not Trustee, Certificate Administrator or such agent, as the case may be.


Section
8.05     Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification. (a)
On each Distribution Date, prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall
be entitled to withdraw and pay the Trustee and itself its respective portion of the Certificate Administrator/Trustee Fee, as
reasonable compensation from amounts remitted to the Lower-Tier Distribution Account (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust), for all services rendered in the execution of the trusts
hereby created and in the exercise and performance of any of the powers and duties of the Trustee and the Certificate Administrator
at the Certificate Administrator/Trustee Fee Rate. The Trustee’s fee shall be paid as a portion of the Certificate Administrator/Trustee
Fee.


(b)       
If the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant to or
otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled
to the compensation to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled (other
than the rights of the Special Servicer to receive any Workout Fee specified in Section 3.12(c) of this Agreement if the
Special Servicer is terminated).


(c)       
The Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for
all reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be
entitled to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein
and to the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury
Regulations Section 1.860G-1(b)(iii) except any such expense, disbursement or advance as may arise from its negligence, willful
misconduct or bad faith; provided that, subject to the last paragraph of Section 8.01 and Section 8.02(a)(iii)
of this Agreement, the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their respective
duties hereunder solely as a result of the failure to be paid their respective portion of the Certificate Administrator/Trustee
Fee, or the Trustee’s, Custodian’s or Certificate Administrator’s previously-incurred expenses, as applicable.
The term “unanticipated expenses incurred by the REMIC” shall include any fees, expenses and disbursement of any
separate Trustee or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably
anticipated as of the Closing Date and are attributable to the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs or
the Upper-Tier REMIC and the losses, liabilities, damages, claims, disputes or expenses (including reasonable attorneys’
fees) incurred or advanced by an Indemnified Party in connection with any litigation arising out




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of
this Agreement attributable to the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs, the Upper-Tier REMIC or the
Grantor Trust, including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section
3.11, Section 4.05 and Section 7.01 of this Agreement.


The
Master Servicer and the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements
and advances incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer
or the Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master
Servicer or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance
with any of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel
and all other persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence,
willful misconduct or bad faith of the Trustee.


(d)       
Each of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer and the
Special Servicer (each, for purposes of this Section 8.05(d), an “Indemnifying Party”)
shall (severally and not jointly) indemnify the Trustee (both in its capacity as Trustee and individually) and the Certificate
Administrator (in its capacity as Certificate Administrator, Custodian, Paying Agent and individually) and each of their Affiliates
and each of the partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Trustee
and the Certificate Administrator and each of their Affiliates (each, for purposes of this Section 8.05(d), an “Indemnified
Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain
in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by the
Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified
Party and any third party or otherwise) resulting from each such Indemnifying Party’s respective willful misconduct, bad
faith, fraud or negligence in the performance of each of its respective duties hereunder or by reason of negligent disregard of
its respective obligations and duties hereunder (including in the case of the Master Servicer, any agent of the Master Servicer
or sub-servicer).


The
Trust Fund shall indemnify each Indemnified Party and the Custodian from, and hold it harmless against, any and all losses, liabilities,
damages, penalties, fines, forfeitures, judgments, claims or unanticipated expenses (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) arising in respect of this Agreement,
the Mortgage Loans, the Trust Subordinate Companion Loans or the Certificates other than (i) resulting from the willful misconduct,
bad faith, fraud or negligence of the Indemnified Party or the Custodian, as applicable, in the performance of its obligations
and duties under this Agreement, (ii) by reason of its negligent disregard of those obligations or duties, or as may arise from
a breach of any representation or warranty of the Indemnified Party or the Custodian, as applicable, made in this Agreement and
(iii) as to which such Indemnified Party or the Custodian, as applicable, is


 

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entitled
to indemnification pursuant to this Section 8.05(d). The right of reimbursement of the Indemnified Parties under this Section
8.05(d) shall be senior to the rights of all Certificateholders.


For
the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the issuing entity or
a party to this Agreement is required to indemnify another party to this Agreement for costs, fees and expenses, such costs, fees
and expenses are intended to include costs (including, but not limited to, reasonable attorney’s fees and expenses) of
the enforcement of such indemnity.


(e)       
Notwithstanding anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement
or the resignation, removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding rights
accrued prior to such resignation, removal or termination and (with respect to any acts or omissions during its respective tenures)
the resignation, removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator,
the Certificate Registrar or the Custodian.


(f)        
This Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses,
disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental
matter.


(g)       
Each of the Certificate Administrator, the Custodian, the Paying Agent and the Trustee (in each case with respect to itself only,
for purposes of this Section 8.05(g), an “Indemnifying Party”) shall
(severally and not jointly) indemnify the Trust Fund, the Depositor, the Master Servicer, the Special Servicer and each other,
and each of their respective Affiliates and each of the partners, shareholders, members, managers, directors, officers, employees,
representatives and agents of the Master Servicer and the Special Servicer and their respective Affiliates (each, for purposes
of this Section 8.05(g), an “Indemnified Party”), and hold each of
them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including,
without limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding
between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) resulting
from the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance of its duties
hereunder or by reason of negligent disregard of its obligations and duties hereunder.


(h)       
The Certificate Administrator (for purposes of this Section 8.05(h), the “Indemnifying
Party”) shall, solely in its capacity as the 17g-5 Information Provider, indemnify each Mortgage Loan Seller
and J.P. Morgan Securities LLC (each, for purposes of this Section 8.05(h), an “Indemnified
Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain
in connection with this Agreement (including, without limitation reasonable fees and disbursements of counsel incurred by the
Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified
Party and any third




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party
or otherwise) related to (i) the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in
the performance of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder or (ii) a
determination by any Rating Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof
pursuant to Exchange Act Rule 17g-5(a)(3), to the extent caused by any such willful misconduct, bad faith, fraud or negligence
in the performance of its duties hereunder or by reason of negligent disregard referred to in clause (i) above by the Indemnifying
Party.


(i)        
Each of the Certificate Administrator, the Custodian, the Paying Agent, the Authenticating Agent, the Certificate Registrar and
the Trustee (in each case with respect to itself only, for purposes of this Section 8.05(i),
an “Indemnifying Party”) shall (severally and not jointly) indemnify the
Trust Fund, the Depositor and the Retaining Sponsor and each other, and each of their respective Affiliates and each of the partners,
shareholders, members, managers, directors, officers, employees, representatives and agents of the Depositor and the Retaining
Sponsor and their respective Affiliates (each, for purposes of this Section 8.05(i),
an “Indemnified Party”), and hold each of them harmless against any and
all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other
costs, fees and expenses (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 the Indemnified Party may sustain as a result of or relating to a violation of the Exchange
Act or Risk Retention Rule if such violation, in whole or in part, arises out of or results from the applicable Indemnifying Party’s
willful misconduct, bad faith, fraud or negligence in the performance of its duties or by reason of negligent disregard of its
obligations and duties, in each case, as set forth under Section 5.01(i) and Section
5.02(c)(iv) of this Agreement.


Section
8.06     Eligibility Requirements for Trustee and Certificate Administrator. The Trustee and Certificate
Administrator hereunder shall at all times:


(i)    
be a corporation, national bank, national banking association or a trust company organized and doing business under the laws of
any state or the United States of America,


(ii)   
be authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement,


(iii)  
have a combined capital and surplus of at least $100,000,000,


(iv)  
be subject to supervision or examination by federal or state authority and, solely in the case of the Trustee, shall not be an
Affiliate of the Master Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the Trustee
has assumed the duties of the Master Servicer or Special Servicer, as the case may be, pursuant to Section
7.02 of this Agreement),


(v)   
not be a Prohibited Party,


(vi)  
be an institution insured by the Federal Deposit Insurance Corporation, and


 

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(vii) 
an institution whose long-term senior unsecured debt is rated at least “A2” by Moody’s, “A” by
Fitch and “A” by DBRS Morningstar; provided that the Trustee will not become ineligible to serve based on
a failure to satisfy such rating requirements as long as (a) it maintains a long-term unsecured debt rating of no less than “A-”
by Fitch and “A(low)” by DBRS Morningstar, (b) its short-term debt obligations have a short-term rating of not less
than “P-2” from Moody’s and “F1” by Fitch and “R-1(low)” by DBRS Morningstar (or
such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency) and (c) the Master Servicer maintains
a rating on its long-term senior unsecured debt of at least “A2” by Moody’s, “A” by Fitch and
“A” by DBRS Morningstar (provided that in the case of DBRS Morningstar,
if any such institution is not rated by DBRS Morningstar, such institution maintains an equivalent (or higher) rating by any two
other NRSROs, or such other rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation).


Notwithstanding
the foregoing, if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (v) and (vi)
above, but does not meet the provisions of clause (iv) above, the Trustee or the Certificate Administrator, as the case may be,
shall be deemed to meet the provisions of such clause (iv) if it appoints a fiscal agent as a back-up liquidity provider, provided
that such fiscal agent meets the provisions of clauses (i) through (vi) above and shall have assumed in writing all
obligations of the Trustee or the Certificate Administrator, as the case may be, to make Advances under this Agreement as and
when required of the Trustee or the Certificate Administrator, as the case may be. If a corporation or association publishes reports
of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then
for purposes of this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If the place of business from which the Trustee administers
the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of any Trust REMIC (other
than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall elect either to (i) resign immediately
in the manner and with the effect specified in Section 8.07 of this Agreement, (ii) pay such tax and continue as Trustee
or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose such a tax. If at any time the Trustee
or the Certificate Administrator shall cease to be eligible in accordance with the provisions of this Section, the Trustee or
the Certificate Administrator, as the case may be, shall resign immediately in the manner and with the effect specified in Section
8.07 of this Agreement.


Section
8.07     Resignation and Removal of Trustee and Certificate Administrator. The Trustee and the
Certificate Administrator may at any time resign and be discharged from the trusts hereby created by giving written notice thereof
to the Trustee, the Depositor, the Certificate Administrator, as applicable, all Certificateholders, the RR Interest Owner, the
Mortgage Loan Sellers, the Master Servicer, the Special Servicer, the Directing Holder and the 17g-5 Information Provider (who
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement). Upon notice of resignation from the Trustee, the Depositor shall use its reasonable best efforts to promptly appoint
a successor trustee, the appointment of which is subject to the requirements contained in Section 8.06 of this Agreement
and shall be, if no Control Termination Event is continuing, reasonably acceptable to the Directing Holder. Upon notice of resignation
from the Certificate


 

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Administrator,
the Trustee shall promptly appoint a successor certificate administrator, the appointment of which is subject to the requirements
contained in Section 8.06 of this Agreement. If no successor trustee or certificate administrator shall have been so appointed
and have accepted appointment within 90 days after the giving of such notice of resignation, the resigning Trustee or Certificate
Administrator, as the case may be, may petition any court of competent jurisdiction for the appointment of a successor, and such
petition shall be an expense of the Trust. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable
out of pocket costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.


If
at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section
8.06 of this Agreement and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or
if at any time the Trustee or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed,
or any public officer shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of
its property or affairs), for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator
(if different than the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer
to timely perform its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied
for a period of five (5) days, or if the Certificate Administrator fails to make distributions required pursuant to Section
4.01 or Section 9.01, then the Depositor may remove the Trustee or the Certificate
Administrator, as the case may be, and the Depositor shall promptly appoint a successor acceptable to the Master Servicer by written
instrument, which shall be delivered to the Trustee or the Certificate Administrator, as the case may be, so removed and to the
successor.


The
Holders of Certificates entitled to at least 50% of the Voting Rights may, with cause (at any time) or without cause (at any time
with 30 days’ prior written notice), remove the Trustee or the Certificate Administrator and appoint a successor by written
instrument or instruments, in eight originals, signed by such Holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to each of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator and the successor trustee or certificate administrator, as applicable.


In
addition, if the Trustee or the Certificate Administrator is terminated without cause, the terminating party shall pay all of
the expenses of the Trustee or the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities
to the successor.


If
the Trustee is terminated or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement
and in and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such
termination or removal (including the right to receive all fees, expenses, indemnities, and other amounts accrued or owing to
it under this Agreement, plus interest at the Reimbursement Rate on all such


 

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amounts
until received to the extent such amounts bear interest as provided in this Agreement, with respect to periods prior to the date
of such termination or removal).


If
the Certificate Administrator is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations
under this Agreement and in and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior
to the date of such termination or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued
or owing to it under this Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation,
termination, or removal shall be effective with respect to each of its other capacities hereunder except its capacity as Custodian
(but including, without limitation, its capacities as Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).


Upon
the resignation, assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee,
(a) the outgoing Trustee, at its own expense without right to reimbursement therefor, shall (A) endorse the original executed
Mortgage Note for each Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed
to the outgoing Trustee), without recourse, representation or warranty, express or implied, to the order of the successor, as
trustee for the registered holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2020-IG3 or in blank, and (B) in the case of the other assignable Loan Documents (to the extent such other Loan Documents were
assigned to the outgoing Trustee), assign and record such Loan Documents to such successor, and such successor shall review the
documents delivered to it or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage
Loan then subject to this Agreement, such endorsement and assignment has been made; (b) if any original executed Mortgage Note
for a Mortgage Loan was not endorsed to the outgoing Trustee, the Custodian shall deliver such Mortgage Note to the successor
trustee and the Custodian shall cooperate with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse,
representation or warranty, express or implied) to the order of the successor trustee, as trustee for the registered holders of
Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 or in blank. If any assignable
Loan Document (other than the Mortgage Note) was not assigned to the outgoing Trustee or if the Trustee is removed pursuant to
Section 8.07 without cause, with respect to the Loan Documents identified in clause (B)
of the preceding sentence, the Custodian shall deliver such Loan Document to the successor trustee and, if appropriate, such Loan
Documents shall be recorded at the expense of the Trust (i) other than during the continuance of a Control Termination Event,
with the consent of the Directing Holder and (ii) during continuance of a Control Termination Event but other than during the
continuance of a Consultation Termination Event, after consultation with the Directing Holder.


Section
8.08     Successor Trustee and Certificate Administrator. (a) Any successor trustee or certificate
administrator shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Certificate Administrator (or
in the case of a successor certificate administrator, to the predecessor Certificate Administrator) and the Trustee, as the case
may be, instruments accepting their appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee
or Certificate Administrator, as applicable, shall become effective and such successor, without any further act, deed or conveyance,
shall become fully


 

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vested
with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named
as Trustee or Certificate Administrator, as applicable, herein; provided that such successor
shall satisfy the requirements contained in Section 8.06 of this Agreement and the Certificate Administrator shall have
filed any required Form 8-K pursuant to Section 10.09. The predecessor Trustee or Certificate Administrator, as applicable,
shall deliver to its successor all Mortgage Files and related documents and statements held by it hereunder, and the Depositor
and the predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such instruments and do such
other things as may reasonably be required for more fully and certainly vesting and confirming in the successor all such rights,
powers, duties and obligations. No successor trustee or certificate administrator, as the case may be, shall accept appointment
as provided in this Section 8.08 unless at the time of such acceptance such successor shall be eligible under the provisions
of Section 8.06 of this Agreement.


Upon
acceptance of appointment by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the
succession of such Trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If
the Depositor fails to mail such notice within 10 days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be so mailed at the expense of the Depositor.


(b)       
Any successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section
8.06 hereof.


Section
8.09     Merger or Consolidation of Trustee or Certificate Administrator. Any Person into which
the Trustee or the Certificate Administrator may be merged or converted or with which it may be consolidated or any Person resulting
from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator, shall
be the successor of the Trustee or the Certificate Administrator, as the case may be, hereunder; provided
that such Person shall be eligible under the provisions of Section 8.06 of this Agreement without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
The Trustee or the Certificate Administrator, as applicable, shall notify the other parties hereto of any such event, and the
Certificate Administrator shall post notice of such merger or consolidation to the Certificate Administrator’s Website
in accordance with Section 3.14(d) of this Agreement and provide notice of such event to the 17g-5 Information Provider
(who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of
this Agreement).


Section
8.10     Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof,
at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property
securing the same may at the time be located, or for enforcement actions, or where a conflict of interest exists, the Depositor
and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act (at the expense of the Trust) as co-Trustee or co-Trustees, jointly with the Trustee, or separate
Trustee or separate Trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such
title to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties,
obligations, rights and trusts as the Depositor and the Trustee may consider


 

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necessary
or desirable. If the Depositor shall not have joined in such appointment within 15 days after the receipt by it of a request so
to do, or in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to
make such appointment. Except as required by applicable law, the appointment of a co-Trustee or separate Trustee shall not relieve
the Trustee of its responsibilities, obligations and liabilities hereunder. No co-Trustee or separate Trustee hereunder shall
be required to meet the terms of eligibility as a successor Trustee under Section 8.06 hereunder and no notice to Holders
of Certificates of the appointment of co-Trustee(s) or separate Trustee(s) shall be required under Section 8.08 hereof.


In
the case of any appointment of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties
and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee
and such separate Trustee or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized
to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder),
the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed
by such separate Trustee or co-Trustee solely at the direction of the Trustee.


No
Trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement.
The Depositor and the Trustee acting jointly may at any time accept the resignation of or remove any separate Trustee or co-Trustee,
or if the separate Trustee or co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of
or remove any separate Trustee or co-Trustee.


Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees
and co-Trustees, as effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall
refer to this Agreement and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee.
Each separate Trustee and co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject
to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of,
affecting the liability of, or affording protection to, the Trustee. In no event shall any such separate Trustee or co-Trustee
be entitled to any provision relating to the conduct of, affecting the liability of or affording protection to such separate Trustee
or co-Trustee that imposes a standard of conduct less stringent than that imposed by the Trustee hereunder, affording greater
protection than that afforded to the Trustee hereunder or providing a greater limit on liability than that provided to the Trustee
hereunder.


Any
separate Trustee or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.
If any separate Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment
of a new or successor Trustee.


 

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Article
IX

TERMINATION


Section
9.01     Termination. (a) The respective obligations and responsibilities of the Master Servicer,
the Special Servicer, the Depositor, the Certificate Administrator and the Trustee created hereby with respect to the Certificates
and the RR Interest (other than the obligations of the Certificate Administrator to make certain payments and to send certain
notices to Certificateholders and the RR Interest Owner as hereinafter set forth) shall terminate upon payment (or provision for
payment) to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or
on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required hereunder to be
so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust Subordinate
Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created
hereby continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


(b)       
The Trust Fund, the Lower-Tier REMIC, the Upper-Tier REMIC or Trust Subordinate Companion Loan REMICs shall be terminated and
the assets of the Trust Fund shall be sold or otherwise disposed of in connection therewith, only pursuant to a “plan of
complete liquidation” within the meaning of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by
the provisions hereof and pursuant to which the applicable Notice of Termination is given, and requiring that the Trust Fund,
the Lower-Tier REMIC, the Upper-Tier REMIC and Trust Subordinate Companion Loan REMICs shall terminate on a Distribution Date
occurring not more than 90 days following the date of adoption of the plan of complete liquidation. Notwithstanding the termination
of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs, the Upper-Tier REMIC or the Trust Fund, the Certificate
Administrator shall be responsible for filing the final Tax Returns for each such Trust REMIC and the Grantor Trust for the period
ending with such termination, and shall retain books and records with respect to such Trust REMICs and the Grantor Trust for the
same period of retention for which it maintains its own tax returns or such other reasonable period. The Trustee shall sign all
Tax Returns and other reports required by this Section.


(c)       
[Reserved].


(d)       
[Reserved].


(e)       
[Reserved].


(f)        
Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates
shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust
Fund shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section
9.01 shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to 


 

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surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of
their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of
the assets which remain held. If within two years after the second notice any Certificates shall not have been surrendered for
cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and
the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator hereunder and the transfer of such amounts to a successor certificate administrator and
(ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue
or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with this Section 9.01. Any amounts remaining in the Excess
Interest Distribution Account representing Excess Interest shall be distributed to the Holders of the Excess Interest Certificates
and the RR Interest Owner.


Article
X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE


Section
10.01   Intent of the Parties; Reasonableness. Except with respect to Section 10.08, Section 10.11,
Section 10.13, Section 10.14, Section 10.15, Section 10.16 and Section
10.17, the parties hereto acknowledge and agree that the purpose of this Article X
is to facilitate compliance by the Depositor (and any Other Depositor of any Other Securitization that includes a Serviced Companion
Loan) with the provisions of Regulation AB and related rules and regulations of the Commission. None of the Depositor, the Certificate
Administrator or the Trustee shall exercise its rights to request delivery of information or other performance under these provisions
other than in reasonable good faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley
Act and, in each case, the rules and regulations of the Commission thereunder. The parties to this Agreement acknowledge that
interpretations of the requirements of Regulation AB may change over time due to interpretive guidance provided by the Commission
or its staff, and agree to comply, subject to Section 10.02, with reasonable requests
made by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced Companion
Loan), the Certificate Administrator or the Trustee in reasonable good faith for delivery of information under these provisions
on the basis of such evolving interpretations of Regulation AB (to the extent such interpretations require compliance and are
not “grandfathered” and do not mandate compliance). In connection with the Benchmark 2020-IG3 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-IG3 and any Other Securitization subject to Regulation AB that includes a Serviced
Companion Loan, subject to the preceding sentence, each of the parties to this Agreement shall cooperate fully with the Depositor,
the Certificate Administrator, the Trustee and any Other Depositor or Other Trustee of any Other Securitization that includes
a Serviced Companion Loan, as applicable, to deliver or make available to the Depositor, the Certificate Administrator, the Trustee
and any such Other Depositor or Other Trustee, as applicable (including any of their assignees or designees), any and all information
in its possession and necessary in the reasonable




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good
faith determination of the Depositor, the Certificate Administrator, the Trustee or such Other Depositor or Other Trustee, as
applicable, to permit the Depositor or such Other Depositor, as applicable, to comply with the provisions of Regulation AB, together
with such disclosure relating to the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, as
applicable, and any Servicing Function Participant, or the Servicing of the Serviced Mortgage Loans and any related Serviced Companion
Loans, reasonably believed by the Depositor, the Certificate Administrator, the Trustee or the related Other Depositor or the
related Other Trustee, as applicable, in good faith to be necessary in order to effect such compliance. Each party to this Agreement
shall have a reasonable period of time to comply with any written request made under this Section 10.01, but in any event,
shall, upon reasonable advance written request, provide information in sufficient time to allow the Depositor, the Certificate
Administrator or the Trustee, as applicable, to satisfy any related filing requirements.


For
purposes of this Article X, to the extent any party has an obligation to exercise commercially
reasonable efforts to cause a third party to perform, such party hereunder shall not be required to bring any legal action against
such third party in connection with such obligation.


Section
10.02   Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan. (a)
Any other provision of this Article X to the contrary notwithstanding, including, without
limitation, any deadlines for delivery set forth in this Article X, in connection with
the requirements contained in this Article X that provide for the delivery of information
and other items to, and the cooperation with, the Other Depositor and Other Trustee of any Other Securitization that includes
a Serviced Companion Loan and is subject to Regulation AB, no party hereunder shall be obligated to provide any such items to
or cooperate with such Other Depositor or Other Trustee until the Other Depositor or Other Trustee of such Other Securitization
has provided each party hereto with not less than 10 Business Days’ (or such shorter period as required for such Other
Depositor or Other Trustee to comply with related filing obligations); provided that such period shall not be less than
3 Business Days’ written notice (which shall only be required to be delivered once) stating that such Other Securitization
is subject to Regulation AB and that the Other Securitization is subject to Exchange Act reporting, and (b) specifying in reasonable
detail the information and other items requested to be delivered (insofar as such information or other items are not expressly
identified herein); provided that if Exchange Act reporting is being requested, such Other Depositor or Other Trustee is
only required to provide a single written notice to such effect. Any reasonable cost and expense of the Master Servicer, Special
Servicer, Trustee and Certificate Administrator in cooperating with such Other Depositor or Other Trustee of such Other Securitization
(above and beyond their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization.
The parties hereto shall have the right to request written confirmation from the Other Depositor or Other Trustee of such Other
Securitization as to whether Regulation AB or the Exchange Act requires the delivery of the items identified in this Article
X to such Other Depositor and Other Trustee of such Other Securitization prior to providing any of the reports or other
information required to be delivered under this Article X in connection therewith and
if any such party makes such a request, then (i) upon such requesting party’s receipt of such written confirmation, such
requesting party shall comply with the deadlines for delivery set forth in this Article X
with respect to such Other Securitization and (ii) until such requesting party’s receipt of such written confirmation,
such party shall not be required to deliver such items. The




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parties
hereunder shall also have the right to require that such Other Depositor provide them with the contact details of such Other Depositor,
Other Trustee and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization.


(b)       
Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior
written request given in accordance with the terms of (a) above, and subject to a right
of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, to review and
approve such disclosure materials, permit a holder of a related Serviced Companion Loan to use such party’s description
contained in the Offering Circular (updated as appropriate by the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as applicable) for inclusion in the disclosure materials relating to any securitization of a Serviced Companion
Loan.


(c)       
The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request
given in accordance with the terms of Section 10.02(a) above, shall each timely provide
(to the extent the reasonable out-of-pocket cost thereof is paid or caused to be paid by the requesting party) to the Other Depositor
and any underwriters with respect to any Other Securitization that includes a Serviced Companion Loan such opinion(s) of counsel,
certifications and/or indemnification agreement(s) with respect to the updated description referred in (b)
with respect to such party, substantially identical to those, if any, delivered by the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, 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 Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, or their respective
legal counsel, as the case may be). Neither the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee
shall be obligated to deliver any such item with respect to the securitization of a Serviced Companion Loan if it did not deliver
a corresponding item with respect to this Trust.


(d)       
Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written
request given in accordance with the terms of (a) above, shall provide (to the extent
the reasonable out-of-pocket cost thereof is paid or caused to be paid by the applicable party set forth below in this (d))
to the Other Depositor and the Other Trustee under the Other Pooling and Servicing Agreement related to any Other Securitization
the following: (i) any information (including, but not limited to, disclosure information) required for such Other Securitization
to comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s)
of counsel, certifications and/or indemnification agreement(s) with respect to such information that are substantially similar
to those delivered by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, 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.


In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization in connection with the closing of this Benchmark
2020-IG3 Mortgage Trust securitization transaction, the reasonable out-of-pocket cost of the information, opinion(s) of counsel,
certifications and indemnification agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as the case may be, pursuant to


 

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this
(d) shall be paid or caused to be paid (pursuant to a payment arrangement reasonably
acceptable to the delivering party and the receiving party and agreed to as a condition precedent to delivery of such items) by
the applicable mortgage loan seller that transferred the related Serviced Companion Loan to the related Other Depositor for inclusion
in such Other Securitization.


In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization as a result of the termination, removal, resignation
or any other replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this
Agreement, the out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided
by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be,
pursuant to this Section 10.02(d) shall be paid or caused to be paid by the same party
or parties required to pay the costs and expenses relating to such termination, removal, resignation or other replacement pursuant
to this Agreement.


Section
10.03   Information to be Provided by the Master Servicer and the Special Servicer. (a)
For so long as any Other Securitization that includes a Serviced Companion Loan is subject to the reporting requirements of the
Exchange Act (in addition to any requirements contained in Section 10.09) in connection with the succession to the Master
Servicer, Special Servicer or any Servicing Function Participant (if such Servicing Function Participant is a servicer as contemplated
by Item 1108(a)(2) of Regulation AB) as servicer or Sub-Servicer under or as contemplated by this Agreement or any related Other
Pooling and Servicing Agreement by any Person (i) into which the Master Servicer, Special Servicer or such Servicing Function
Participant may be merged or consolidated, (ii) which may be appointed as a sub-servicer (other than the appointment of a Mortgage
Loan Seller Sub-Servicer) by a Master Servicer or Special Servicer, or (iii) that is appointed as a successor Master Servicer
or successor Special Servicer pursuant to Section 3.22 or Section 7.02, the Master Servicer, the Special Servicer
or any Servicing Function Participant (with respect to the foregoing clauses (i) and (ii)) or the successor Master Servicer or
the successor Special Servicer (with respect to the foregoing clause (iii)) shall, as a condition to such succession and at the
reasonable expense of the same party or parties required to pay the costs and expenses relating to such succession pursuant to
this Agreement, provide to any Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, at
least 5 Business Days (other than a succession or appointment pursuant to Section 7.01(b) for which notice shall be delivered
as soon as reasonably practicable) prior to the effective date of such succession or appointment as long as such disclosure prior
to such effective date would not be violative of any applicable law or confidentiality agreement, otherwise no later than the
Business Day following such effective date, but in no event later than the time required pursuant to Section 10.09, (x)
written notice to any Other Trustee and Other Depositor related to any Other Securitization that includes a Serviced Companion
Loan of such succession or appointment, (y) in writing and in form and substance reasonably satisfactory to any Other Trustee
and Other Depositor of any Other Securitization that includes a Serviced Companion Loan, all information relating to such successor
reasonably requested by each such Other Depositor so that it may comply with its reporting obligation under Items 1.01 and 6.02
of Form 8-K with respect to any Serviced Companion Loan Securities and (z) such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to such information that are substantially similar to those delivered by the Master Servicer or the
Special Servicer, as the




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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.


Section
10.04   Information to be Provided by the Trustee. (a) For so long as
any Other Securitization is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained
in Section 10.09) in connection with the succession to the Trustee as Trustee or appointment of a co-Trustee under this
Agreement by any Person (i) into which the Trustee may be merged or consolidated, (ii) which may be appointed as a co-Trustee
or separate Trustee pursuant to Section 8.10, or (iii) that is appointed as a successor Trustee pursuant Section 8.08,
the Trustee (with respect to the foregoing clauses (i) and (ii)) or the successor Trustee (with respect to the foregoing clause
(iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties required to pay the
costs and expenses relating to such succession pursuant to this Agreement, provide to the Other Depositor related to any Other
Securitization that includes a Serviced Companion Loan, at least 5 calendar days prior to the effective date of such succession
or appointment as long as such disclosure prior to such effective date would not be violative of any applicable law or confidentiality
agreement, otherwise immediately following such effective date, but in no event later than the time required pursuant to Section
10.09, (x) written notice to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan,
of such succession or appointment, (y) in writing and in form and substance reasonably satisfactory to the Other Depositor related
to any Other Securitization that includes a Serviced Companion Loan, all information reasonably requested by such Other Depositor,
so that it may comply with its reporting obligation under Items 1.01 and 6.02 of Form 8-K with respect to any Serviced Companion
Loan Securities and (z) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such information
that are substantially similar to those delivered by the Trustee 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.


Section
10.05   Filing Obligations. (a) For so long as any Other Securitization is subject to the reporting requirements
of the Exchange Act (in addition to any requirements contained in Section 10.09), each of the Master Servicer, the Special
Servicer, the Certificate Administrator and the Trustee shall, and each of the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, as applicable, shall use commercially reasonable efforts to cause each Servicing Function Participant
(other than any party to this Agreement) with which it has entered into a servicing relationship with respect to the Serviced
Mortgage Loan to, reasonably cooperate with any Other Trustee or Other Depositor related to any Other Securitization that includes
a Serviced Companion Loan in connection with the such Other Trustee’s or Other Depositor’s good faith efforts to
satisfy such Other Securitization’s reporting requirements under the Exchange Act. 


(b)       
With respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified
the Master Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (together
with notification of the Relevant Distribution Date) with respect to an Other Securitization that includes such Serviced Companion
Loan, to the extent that the Master Servicer is in receipt of the updated financial statements of such “significant obligor”
for any calendar quarter (other than the fourth calendar quarter of any calendar year) from the Borrower, beginning with the first


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calendar
quarter following receipt of such notice from the Other Depositor, or the updated financial statements of such “significant
obligor” for any calendar year, beginning for the calendar year following such notice from the Other Depositor, as applicable,
the Master Servicer shall deliver to the Other Depositor, on or prior to the day that occurs two (2) Business Days prior to the
related “significant obligor” NOI Quarterly Filing Deadline or seven (7) Business Days prior to the related Significant
Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business
Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the
related Significant Obligor NOI Yearly Filing Deadline, as applicable, 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
Master Servicer in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than
twelve (12) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business
Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as
reported by the related Borrower in such financial statements.


If
the Master Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1)
of Form 10-K, as the case may be, of such “significant obligor” within ten (10) Business Days after the date such
financial information is required to be delivered under the related Mortgage Loan documents, the Master Servicer shall notify
the Other Depositor with respect to such Other Securitization that includes the related Companion Loan (or shall cause each applicable
Sub-Servicing Agreement to require any related Sub-Servicer to notify such Other Depositor) that it has not received such financial
information. The Master Servicer (in the case of non-Specially Serviced Loans) or the Special Servicer (in the case of Specially
Serviced Loans and REO Properties, and upon notice from the Master Servicer of any such request from the Other Depositor) shall
use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of such
Other Depositor under the Exchange Act) to obtain the periodic financial statements required to be delivered by the related Borrower
under the related Mortgage Loan documents.


The
Master Servicer or the Special Servicer, as applicable, shall (or shall cause any related Sub-Servicing Agreement entered into
after receipt of written notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor
to require the related Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact
the related Borrower related to any such “significant obligor” (identified to it as such by the Other Depositor in
accordance with the second preceding paragraph) to obtain the required financial information and is unsuccessful and, no less
than five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed by the
Other Securitization, shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the
certificate administrator and Other Depositor related to such Other Securitization. This Officer’s Certificate should be
addressed to the certificate administrator at its corporate trust office, as specified in the related Other Pooling and Servicing
Agreement.


Section
10.06   Form 10-D Filings. For so long as any Other Securitization that includes a Serviced Companion Loan
that is subject to the reporting requirements of the




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Exchange
Act, within five calendar days after the related Distribution Date, (i) the parties listed on Schedule
IV hereto shall be required to provide to any Other Trustee or Other Depositor related to any Other Securitization
that includes a Serviced Companion Loan, to the extent a Servicing Officer or Responsible Officer, as the case may be, thereof
has actual knowledge (other than Item 1117 of Regulation AB as to such party which shall be reported if actually known by any
Servicing Officer or Responsible Officer, as the case may be or any lawyer in the in house legal department of such party), in
EDGAR Compatible Format, or in such other format as otherwise agreed upon by the Certificate Administrator and the Depositor (or
such Other Trustee and Other Depositor) and such party, the form and substance of the Additional Form 10-D Disclosure described
on Schedule IV applicable to such party, and (ii) the parties listed on Schedule
IV hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form
attached hereto as Exhibit CC. The Certificate Administrator has no duty under this Agreement
to monitor or enforce the performance by the parties listed on Schedule IV of their duties
under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information. 


Section
10.07   Form 10-K Filings. With respect to any Other Securitization that includes a Serviced Companion Loan,
not later than the end of each year for which the Other Securitization trust is required to file a Form 10-K, (i) the Certificate
Administrator shall upon request provide to each mortgage loan seller with respect to such Other Securitization written notice
of any change in the identity of any party to this Agreement, including the name and address of any new party to this Agreement
and (ii) the Master Servicer or the Special Servicer, as applicable, shall provide to each such mortgage loan seller written notice
of any change in the identity of any Sub-Servicer that is a Servicing Function Participant or an Additional Servicer engaged by
the Master Servicer or the Special Servicer for the servicing of such Serviced Whole Loan, as applicable, including the name and
address of any new Sub-Servicer that is a Servicing Function Participant or an Additional Servicer.


For
so long as any Other Securitization that includes a Serviced Companion Loan is subject to the reporting requirements of the Exchange
Act, by March 1st, commencing in March 2021 (i) the parties listed on Schedule V hereto
shall be required to any Other Depositor or Other Trustee related to any Other Securitization that includes a Serviced Companion
Loan, to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than
with respect to Items 1117 and 1119 of Regulation AB as to such party which shall be reported if actually known by any Servicing
Officer or any lawyer in the in house legal department of such party), in EDGAR Compatible Format (to the extent available to
such party in such format), or in such other form as otherwise agreed upon by such Other Trustee and Other Depositor and such
party, the form and substance of the Additional Form 10-K Disclosure described on Schedule V
applicable to such party, and (ii) the parties listed on Schedule V hereto shall include
with such Additional Form 10-K Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit
CC. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties
listed on Schedule V of their duties under this paragraph or proactively solicit or procure
from such parties any Additional Form 10-K Disclosure information. 


Section
10.08   Sarbanes-Oxley Certification. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, each Reporting


 

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Servicer
shall, and each Reporting Servicer shall use commercially reasonable efforts to cause each Servicing Function Participant (other
than any party to this Agreement) with which it has entered into a servicing relationship with respect to the Serviced Mortgage
Loans, to provide to the Person who signs the Sarbanes-Oxley Certification for any Other Securitization that includes a Serviced
Companion Loan (each such Person, a “Certifying Person”), a certification
(the “Sarbanes-Oxley Certification”), as set forth in Exhibit
W attached hereto, by March 1st of each year (commencing in 2021) in which any Other Securitization that includes
a Serviced Companion Loan is subject to the reporting requirements of the Exchange Act, a certification (each, a “Performance
Certification”), in the form attached hereto as Exhibit O, Exhibit
P, Exhibit Q, Exhibit T,
Exhibit U or
Exhibit V, as applicable, upon which each Certifying Person, the entity for which such
Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying
Persons, “Certification Parties”) can reasonably rely. If any Reporting
Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement, such Reporting
Servicer shall provide a Performance Certification to each Certifying Person pursuant to this Section 10.08 with respect
to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement. Notwithstanding the foregoing,
the Trustee shall not be required to deliver a Performance Certification with respect to any period during which there was no
Relevant Servicing Criteria applicable to it. 


Notwithstanding
the foregoing, nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness
or completeness of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional
Servicer or any other third party retained by it that is not a Sub-Servicer listed on Exhibit X
or a Sub-Servicer appointed pursuant to Section 3.01(c)), (ii) to certify information other than to such Reporting
Servicer’s knowledge and in accordance with such Reporting Servicer’s responsibilities hereunder or (iii) with respect
to completeness of information and reports, to certify anything other than that all fields of information called for in written
reports prepared by such Reporting Servicer have been completed except as they have been left blank on their face.


Section
10.09   Form 8-K Filings. For so long as any Other Securitization that includes a Serviced Companion Loan
is subject to the reporting requirements of the Exchange Act, the parties listed on Schedule VI
hereto shall, to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge,
use their commercially reasonable efforts to provide to any Other Depositor and Other Trustee related to any Other Securitization
that includes a Serviced within 1 Business Day after the occurrence of the Reportable Event, but shall provide in no event later
than the end of business (New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and
substance of the Form 8-K Disclosure Information described on Schedule VI as applicable
to such party, in EDGAR Compatible Format, or in such other format as otherwise agreed to in advance by such Other Trustee and
Other Depositor and such party and accompanied by an Additional Disclosure Notification in the form attached hereto as Exhibit
CC. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties
listed on Schedule VI of their duties under this paragraph or proactively solicit or
procure from such parties any Form 8-K Disclosure Information.


Section
10.10   [Reserved].


 

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Section
10.11   Annual Compliance Statements. (a) The Master Servicer, the Special Servicer, the Custodian, the
Certificate Administrator, any Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant
is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying
Servicer”) shall deliver (and the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator
shall use commercially reasonable efforts to cause each Additional Servicer and each Servicing Function Participant (if such Servicing
Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (other than any party to
this Agreement) with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans, to deliver)
to the Trustee, the Depositor, the Certificate Administrator, each Other Trustee, each Other Depositor and the 17g-5 Information
Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement) on or before March 1st of each year, commencing in 2020, an Officer’s Certificate stating, as to
the signer thereof, that (A) a review of such Certifying Servicer’s activities during a reporting period consisting of
the preceding calendar year or portion thereof and of such Certifying Servicer’s performance under this Agreement, or the
applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer, has been made under such
officer’s supervision and (B) that, to the best of such officer’s knowledge, based on such review, such Certifying
Servicer has fulfilled all its obligations under this Agreement, or the applicable sub-servicing agreement or primary servicing
agreement in the case of an Additional Servicer, in all material respects throughout such reporting period, 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.


(b)       
With respect to any Non-Serviced Mortgage Loan serviced under an Other Pooling and Servicing Agreement, the Certificate Administrator
shall use commercially reasonable efforts to procure an Officer’s Certificate as described in this Section from the Non-Serviced
Mortgage Loan Service Providers in form and substance similar to the Officer’s Certificate described in this Section.


(c)       
Promptly after receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) shall have the right to review such Officer’s Certificate and, if applicable,
consult with each Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, in the fulfillment
of any of the Certifying Servicer’s obligations hereunder or under the applicable sub-servicing agreement. None of the
Certifying Servicers or any Additional Servicer or any Servicing Function Participant shall be required to deliver, or to endeavor
to cause the delivery of, any such Officer’s Certificate until April 15, in any given year so long as it has received written
confirmation from the Depositor (and the Other Depositor for any Other Securitization that includes a Serviced Companion Loan)
that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan, the related
Other Securitization that includes such Serviced Companion Loan) for the preceding calendar year. If any Certifying Servicer is
terminated or resigns pursuant to the terms of this Agreement or any applicable Sub-Servicing Agreement, as the case may be, such
Certifying Servicer shall provide the Officer’s Certificate pursuant to this Section 10.11 with respect to the period
of time it was subject to this Agreement or the applicable Sub-Servicing Agreement, as the case may be.


 

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(d)       
Each of the Master Servicer and the Special Servicer may at any time request from the Certificate Administrator confirmation of
whether a Control Termination Event or Consultation Termination Event occurred during the previous calendar year, and upon such
request the Certificate Administrator shall deliver such confirmation to the Master Servicer or Special Servicer, as applicable,
within fifteen (15) days of such request.


Section
10.12   Annual Reports on Assessment of Compliance with Servicing Criteria. By March 1st of each year, commencing
in March 2021, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing
of any Mortgage Loan or Trust Subordinate Companion Loan), the Certificate Administrator, the Custodian, the Trustee (only with
respect to any period during which any Relevant Servicing Criteria was applicable to it) and each Servicing Function Participant
(each, a “Reporting Servicer”), each at its own expense, shall furnish (and each Reporting Servicer, as applicable,
shall use commercially reasonable efforts to cause, by March 1st each Servicing Function Participant (other than a party to this
Agreement)), with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans or Trust Subordinate
Companion Loan, if applicable, to furnish, each at its own expense, to the Trustee, the Certificate Administrator, the Depositor
(and to the Other Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan) and the 17g-5
Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section
3.16(d) of this Agreement) in an EDGAR Compatible Format, or in such other format as otherwise agreed upon by the Certificate
Administrator and the Depositor (or such Other Trustee and Other Depositor, as applicable) a report on an assessment of compliance
with the Relevant Servicing Criteria with respect to commercial mortgage backed securities transactions taken as a whole involving
such party that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant
Servicing Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance with the Relevant
Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and
for the period ending the end of the fiscal year, including, if there has been any material instance of noncompliance with the
Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered
public accounting firm has issued an attestation report on such Reporting Servicer’s assessment of compliance with the
Relevant Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section
10.12 shall be made available to any Privileged Person by the Certificate Administrator pursuant to Section
4.02(c) of this Agreement and to any Rating Agency and NRSRO by the 17g-5 Information Provider pursuant to Section
3.16(d) of this Agreement.


No
later than 10 Business Days after the end of each fiscal year for the Trust (and for any Other Securitization that includes a
Serviced Companion Loan) for which a Form 10-K is required to be filed, the Master Servicer and the Special Servicer shall each
forward to the Certificate Administrator and the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization
that includes a Serviced Companion Loan) the name and contact information of each Servicing Function Participant engaged by it
during such year or portion thereof (except with respect to any Mortgage Loan Seller Sub-Servicer) and what Relevant Servicing
Criteria will be addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the
Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and each Servicing Function Participant
submit their


 

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respective
assessments by May 1st, as applicable, to the Certificate Administrator (and each Other Trustee), each such party shall also at
such time, if it has received the assessment (and attestation pursuant to Section 10.13) of each Servicing Function Participant
engaged by it, include such assessment (and attestation) in its submission to the Certificate Administrator (and such Other Trustee).


Promptly
after receipt of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) shall have the right to review each such report and, if applicable, consult with the
Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and any Servicing Function Participant
as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by the Master Servicer, the Special
Servicer, the Certificate Administrator, the Custodian, the Trustee or any Servicing Function Participant, and (ii) the Certificate
Administrator shall confirm that the assessments, taken individually, address the Relevant Servicing Criteria for each party as
set forth on Schedule II and notify the Depositor (and each Other Depositor for an Other Securitization that includes a
Serviced Companion Loan) of any exceptions; provided that the Certificate Administrator shall not be responsible for confirming
whether any such party has certified to all the Relevant Servicing Criteria applicable to it. None of the Master Servicer, the
Special Servicer, the Certificate Administrator, the Custodian, the Trustee or any Servicing Function Participant shall be required
to deliver, or to endeavor to cause the delivery of, any such reports until April 15 in any given year so long as it has received
written confirmation from the Depositor (and the Other Depositor for any Other Securitization that includes a Serviced Companion
Loan) that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan, the
related Other Securitization that includes such Serviced Companion Loan) for the preceding calendar year. If any Reporting Servicer
is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement, as the case may be,
such Reporting Servicer shall provide the reports and statements pursuant to this Section 10.12
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement, as the
case may be.


The
parties hereto acknowledge that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment
of compliance pursuant to this Section 10.12 by the Master Servicer or the Special Servicer, the Certificate Administrator,
the Trustee or the Custodian shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’
obligations or a Servicer Termination Event, as applicable, under this Agreement unless otherwise provided for in this Agreement.


For
so long as the Trust is subject to the reporting requirements of the Exchange Act, with respect to any Non-Serviced Mortgage Loan
serviced under an Other Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts
to procure an annual report on assessment of compliance as described in this Section and an attestation as described in Section
10.13 from the Non-Serviced Mortgage Loan Service Providers in form and substance similar to the annual report on assessment
of compliance described in this Section (or in such Other Pooling and Servicing Agreement, as the case may be) and the attestation
described in Section 10.13. The Master Servicer shall promptly forward to the Certificate
Administrator and the Depositor any such assessment of compliance received by


 

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the
Master Servicer. Until such time as the Certificate Administrator receives notice that the Non-Serviced Mortgage Loan Service
Providers no longer have a continuing obligation under the Other Pooling and Servicing Agreement related to an Other Securitization
that includes the related Non-Serviced Companion Loan to provide to the Trust an annual report on assessment of compliance as
described in this Section and an attestation as described in Section 10.13 for any year
that the Trust formed under this Agreement is not subject to the reporting requirements of the Exchange Act, the Certificate Administrator
shall notify the Non-Serviced Mortgage Loan Service Providers if such parties fail to deliver to the Certificate Administrator
such assessment of compliance and attestation within the time frame required by such Other Pooling and Servicing Agreement.


Section
10.13   Annual Independent Public
Accountants’ Servicing Report. By
March 1st, of each year, commencing in March 2021, each Reporting Servicer, each at its own expense, shall cause, and each Reporting
Servicer, as applicable, shall use commercially reasonable efforts to cause each Servicing Function Participant (other than a
party to this Agreement) with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans,
each at such Servicing Function Participant’s own expense, a registered public accounting firm (which may also render other
services to the Master Servicer, the Special Servicer and such Servicing Function Participant, as the case may be) and that is
a member of the American Institute of Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator,
the Depositor (and to any Other Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan)
and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant
to Section 3.16(d) of this Agreement) to the effect that (i) it has obtained a representation regarding certain matters
from the management of such Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance with
the Relevant Servicing Criteria in all material respects, and (ii) on the basis of an examination conducted by such firm in accordance
with standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion as to whether such Reporting
Servicer’s compliance with the Relevant Servicing Criteria was fairly stated in all material respects, or it cannot express
an overall opinion regarding such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria. If
an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to
express such an opinion. Such report must be available for general use and not contain restricted use language. Notwithstanding
the foregoing, the Trustee shall not be required to deliver an annual independent public accountants’ servicing report
with respect to any period during which there was no Relevant Servicing Criteria applicable to it.


Promptly
after receipt of such report from each Reporting Servicer, (i) the Depositor (and any Other Depositor related to an Other Securitization
that includes a Serviced Companion Loan) shall have the right to review the report and, if applicable, consult with the related
Reporting Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria
applicable to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder
or under any applicable sub-servicing agreement or primary servicing agreement, and (ii) the Certificate Administrator shall confirm
that each assessment submitted pursuant to Section 10.12 is coupled with an attestation
meeting the requirements of this Section and notify the Depositor (and any Other




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Depositor
related to an Other Securitization that includes a Serviced Companion Loan) of any exceptions; provided that the Certificate
Administrator shall not be responsible for confirming whether any particular Reporting Servicer has certified to all of the Relevant
Servicing Criteria applicable to it. No Reporting Servicer shall be required to deliver, or to endeavor to cause the delivery
of, such reports until April 15 in any given year so long as it has received written confirmation from the Depositor that a Form
10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan, the related Other Securitization
that includes such Serviced Companion Loan) for the preceding calendar year. If any Reporting Servicer is terminated or resigns
pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary servicing agreement, as the case
may be, such Reporting Servicer shall provide the report pursuant to this Section 10.13
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing
agreement, as the case may be.


Section
10.14   Exchange Act Reporting Indemnification. For so long as any Other Securitization is subject to the
reporting requirements of the Exchange Act, each of the Master Servicer, the Special Servicer, the Custodian (if not the Certificate
Administrator), the Certificate Administrator and the Trustee shall indemnify and hold harmless each Certification Party, the
Depositor (and any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan), their respective
directors and officers, and each other person who controls any such entity within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act, against any and all expenses, losses, claims, damages and other liabilities, including
without limitation the costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation arising
out of (i) the failure to perform its obligations to the Depositor (or any Other Depositor related to an Other Securitization
that includes a Serviced Companion Loan) or Certificate Administrator (or any Other Trustee related to an Other Securitization
that includes a Serviced Companion Loan) under this Article X by the time required, (ii)
any untrue statement or alleged untrue statement of a material fact contained in any information (x) regarding such party or any
Servicing Function Participant, Additional Servicer or subcontractor engaged by it (other than any Mortgage Loan Seller Sub-Servicer),
(y) prepared by any such party described in clause (x) or any registered public accounting firm, attorney or other agent retained
by such party to prepare such information and (z) delivered by or on behalf of such party in connection with the performance of
such party’s obligations described in this Article X, or the omission or alleged
omission to state in any such information a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that the applicable party shall be entitled to participate in any
action arising out of the foregoing and the Depositor shall consult with such party with respect to any litigation or audit strategy,
as applicable, in connection with the foregoing and any potential settlement terms related thereto, (iii) the failure of any Servicing
Function Participant or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations
to the Depositor (or any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) or Certificate
Administrator (or any Other Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article
X by the time required or (iv) any Deficient Exchange Act Deliverable.


In
addition, each of the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee shall
cooperate (and require each Servicing Function 


 

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Participant
and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor (and each
Other Depositor) as necessary for the Depositor (and such Other Depositor) to conduct any reasonable due diligence necessary to
evaluate and assess any material instances of non-compliance disclosed in any of the deliverables required by the applicable reporting
requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder
(“Reporting Requirements”).


In
connection with comments provided to the Depositor or any Other Depositor from the Commission regarding information (x) delivered
by the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator, the Trustee, a Servicing Function
Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) regarding such Affected
Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney or other
agent retained by such party to prepare such information, which information is contained in a report filed by the Depositor or
such Other Depositor, as applicable, under the Reporting Requirements and which comments are received subsequent to the Depositor’s
or such Other Depositor’s, as applicable, filing of such report, the Depositor shall (or such Other Depositor may) promptly
provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party. Upon receipt of such
comments, such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion
in the Depositor’s or such Other Depositor’s, as applicable, response to the Commission, unless such Affected Reporting
Party elects, with the consent of the Depositor or such Other Depositor, as applicable (which consent shall not be unreasonably
denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution with the
Commission; provided, however, if an Affected Reporting Party is a Servicing Function Participant or Additional
Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications pursuant to
this Section 10.14. If such election is made, the applicable Affected Reporting Party
shall be responsible for directly negotiating such response and/or resolution with the Commission in a timely manner; provided
that (i) such Affected Reporting Party shall use reasonable efforts to keep the Depositor or such Other Depositor, as applicable,
informed of its progress with the Commission and copy the Depositor or such Other Depositor, as applicable, on all correspondence
with the Commission and provide the Depositor or such Other Depositor, as applicable, with the opportunity to participate (at
the Depositor’s or such Other Depositor’s expense, as applicable) in any telephone conferences and meetings with
the Commission and (ii) the Depositor or such Other Depositor, as applicable, shall cooperate with any Affected Reporting Party
in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly with the Commission
with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the Commission of such
authorization. The Depositor (or such Other Depositor, as applicable) and the Affected Reporting Party shall cooperate and coordinate
with one another with respect to any requests made to the Commission for extension of time for submitting a response or compliance.
All respective reasonable out-of-pocket costs and expenses incurred by the Depositor or such Other Depositor, as applicable (including
reasonable legal fees and expenses of outside counsel to the Depositor or such Other Depositor, as applicable), in connection
with the foregoing (other than those costs and expenses required to be at the Depositor’s or such Other Depositor’s
expense, as applicable and as set forth above) and any amendments to any reports filed with the Commission


 

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related
thereto shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor
or such Other Depositor, as applicable. Each of the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained
by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.


The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall use commercially reasonable efforts
to cause each Servicing Function Participant (other than any party to this Agreement) with which it has entered into a servicing
relationship with respect to the Serviced Mortgage Loans to indemnify and hold harmless each Certification Party from and against
any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses
incurred by such Certification Party arising out of (i) a breach of its obligations to provide any of the annual compliance statements
or annual assessment of servicing criteria or attestation reports pursuant to this Agreement, or the applicable Sub-Servicing
Agreement, as applicable or (ii) any Deficient Exchange Act Deliverable.


If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, each Additional Servicer or other Servicing Function
Participant (the “Performing Party”) shall, and the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee shall use commercially reasonable efforts to cause each Servicing
Function Participant with which it has entered into a servicing relationship (other than a party to this Agreement) with respect
to the Serviced Mortgage Loans to contribute to the amount paid or payable to the Certification Party as a result of the losses,
claims, damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of
the Certification Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s
obligations pursuant to this Article X. The Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant
(other than any party to this Agreement) with which it has entered into a servicing relationship with respect to the Serviced
Mortgage Loans to agree to the foregoing indemnification and contribution obligations.


Promptly
after receipt by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement
thereof; but the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any
indemnified party under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying
party. In case any such action is brought against any indemnified party, after the indemnifying party has been notified of the
commencement of such action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the
extent that it may wish, shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly
notified) with counsel reasonably satisfactory to such indemnified party (which approval shall not be unreasonably withheld or
delayed), and after notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof,
the indemnifying party shall not be liable to such indemnified


 

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party
for any expenses subsequently incurred in connection with the defense thereof other than reasonable costs of investigation. In
any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have agreed
to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded parties and, in the case
of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject of such investigation)
include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party fails within a reasonable
period of time to designate counsel that is reasonably satisfactory to the indemnified party (which approval shall not be unreasonably
withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in
addition to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified parties in connection
with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations
or circumstances. An indemnifying party shall not be liable for any settlement of any proceeding effected without its written
consent. However, if settled with such consent, the indemnifying party shall indemnify the indemnified party from and against
any loss or liability by reason of such settlement to the extent that the indemnifying party is otherwise required to do so under
this Agreement. If an indemnifying party assumes the defense of any proceeding, it shall be entitled to settle such proceeding
with the consent of the indemnified party (which consent shall not be unreasonably withheld or delayed) or, if such settlement
(i) provides for an unconditional release of the indemnified party in connection with all matters relating to the proceeding that
have been asserted against the indemnified party in such proceeding by the other parties to such settlement and (ii) does not
require an admission of fault by the indemnified party, without the consent of the indemnified party.


Section
10.15   Amendments. This Article X may be amended by the written
consent of all the parties hereto pursuant to Section 12.07 for purposes of complying
with Regulation AB without, in each case, any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations
or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.


Section
10.16   [Reserved].


Section
10.17   Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained
in this Agreement, the Depositor may direct the Trustee to, and the Trustee shall upon such direction, terminate the Certificate
Administrator upon five Business Days’ notice if the Certificate Administrator fails to comply with any of its obligations
under this Article X; provided that such termination shall not be effective until
a successor certificate administrator shall have accepted the appointment.


 

     -478-


     


    

Article
XI

[Reserved]


Article
XII

MISCELLANEOUS PROVISIONS


Section
12.01   Counterparts. This Agreement may be executed in counterparts, each of which when so executed shall
be deemed to be an original and all of which when taken together shall constitute one and the same instrument, and the words “executed,”
signed,” “signature,” and words of like import as used above and elsewhere in this Agreement or in any other
certificate, agreement or document related to this transaction shall include, in addition to manually executed signatures, images
of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”)
and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically
associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of
electronic signatures and electronic records (including, without limitation, any contract or other record created, generated,
sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as
a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions
Act or the Uniform Commercial Code.


Section
12.02   Limitation on Rights of Certificateholders and the RR Interest Owner. The death or incapacity of
any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding
up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.


No
Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the
operation and management of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained
in the terms of the Certificates, shall be construed so as to constitute the Certificateholders from time to time as partners
or members of an association; and no Certificateholder shall be under any liability to any third person by reason of any action
taken by the parties to this Agreement pursuant to any provision hereof.


No
Certificateholder or RR Interest Owner shall have any right by virtue of any provision of this Agreement to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage
Loan, or with respect to the Certificates or the RR Interest, unless, with respect to any suit, action or proceeding upon or under
or with respect to this Agreement, such Holder previously shall have given to the Trustee and the Certificate Administrator a
written notice of default, and of the


 

     -479-


     


    

 


continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60
days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any such
action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder
or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of
the Holders of Certificates or the RR Interest Owner, unless such Holders or the RR Interest Owner, as applicable, have offered
to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred therein
or hereby. It is understood and intended, and expressly covenanted by each Certificateholder with every other Certificateholder
and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatsoever by virtue of any provision
of this Agreement or the Certificates to affect, disturb or prejudice the rights of the Holders of any other of such Certificates,
or to obtain or seek to obtain priority over or preference to any other such Holder, which priority or preference is not otherwise
provided for herein, or to enforce any right under this Agreement or the Certificates, except in the manner herein or therein
provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions
of this Section 12.02, each and every Certificateholder and the Trustee shall be entitled
to such relief as can be given either at law or in equity.


No
Certificateholder shall be a “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by virtue of
its ownership of a Certificate.


Section
12.03   Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS
AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.


Section
12.04   Waiver of Jury Trial; Consent to Jurisdiction. 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,




     -480-


     


    

 


OR
OTHERWISE. EACH PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT
LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS
SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY
OF THIS AGREEMENT, ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY ASSIGNMENT.


TO
THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY
NEW YORK STATE AND FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT;
(II) AGREES THAT ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS;
(III) WAIVES THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV)
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.


Section
12.05   Notices. Unless otherwise specified in this Agreement, 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 Class R Certificates or
Holders of any Class of Certificates no longer held through a Depository and instead held in registered, definitive form shall
be deemed to have been given upon being sent by first-class mail, postage prepaid or by overnight courier) as follows:


If
to the Trustee and the Certificate Administrator, to:


Wells
Fargo Bank, National Association
9062
Old Annapolis Road
Columbia,
Maryland 21045-1951
Attention:
Corporate Trust Services (CMBS) – BMARK 2020-IG3


with
copies to:


cts.cmbs.bond.admin@wellsfargo.com;
and trustadministrationgroup@wellfargo.com.


If
to the Certificate Administrator in connection with a release or transfer of a Retained Certificate:

     -481-


     


    

Wells
Fargo Bank, National Association
9062
Old Annapolis Road
Columbia,
Maryland 21045-1951
Attention:
Risk Retention Custody – BMARK 2020-IG3


with
a copy to:


riskretentioncustody@wellsfargo.com.


If
to the Certificate Registrar in connection with a transfer, exchange or surrender of any Certificate other than a Retained Certificate:


Wells
Fargo Bank, National Association
600
South 4th Street
MAC
N9300-070
Minneapolis,
Minnesota 55479
Attention:
CTS – Certificate Transfers Services (CMBS) – BMARK 2020-IG3.


If
to the Custodian, to:

Wells Fargo Bank,
N.A. Document Custody Group
1055
10th Avenue SE
Minneapolis,
Minnesota 55414
Attention:
BMARK 2020-IG3 – Document Custody Group
Email:
CMBSCustody@wellsfargo.com.


If
to the Depositor, to:

J.P. Morgan Chase Commercial Mortgage Securities Corp.
383 Madison Avenue, 8th Floor
New York,
New York 10179
Attention: Kunal K. Singh
E-mail: US_CMBS_Notice@jpmorgan.com


with
a copy to:

J.P. Morgan Chase Commercial Mortgage Securities Corp.
4 New York Plaza, Floor 21
New York, New York 10004-2413
Attention:
SPG Legal
E-mail: US_CMBS_Notice@jpmorgan.com


If
to the Master Servicer, to:


 


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


10851
Mastin Street, Suite 700


Overland
Park, Kansas 66210


 

     -482-


     


    

 


Attention:
Executive Vice President – Division Head


Facsimile:
(888) 706-3565


with
a copy to:

Stinson
LLP
1201
Walnut Street, Suite 2900
Kansas
City, Missouri 64106-2150
Attention:
Kenda K. Tomes
Facsimile:
(816) 412-9338
Email:
kenda.tomes@stinson.com


 


If
to the Special Servicer, to:

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


10851
Mastin Street, Suite 700


Overland
Park, Kansas 66210



Attention:
Executive Vice President – Division Head


Facsimile:
(888) 706-3565


with
a copy to:

Stinson
LLP
1201
Walnut Street, Suite 2900
Kansas
City, Missouri 64106-2150
Attention:
Kenda K. Tomes
Facsimile:
(816) 412-9338
Email:
kenda.tomes@stinson.com


If
to German American Capital Corporation, as Mortgage Loan Seller, to:

German American Capital Corporation
60 Wall Street
New
York, New York 10005
Attention: Lainie Kaye


with
copies via email to:


cmbs.requests@db.com


If
to JPMorgan Chase Bank, National Association, as Mortgage Loan Seller, to:

JPMorgan Chase Bank, National Association
383
Madison Avenue, 8th Floor
New York, New York 10179
Attention: Kunal Singh
Email: US_CMBS_Notice@jpmorgan.com

     -483-


     


    

with
a copy to:

JPMorgan Chase Bank, National Association
4 New York Plaza, 21st Floor
New York, New York 10004
Attention:
SPG Legal
Email: US_CMBS_Notice@jpmorgan.com


If
to Goldman Sachs Mortgage Company, as Mortgage Loan Seller, to:

Goldman
Sachs Mortgage Company
200 West Street
New York, New York 10282
Attention:
Leah Nivison
Email: leah.nivison@gs.com

with
a copy to:

Joe Osborne
200 West Street

New York, New York 10282
E-mail: joe.osborne@gs.com


If
to Deutsche Bank Securities Inc., as Initial Purchaser, to:

Deutsche Bank Securities Inc.
Commercial Mortgage-Backed
Securities
60 Wall Street
New York, New York 10005
Attention: Lainie Kaye


with
copies via email to:


cmbs.requests@db.com


If
to J.P. Morgan Securities LLC, as Initial Purchaser, to:

J.P. Morgan Securities LLC
383 Madison Avenue, 8th
Floor
New York, New York 10179
Attention: SPG Syndicate
Email: ABS_Synd@jpmorgan.com


with
a copy to:

J.P. Morgan Securities LLC
4 New York Plaza, 21st Floor
New York, New York 10004

     -484-


     


    


Attention:
SPG Legal
Email: US_CMBS_Notice@jpmorgan.com


If
to Goldman Sachs & Co. LLC, as Initial Purchaser, to:

Goldman Sachs & Co. LLC
200 West Street
New York, New
York 10282
Attention: Leah Nivison
Email: leah.nivison@gs.com


If
to JPMorgan Chase Bank, National Association, as the initial VRR-A Risk Retention Consultation Party, to:


JPMorgan
Chase Bank, National Association
383 Madison Avenue, 8th Floor
New York, New York 10179
Attention: Kunal Singh
Email:
US_CMBS_Notice@jpmorgan.com


with
a copy to:

JPMorgan Chase Bank, National Association
4 New York Plaza, 21st Floor
New York, New York 10004
Attention:
SPG Legal
Email: US_CMBS_Notice@jpmorgan.com


If
to Goldman Sachs Bank USA, as the initial VRR-B Risk Retention Consultation Party, to:


Goldman
Sachs Bank USA
200
West Street
New
York, New York 10282
Attention:
Leah Nivison
Email:
leah.nivison@gs.com


If
to Deutsche Bank AG, acting through its New York Branch, as the initial VRR-C Risk Retention Consultation Party and as the initial
BX Industrial Portfolio Risk Retention Consultation Party, the initial Tower 333 Risk Retention Consultation Party and the initial
825 South Hill Risk Retention Consultation Party, to:

Deutsche Bank AG, acting through its New York Branch
60 Wall Street
New
York, New York 10005
Attention: Lainie Kaye

     -485-


     


    

with
copies via email to:


cmbs.requests@db.com


If
to the 17g-5 Information Provider, electronically to:

17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information
Provider’s system, specifically with a subject reference of “BMARK 2020-IG3 Mortgage Trust” and an identification
of the type of information being provided in the body of such electronic mail)


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.


Solely
to the extent the provisions herein contemplate electronic delivery of information, such information shall be transmitted via
electronic mail with a subject reference to include “Benchmark 2020-IG3 Mortgage Trust” (or substantially similar
language) (i) in the case of the Depositor, to cmbs.requests@db.com, (ii) in the case of the Trustee, to trustadministrationgroup@wellsfargo.com,
(iii) in the case of the Certificate Administrator, to the email address specified on the Certificate Administrator’s Website
(and, if no such email address is specified therein, to cts.cmbs.bond.admin@wellsfargo.com),
(iv) in the case of the Master Servicer to NoticeAdmin@midlandls.com (and solely with respect to notices under Section
3.14, with a copy to AskMidland@midlandls.com), (v) in the case of the Special Servicer, to keybank_notices@keybank.com,
(vi) in the case of German American Capital Corporation, to cmbs.requests@db.com, (vii) in the case of JPMorgan Chase Bank,
National Association, to US_CMBS_Notice@jpmorgan.com, (viii) in the case of Goldman Sachs Mortgage Company, to leah.nivison@gs.com,
(ix) in the case of Deutsche Bank Securities Inc., to cmbs.requests@db.com, (x) in the case of J.P. Morgan Securities LLC,
to ABS_Synd@jpmorgan.com and US_CMBS_Notice@jpmorgan.com, (xi) in the case of Deutsche Bank AG, acting through its
New York Branch, as a Risk Retention Consultation Party, to CMBS.requests@db.com, (xii) in the case of JPMorgan Chase Bank,
National Association, as a Risk Retention Consultation Party, to US_CMBS_Notice@jpmorgan.com, (xiii) Goldman Sachs Mortgage
Company, as a Risk Retention Consultation Party, to leah.nivison@gs.com, and (xiv) in the case of the 17g-5 Information
Provider, to 17g5informationprovider@wellsfargo.com; or, in the case of the parties to this Agreement, to such other electronic
mail address as such party shall specify by written notice (which may be electronic) to the other parties hereto.


The
obligation of any party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer,
Other Special Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such
party to this Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other
Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the
name and contact information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or
Other 17g-5 Information Provider, as applicable, and shall be entitled to assume


 

     -486-


     


    

 


that
the identity and contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other
17g-5 Information Provider, as applicable has not changed, absent receipt of written notice from such Other Depositor, Other Servicer,
Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other
Pooling and Servicing Agreement, of a change with respect to the identity and contact information for such Other Depositor, Other
Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the applicable
Other Pooling and Servicing Agreement, as applicable.


Section
12.06   Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants,
agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the Holders thereof.


Section
12.07   Notice to the Depositor and Each Rating Agency. (a) The Certificate Administrator shall promptly
provide notice, promptly furnish (or make available) to the Depositor, the Initial Purchasers, the Directing Holder (if no Consultation
Termination Event is continuing), the Trustee the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website) with respect to each of the
following of which a Responsible Officer of the Certificate Administrator has actual knowledge:


(i)    
any material change or amendment to this Agreement, any Mortgage Loan Purchase Agreement or any Intercreditor Agreement;


(ii)   
the occurrence of any Servicer Termination Event that has not been cured;


(iii)  
the merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer
or the Trustee; and


(iv)  
the repurchase of Mortgage Loans pursuant to Section 2.03(d) of this Agreement.


(b)       
The Certificate Administrator shall promptly furnish to the Depositor, the Initial Purchasers, the Directing Holder and the 17g-5
Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website):


(i)    
notice of the final payment to any Class of Certificateholders;


(ii)   
notice of any change in the location of the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account,
the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account or the 825 South Hill Gain-on-Sale
Reserve Account; and


(iii)  
each report to Certificateholders described in Section 4.02 and Section 3.13 of
this Agreement.


 

     -487-


     


    

(c)       
The Master Servicer (or, in the case of items collected pursuant to Section 3.04 and referenced in clause (i) below,
the Special Servicer) shall promptly furnish to the 17g-5 Information Provider (who shall promptly post such materials to the
17g-5 Information Provider’s Website) and the related Other 17g-5 Information Provider (if any):


(i)    
upon request, a copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent such
information is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 3.03
of this Agreement or pursuant to Section 3.04 of this Agreement;


(ii)   
notice of any change in the location of the Collection Account or any Serviced Whole Loan Collection Account,


(iii)  
a copy of any notice with respect to a breach of a representation or warranty with respect to any Mortgage Loan;


(iv)  
any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;


(v)   
any change in the lien priority of a Mortgage Loan;


(vi)  
any new lease of an anchor or a termination of an anchor lease at a retail Mortgaged Property;


(vii) 
any material damage to a Mortgaged Property; and


(viii)
any amendment, modification, consent or waiver to or of any provision of a Mortgage Loan or Serviced Whole Loan.


(d)       
Any party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the address listed
below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and the Certificate
Administrator and Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested by
the Rating Agencies to the extent such party has or can obtain such information without unreasonable effort or expense; provided
that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set
forth in Section 3.14(d). Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute
a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies
required hereunder shall be in writing.


Notices
to each Rating Agency shall be addressed as follows:

     -488-


     


    

Moody’s
Investors Service, Inc.
7 World Trade Center
250 Greenwich Street
New
York, New York 10007
Attention: Commercial Mortgage Surveillance Group
E-mail:
CMBSSurveillance@moodys.com


Fitch
Ratings, Inc.


300
West 57th Street


New
York, NY 10019


Attention:
Commercial Mortgage Surveillance Group


 


DBRS,
Inc.


4
World Trade Center, 48th Floor


150
Greenwich Street


New
York, New York 10007


Attention:
CMBS Surveillance


Email:
cmbs.surveillance@dbrs.com 


or
in each case to such other address as any Rating Agency shall specify by written notice to the parties hereto.


Section
12.08   Amendment. This Agreement or any Custodial Agreement may be amended at any time by the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders,
the RR Interest Owner or any Serviced Companion Loan Noteholders:


(i)    
to cure any ambiguity or to correct any manifest error;


(ii)   
to cause the provisions herein or therein to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the Loan-Specific Offering Circulars with respect to the Certificates, the RR Interest, the Trust or this Agreement
or to correct or supplement any provisions herein or therein which may be defective or inconsistent with any other provisions
herein or therein;


(iii)  
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;


(iv)
to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the 


 

     -489-


     


    

Trust
Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not
adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder;


(v) 
to modify, eliminate or add to the provisions any provision hereof restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund,
any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;


(vi)
to revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of
Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the
Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);


(vii) 
to amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class
of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates);


(viii)
to modify the provisions of Section 3.06 and Section 3.17
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such
industry standard, (b) such modification does not adversely




     -490-


     


    

affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates);


(ix)
to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or
the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency
Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and


(x)   
to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of
the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced
by an Opinion of Counsel;


provided
that any amendment under this Section 12.08 (a) shall not materially increase the
obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the 17g-5 Information Provider, the
Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder, the RR Interest Owner or Serviced Companion Loan Noteholder not consenting thereto,
as evidenced in the case of clauses (iii) through (x) above by (1) an Opinion of Counsel or (2) solely in the case of a Certificateholder
of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs or the Upper-Tier REMIC to fail to qualify as a REMIC
or the Grantor Trust to fail to qualify as a grantor trust.


This
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by
such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class
of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates
and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or modifying in




     -491-


     


    

 


any
manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided
that no such amendment may:


(1)       
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion
Loan or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of
the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as
applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of
such Companion Loan Noteholders;


(2)       
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment
or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any
such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Loan Noteholder
or Holder of the Loan-Specific Certificates, as applicable;


(3)       
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such
Class then outstanding;


(4)       
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or


(5)       
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating
Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates).


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
this Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification
of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs or the Upper-Tier REMIC as a REMIC or the qualification of
the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the




     -492-


     


    

 


Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


If
neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section
12.08 shall be effective with the consent of the Trustee, the Certificate Administrator, the Master Servicer and the
Special Servicer, in writing, and to the extent required by this Section 12.08, the Certificateholders
and Serviced Companion Loan Noteholders.


It
shall not be necessary for the consent of Certificateholders under this Section 12.08
to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance
thereof. The method of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders
and, if applicable, Serviced Companion Loan Noteholders, shall be subject to such reasonable regulations as the Trustee may prescribe;
provided that such method shall always be by affirmation and in writing.


Notwithstanding
any contrary provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee
and the Certificate Administrator have received an Opinion of Counsel, at the expense of the Trust Fund (and, in the case of any
Whole Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor
Agreement) confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with
respect thereto have been satisfied, respectively, hereunder and such amendment will not cause the Lower-Tier REMIC, the Trust
Subordinate Companion Loan REMICs or the Upper-Tier REMIC to fail to qualify as a REMIC at any time that any Certificates are
outstanding, or cause the Grantor Trust to fail to qualify as a grantor trust, or cause a tax to be imposed on the Trust Fund
or any such Trust REMIC.


Prior
to the execution of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the
Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively upon an Opinion of Counsel and
an Officer’s Certificate, at the expense of the party requesting such amendment (or, if such amendment is required to maintain
the rating issued by any Rating Agency or requested by the Trustee for any purpose described in clauses (i), (ii) or (iii) of
the first sentence of this Section 12.08 (which do not modify or otherwise relate solely
to the obligations, duties or rights of the Trustee), then at the expense of the Trust Fund (and, in the case of any Whole Loan,
any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement))
confirming that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent
with respect thereto have been satisfied. The Trustee or the Certificate Administrator may, but shall not be obligated to, enter
into any such amendment which affects the Trustee’s or the Certificate Administrator’s own rights, duties or immunities
under this Agreement.


Notwithstanding
any contrary provision contained in this Agreement, no amendment shall be made to this Agreement (i) which adversely affects the
rights, including (without limitation) as a third-party beneficiary hereunder, and/or obligations (including, without limitation,
in the case of a Mortgage Loan Seller, under the related Mortgage Loan Purchase




     -493-


     


    

 


Agreement)
of any Mortgage Loan Seller or Initial Purchaser without the written consent of such Mortgage Loan Seller or Initial Purchaser,
as applicable, (ii) which adversely affects (as determined by the applicable Companion Loan Noteholder in good faith) the rights
and/or obligations of any Companion Loan Noteholder without the written consent of such Companion Loan Noteholder or (iii) which
adversely affects the rights of the Holders of the Loan-Specific Certificates without the consent of such Holders.


Promptly
after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same
on the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement, and, thereafter, the
Certificate Administrator shall furnish a written notification of the substance of such amendment to each Certificateholder, the
Depositor, the Master Servicer (who shall promptly forward such notification to each Serviced Companion Loan Noteholder, Other
Depositor, Other Servicer, Other Special Servicer and Other Trustee), the Special Servicer, the Trustee, each Mortgage Loan Seller
and the Initial Purchasers.


In
addition, within one (1) Business Day following the execution of any amendment to this Agreement, the party requesting such amendment
shall deliver (or cause to be delivered) such amendment (in EDGAR Compatible Format) to each Serviced Companion Loan Noteholder,
Other Depositor, Other Servicer, Other Special Servicer and Other Trustee.


Notwithstanding
any contrary provision contained in this Agreement, if one but not all of the Notes evidencing a Joint Mortgage Loan is repurchased
by the applicable Mortgage Loan Seller, this Agreement may be amended by the parties hereto (at the expense of the party requesting
such amendment), without the consent of any Certificateholder, to add or modify provisions relating to the applicable Repurchased
Note for purposes of the servicing and administration of such Repurchased Note, provided that the amendment shall not adversely
affect in any material respect the interests of the Certificateholders, as evidenced by a No Downgrade Confirmation from each
Rating Agency (obtained at the expense of the repurchasing Mortgage Loan Seller) with respect to such amendment (or, if no such
No Downgrade Confirmation is actually received, by an opinion of counsel to such effect). Prior to the effectiveness of such amendment,
if one but not all of the Notes with respect to a Joint Mortgage Loan is repurchased, the terms of Article
III shall govern the servicing and administration of such Joint Mortgage Loan.


Section
12.09   Confirmation of Intent. It is the express intent of the parties hereto that the conveyance of the
Trust Fund (including the Mortgage Loans) by the Depositor to the Trustee on behalf of Certificateholders as contemplated by this
Agreement be treated for all purposes as a sale by the Depositor of the Trust Fund to the Trustee. It is, further, not the intention
of the parties that such conveyance be deemed a pledge of the Trust Fund by the Depositor to the Trustee to secure a debt or other
obligation of the Depositor. However, if, notwithstanding the intent of the parties, the Trust Fund is held to continue to be
property of the Depositor then (a) this Agreement shall also be deemed to be a security agreement under applicable law; (b) the
transfer of the Trust Fund provided for herein shall be deemed to be a grant by the Depositor to the Trustee on behalf of Certificateholders
of a first priority security interest in, and the Depositor hereby grants to the Trustee a security interest in, all of the Depositor’s
right, title and interest in and to, whether now owned or existing or hereafter

     -494-


     


    

acquired
or arising, the property identified in clauses (i) through (xiv) of the definition of “Trust Fund” and all proceeds
thereof; (c) the possession by the Trustee (or the Custodian on its behalf) of Mortgage Notes 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” for purposes of perfecting the security interest pursuant to Section 9-313 of the New York Uniform Commercial Code;
and (d) notifications to Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding such
property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees
or agents (as applicable) of the Trustee for the purpose of perfecting such security interest under applicable law. The Depositor
shall, and upon the request and direction of the Master Servicer, the Trustee shall, to the extent consistent with this Agreement
(and at the expense of the Trust Fund (and, in the case of any Whole Loan, such expense shall be allocated in accordance with
the expense allocation provision of the related Intercreditor Agreement)), take such actions as may be necessary to ensure that
such security interest is a perfected security interest of first priority under applicable law and will be maintained as such
throughout the term of this Agreement. It is the intent of the parties that such a security interest would be effective whether
any of the Certificates are sold, pledged or assigned.


Section
12.10   No Intended Third-Party Beneficiaries. Except as specified in Section
12.12 of this Agreement, no Person other than a party to this Agreement, any Mortgage Loan Seller, any Initial Purchaser
or any Certificateholder shall have any rights with respect to the enforcement of any of the rights or obligations hereunder.
Without limiting the foregoing and for the avoidance of doubt, subject to Section 12.12
of this Agreement, the parties to this Agreement specifically state that no Borrower, Manager or other party to a Mortgage Loan
is an intended third-party beneficiary of this Agreement.


Section
12.11   Entire Agreement. This Agreement (and, with respect to each Whole Loan, together with the related
Intercreditor Agreement) contains the entire agreement and understanding between the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understanding, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control
and supersedes any course of performance or usage of the trade inconsistent with any of the terms hereof.


Section
12.12   Third Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer acknowledge that (i) each Mortgage Loan Seller and J.P. Morgan Securities LLC are third party beneficiaries
with respect to Section 8.05(h) of this Agreement, the obligations of any party to this Agreement to deliver information
to the 17g-5 Information Provider hereunder and the obligations of the 17g-5 Information Provider to post information to the 17g-5
Information Provider’s Website (or make available to the NRSROs the items referenced in Section 3.13(b) and (d))
and the express obligations of any party hereto to deliver documents, notices, information or funds to a Mortgage Loan Seller,
(ii) each Mortgage Loan Seller is a third party beneficiary with respect to Section 2.01,
Section 2.02, Section 2.03, Section 3.33,
Section 8.05 and Section 12.08 of this Agreement
and its rights as a Privileged Person, (iii) each Initial Purchaser is a third party beneficiary with respect to its rights to
receive any notices, documents, certifications and/or information hereunder and its rights under Section
12.08 of this Agreement, (iv) each holder of a


 

     -495-


     


    

 


Companion
Loan and any related Other Depositor is an intended third party beneficiary in respect of the rights afforded it under this Agreement
and may directly (or, in the case of a holder of a Companion Loan, the related Other Servicer may) enforce such rights, (v) each
of the Serviced Companion Loan Service Providers under the applicable Other Pooling and Servicing Agreement is an intended third
party beneficiary under this Agreement with respect to any provision herein expressly relating to compensation, reimbursement
or indemnification of such Serviced Companion Loan Service Provider and the provisions regarding the coordination of Advances,
(vi) each of the Non-Serviced Mortgage Loan Service Providers under the applicable Other Pooling and Servicing Agreement is an
intended third party beneficiary under this Agreement with respect to any provisions herein relating to (1) the reimbursement
of any nonrecoverable advances made with respect to the applicable Non-Serviced Mortgage Loan by such Persons, (2) the indemnification
of each applicable Other Servicer, Other Special Servicer and Other Trustee and certain other parties pursuant to Section
1.04 or any other section of this Agreement against any claims, losses, penalties, fines, forfeitures, legal fees and
related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with the related Other Pooling
and Servicing Agreement and this Agreement that relate solely to its servicing of the related Whole Loan and any related reimbursement
provisions, (3) the provisions set forth in Section 4.07 of this Agreement regarding
advancing coordination and (4) the provisions set forth in Sections 3.29 and 6.07, as applicable, of this Agreement;
and (vii) if one, but not all, of the Notes with respect to any Joint Mortgage Loan is repurchased, the applicable Repurchasing
Seller shall be a third party beneficiary of this Agreement to the same extent as if it was a Companion Loan Noteholder, as contemplated
by Section 3.33 hereof.


[NO
FURTHER TEXT ON THIS PAGE]


 

     -496-


     


    

 


IN
WITNESS WHEREOF, the Depositor, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator have
caused their names to be signed hereto by their respective officers thereunto duly authorized all as of the day and year first
above written.


 


	 	J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP., as Depositor
	 	 	 
	 	By:	/s/
    Harris Rendelstein
	 	 	Name:   
Harris Rendelstein   
	 	 	Title:      Vice
    President
	 	 	 
	 	MIDLAND
    LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Master Servicer
	 	 	 
	 	By:	/s/
    David A. Eckels
	 	 	Name:   David A. Eckels 
	 	 	Title:     Senior
    Vice     President
	 	 	 
	 	MIDLAND
    LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Special Servicer
	 	 	 
	 	By:	/s/
    David A. Eckels
	 	 	Name:   David A. Eckels
	 	 	Title:     Senior
    Vice     President
	 	 	 



 


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2020-IG3: POOLING AND SERVICING AGREEMENT


 






     


     


    

 


	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity, but solely as Certificate Administrator
	 	 	 
	 	By:	/s/
    Amy Mofsenson
	 	 	Name:   Amy Mofsenson
	 	 	Title:     Vice
    President






	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity, but solely as Trustee
	 	 	 
	 	By:	/s/
    Amy Mofsenson
	 	 	Name:   Amy Mofsenson
	 	 	Title:     Vice
    President
	 	 	 





 





 


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2020-IG3: POOLING AND SERVICING AGREEMENT


 







     


     


    


 


EXHIBIT
A-1


 


FORM
OF CLASS A-2 [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 




1
For Rule 144A Global Certificates only.


2
For Reg S Global Certificates only.


3
For IAI Certificates only.


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






     A-1-1


     


    

 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 






     A-1-2


     


    

 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 








 



5
For Reg S Global Certificates only.



 




     A-1-3


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-2


 


	Class
    A-2 Pass-Through Rate: 2.4751%	 	CUSIP:	[08162QAA7]6

        [U0812VAA4]7 

        [08162QAB5]8

	 	 	 	 
	 	 	ISIN:	[US08162QAA76]9

        [USU0812VAA45]10

        [US08162QAB59]11

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-2 Certificates: $116,375,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: March 2025	 	No.:
    A-2-[_]


 


This
certifies that [______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-2 Certificates. The Trust Fund, described more fully below, consists primarily of a
pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties
and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the
Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance


 





 



6
For Rule 144A Certificates


7
For Regulation S Certificates


8
For IAI Certificates


9
For Rule 144A Certificates


10
For Regulation S Certificates


11
For IAI Certificates


 






     A-1-4


     


    

 



hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class A-2 Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 






     A-1-5


     


    

 


During
each Interest Accrual Period (as defined below), interest on the Class A-2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall


 






     A-1-6


     


    

 


accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests,


 






     A-1-7


     


    

 


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 Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement


 






     A-1-8


     


    

 


or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied


 






     A-1-9


     


    

 


with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans
or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the
Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable,
affected thereby or which



 






     A-1-10


     


    

 


			are
                                         required to be distributed to any Companion Loan Noteholders without the consent of such
                                         Companion Loan Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and


 






     A-1-11


     


    

 


Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-1-12


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.


 


Dated:
May 29, 2020


	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


  


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020


 


	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


  




     A-1-13


     


    

 


EXHIBIT
A-2


 


FORM
OF CLASS A-3 [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR


 





 





1
For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3
For IAI Certificates only. 


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 






     A-2-1


     


    

 


AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN


 






     A-2-2


     


    

 


EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 



5
For Reg S Global Certificates only.


 




     A-2-3


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-3


 


	Class
    A-3 Pass-Through Rate: 2.4131%	 	CUSIP:	[08162QAC3]6 

        [U0812VAB2]7 

        [08162QAD1]8 

	 	 	 	 
	 	 	ISIN:	[US08162QAC33]9 

        [USU0812VAB28]10

        [US08162QAD16]11

	 	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-3 Certificates: $120,334,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: March 2027	 	No.:
    A-3-[_]


 


This
certifies that [_____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-3 Certificates. The Trust Fund, described more fully below, consists primarily of a
pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties
and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the
Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance


 





 



6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates 


10
For Regulation S Certificates 


11
For IAI Certificates


 






     A-2-4


     


    

 



hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 






     A-2-5


     


    

 


During
each Interest Accrual Period (as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and


 






     A-2-6


     


    

 


Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 






     A-2-7


     


    

 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than


 






     A-2-8


     


    

 


the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the


 






     A-2-9


     


    

 


Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the



 






     A-2-10


     


    

 


			requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or


 






     A-2-11


     


    

 


on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-2-12


     


    

  


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-3 Certificate to be duly executed.


 


Dated:
May 29, 2020


	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Certificate
of Authentication


 



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


 


Dated:
May 29, 2020


	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


  




     A-2-13


     


    

 


EXHIBIT
A-3


 


FORM
OF CLASS A-4 [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR


 





 



1
For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3
For IAI Certificates only. 


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






     A-3-1


     


    

 


AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN


 






     A-3-2


     


    

 


EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 



5
For Reg S Global Certificates only.


 




     A-3-3


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-4


 


	Class
    A-4 Pass-Through Rate: 2.4369%	 	CUSIP:	[08162QAE9]6 

        [U0812VAC0]7 

        [08162Q
        AF6]8 

	 	 	 	 
	 	 	ISIN:	[US08162QAE98]9 

        [USU0812VAC01]10

        [US08162QAF63]11

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-4 Certificates: $153,669,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: February 2030	 	No.:
    A-4-[_]


 


This
certifies that [_____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance


 





 



6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates


10
For Regulation S Certificates 


11
For IAI Certificates


 






     A-3-4


     


    

 



hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class A-4 Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 






     A-3-5


     


    

 


During
each Interest Accrual Period (as defined below), interest on the Class A-4 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and


 






     A-3-6


     


    

 


Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 






     A-3-7


     


    

 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than


 






     A-3-8


     


    

 


the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the


 






     A-3-9


     


    

 


Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the



 






     A-3-10


     


    

 





			requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;


 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or


 






     A-3-11


     


    

 


on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-3-12


     


    

  


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-4 Certificate to be duly executed.


 


Dated:
May 29, 2020


	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020 


	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




     A-3-13


     


    

 


EXHIBIT
A-4


 


FORM
OF CLASS A-SB [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR


 





 



1
For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3
For IAI Certificates only. 


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






     A-4-1


     


    

 


AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN


 






     A-4-2


     


    

 


EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 



5
For Reg S Global Certificates only.


 




     A-4-3


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-SB


 


	Class
    A-SB Pass-Through Rate: 2.6395%	 	CUSIP:	[08162QAG4]6 

        [U0812VAD8]7 

        [08162QAH2]8

	 	 	 	 
	 	 	ISIN:	[US08162QAG47]9 

        [USU0812VAD83]10

        [US08162QAH20]11

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-SB Certificates: $14,257,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: March 2027	 	No.:
    A-SB-[_]


 


This
certifies that [_____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class A-SB Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance


 





 



6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates 


10
For Regulation S Certificates 


11
For IAI Certificates


 






     A-4-4


     


    

 



hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class A-SB Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 






     A-4-5


     


    

 


During
each Interest Accrual Period (as defined below), interest on the Class A-SB Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and


 






     A-4-6


     


    

 


Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 






     A-4-7


     


    

 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than


 






     A-4-8


     


    

 


the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the


 






     A-4-9


     


    

 


Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the



 






     A-4-10


     


    

 





			requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;


 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or


 






     A-4-11


     


    

 


on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-4-12


     


    

 


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


 


Dated:
May 29, 2020


	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


  


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020


	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


  




     A-4-13


     


    

 


EXHIBIT
A-5


 


FORM
OF CLASS X-A CERTIFICATE


 


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


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


THE
HOLDERS OF THIS CLASS X-A CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS
X-A CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS
X-A CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY,
THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


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


 





 



1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






     A-5-1


     


    

 


OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 




     A-5-2


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-A


 


	Class
    X-A Pass-Through Rate: Variable	 	CUSIP:	[08162QAJ8]2 

        [U0812VAE6]3 

        [08162Q
        AK5]4 

	 	 	 	 
	 	 	ISIN:	[US08162QAJ85]5 

        [USU0812VAE66]6 

        [US08162QAK58]7 

	 	 	 
	Original
    Aggregate Notional Balance of the Class X-A Certificates: $483,075,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: April 2030	 	No.:
    X-A-[_]


 


This
certifies that [_____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance


 





 



2
For Rule 144A Certificates




3
For Regulation S Certificates




4
For IAI Certificates




5
For Rule 144A Certificates




6
For Regulation S Certificates




7
For IAI Certificates



 






     A-5-3


     


    

 


hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders of this
Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.


 






     A-5-4


     


    

 


During
each Interest Accrual Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Notional Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and


 






     A-5-5


     


    

 


Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 






     A-5-6


     


    

 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than


 






     A-5-7


     


    

 


the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the


 






     A-5-8


     


    

 


Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the



 






     A-5-9


     


    

 





			requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;


 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or


 






     A-5-10


     


    

 


on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-5-11


     


    

 


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


 


Dated:
May 29, 2020


	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020


	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


     A-5-12


     


    
 


EXHIBIT A-6

 

FORM OF CLASS A-S [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[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.]4

 

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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR 

 


 




1
For Rule 144A Global Certificates only.



2
For Reg S Global Certificates only.



3
For IAI Certificates only.



4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 



 



    A-6-1


     


    

 

AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN 

 

 



    A-6-2


     


    

 

EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 


 



5
For Reg S Global Certificates only.

 

 



    A-6-3


     


    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS A-S

 

	
Class A-S Pass-Through Rate: Equal to the (i) the WAC Rate minus 0.1580%, but in any case, not less than 0.0000%

	
 

	
CUSIP:     [08162QCG2]6
[U0812VBD7]7
[08162QCH0]8

 

ISIN:        [US08162QCG29]9
[USU0812VBD74]10
[US08162QCH02]11

 


	
Original Aggregate Certificate Balance of the
Class A-S Certificates: $78,440,000

 

	
 

	
Initial Certificate Balance of this Certificate: $[__]


	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

 


	
Assumed Final Distribution Date: April 2030

	
 

	
No.: A-S-[_]




 

This
certifies that [______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class A-S Certificates. The Trust Fund, described more fully below, consists primarily of a pool of
Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held
in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 


 




6
For Rule 144A Certificates



7
For Regulation S Certificates



8
For IAI Certificates



9
For Rule 144A Certificates



10
For Regulation S Certificates



11
For IAI Certificates

 



 



    A-6-4


     


    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class A-S Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period (as defined below), interest on the Class A-S Certificates will be calculated based on a 360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

 



    A-6-5


     


    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) 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.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

 



    A-6-6


     


    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and

 

 



    A-6-7


     


    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer 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 any Certificateholder or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

 



    A-6-8


     


    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status

 

 



    A-6-9


     


    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;




 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or




 

 



    A-6-10


     


    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;




 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or




 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).




 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust

 

 



    A-6-11


     


    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

 



    A-6-12


     


    

 

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

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator


	
 

	
 

	
 


	
 

	
By:

	
 


	
 

	
 

	
Name:


	
 

	
 

	
Title:




 

Certificate of Authentication

 

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

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent


	
 

	
 

	
 


	
 

	
By:

	
 


	
 

	
 

	
Name:


	
 

	
 

	
Title:




 

 



    A-6-13


     


    

 

EXHIBIT A-7

 

FORM OF CLASS B [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[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.]4

 

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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR

 


 




1 For
Rule 144A Global Certificates only.



2
 For Reg S Global Certificates only.



3
 For IAI Certificates only.



4
 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 





 



    A-7-1


     


    

 



AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN

 

 



    A-7-2


     


    

 

EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 



 



5
For Reg S Global Certificates only.

 





 



    A-7-3


     


    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS B

 

	
Class B Pass-Through Rate: Equal to the WAC Rate

	
 

	
CUSIP:     [08162QAN9]6
[U0812VAG1]7
[08162QAP4]8

 

ISIN:        [US08162QAN97]9
[USU0812VAG15]10
[US08162QAP46]11


	 	 	 
	
Original Aggregate Certificate Balance of the
Class B Certificates: $59,375,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]


	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan


	 	 	 
	
Assumed Final Distribution Date: April 2030

	
 

	
No.: B-[_]




 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be
made with respect to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust
by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate
Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and
is bound thereby.

 


 




6
 For Rule 144A Certificates 



7
 For Regulation S Certificates 



8
 For IAI Certificates 



9
 For Rule 144A Certificates 



10
For Regulation S Certificates 




11
 For IAI Certificates

 


 



    A-7-4


     


    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

 



    A-7-5


     


    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) 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.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

 



    A-7-6


     


    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and

 

 



    A-7-7


     


    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer 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 any Certificateholder or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

 



    A-7-8


     


    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status

 

 



    A-7-9


     


    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;




 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or




 

 



    A-7-10


     


    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;




 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or




 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).




 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust

 

 



    A-7-11


     


    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

 



    A-7-12


     


    

 

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

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator


	
 

	
 

	
 


	
 

	
By:

	
 


	
 

	
 

	
Name:


	
 

	
 

	
Title:




 

Certificate of Authentication

 

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

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent


	
 

	
 

	
 


	
 

	
By:

	
 


	
 

	
 

	
Name:


	
 

	
 

	
Title:




 

 



    A-7-13


     


    

 

EXHIBIT A-8

 

FORM OF CLASS C [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[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.]4

 

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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR 

 



 



1
For Rule 144A Global Certificates only.



2
For Reg S Global Certificates only.



3
For IAI Certificates only.



4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 




 


 



    A-8-1


     


    

 



AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN

 

 



    A-8-2


     


    

 

EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 


 




5
For Reg S Global Certificates only.

 





 



    A-8-3


     


    

 


BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS C

 

	
Class C Pass-Through Rate: Equal to the WAC Rate

	
 

	
CUSIP:     [08162QAQ2]6
[U0812VAH9]7
[08162QAR0]8

 

ISIN:        [US08162QAQ29]9
[USU0812VAH97]10
[US08162QAR02]11


	 	 	 
	
Original Aggregate Certificate Balance of the
Class C Certificates: $22,230,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]


	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan


	 	 	 
	
Assumed Final Distribution Date: April 2030

	
 

	
No.: C-[_]




 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be
made with respect to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust
by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate
Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and
is bound thereby.

 


 




6
For Rule 144A Certificates



7
For Regulation S Certificates 



8
For IAI Certificates 



9
For Rule 144A Certificates 



10
For Regulation S Certificates 




11
For IAI Certificates

 


 



    A-8-4


     


    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on a 360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

 



    A-8-5


     


    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) 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.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

 



    A-8-6


     


    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and

 

 



    A-8-7


     


    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer 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 any Certificateholder or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

 



    A-8-8


     


    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status

 

 



    A-8-9


     


    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;




 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or




 

 



    A-8-10


     


    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;




 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or




 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).




 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust

 

 



    A-8-11


     


    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

 



    A-8-12


     


    

 

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

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator


	
 

	
 

	
 


	
 

	
By:

	
 


	
 

	
 

	
Name:


	
 

	
 

	
Title:




 

Certificate of Authentication

 

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

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent


	
 

	
 

	
 


	
 

	
By:

	
 


	
 

	
 

	
Name:


	
 

	
 

	
Title:




 



 



    A-8-13


     


    

 




EXHIBIT
A-9


 


FORM
OF CLASS D [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR  


 





 



1
For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3
For IAI Certificates only. 


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






     A-9-1


     


    

 


AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN 


 






     A-9-2


     


    

 


EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY
FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE
CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 



5
For Reg S Global Certificates only.


 




     A-9-3


     


    

 


 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D


 


	Class
    D Pass-Through Rate: Equal to the WAC Rate	 	CUSIP:	[08162QAS8]6 

        [U0812VAJ5]7 

        [08162QAT6]8 

	 	 	 	 
	 	 	ISIN:	[US08162QAS84]9 

        [USU0812VAJ53]10 

        [US08162QAT67]11

	 	 	 	 
	Original
    Aggregate Certificate Balance of the Class D Certificates: $13,371,030	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: April 2030	 	No.:
    D-[__]


 


This
certifies that [_____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby. 


 





 



6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates 


10
For Regulation S Certificates 


11
For IAI Certificates


 






     A-9-4


     


    

 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 






     A-9-5


     


    

 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be


 






     A-9-6


     


    

 


invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and


 






     A-9-7


     


    

 


transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such


 






     A-9-8


     


    

 


amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status


 






     A-9-9


     


    

 


of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or



 






     A-9-10


     


    

 


such
Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;


 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust


 






     A-9-11


     


    

 


Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-9-12


     


    

 


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


 


Dated:
May 29, 2020


 


	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020


 


	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 



     A-9-13


     


    

 


EXHIBIT
A-10


 


FORM
OF CLASS S CERTIFICATE


 


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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE 


 






     A-10-1


     


    

 


SECURITIES
ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.


 




     A-10-2


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS S


 


	No.:
    S-1	 	Percentage
                                         Interest: [100]%

         

        CUSIP:   [08162QAU3]1

         

        ISIN:       [US08162QAU31]2



 


This
certifies that [____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class S Certificates. The Trust Fund, described more fully below, consists primarily of a pool of
Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held
in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.


 


This
Certificate represents a beneficial ownership interest in a portion of the Excess Interest collected on the ARD Loan and amounts
held from time to time in the Excess Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.


 





 



1
For Rule 144A Certificates 


2
For Rule 144A Certificates


 





     A-10-3


     


    

 





The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class S Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not


 






     A-10-4


     


    

 


have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class S Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement,


 






     A-10-5


     


    

 


withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements


 






     A-10-6


     


    

 


made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced


 






     A-10-7


     


    

 


by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any



 






     A-10-8


     


    

 


Certificate
or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion
Loan Noteholders without the consent of such Companion Loan Noteholders;


 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 






     A-10-9


     


    

 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 


 




     A-10-10


     


    

 


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


 


Dated:
May 29, 2020


 


	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


 


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020


 


	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




     A-10-11


     


    

 


EXHIBIT
A-11


 


FORM
OF CLASS R CERTIFICATE


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


THIS
CERTIFICATE REPRESENTS THE “RESIDUAL INTEREST” IN FIVE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
OF THE CODE. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO
CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, DISQUALIFIED NON-U.S. TAX PERSONS OR AGENTS OF EITHER,
AS SET FORTH IN SECTION 5.032 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR,
THE CERTIFICATE ADMINISTRATOR AND THE TRUSTEE TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION,
AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH
DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE
AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT
TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE
AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT
OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL
NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED
ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY
NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS ONE OR MORE “NON-ECONOMIC
RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE
MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL
NOT BE


 






     A-11-1


     


    

 


DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER CONDITIONS, 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.


 


THE
HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR
AS “PARTNERSHIP REPRESENTATIVE” OF THE UPPER-TIER REMIC, THE LOWER-TIER REMIC AND THE TRUST SUBORDINATE COMPANION
LOAN REMIC PURSUANT TO SECTION 6223 OF THE CODE.


 


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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO


 






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BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.


 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING 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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 






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BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS R


 


	No.:
    R-1	Percentage
    Interest: [100]%
	 	 
	 	CUSIP:   [08162QAW9]1

         

        ISIN:       [US08162QAW96]2



 


This
certifies that [____] is the registered owner of the Percentage Interest evidenced by this Certificate in the Class R Certificates
issued by the Trust Fund. The Class R Certificateholder is not entitled to interest or principal distributions. The Class R Certificateholder
will be entitled to receive the proceeds of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution
Date for the Certificates, after distributions in respect of any accrued but unpaid interest on the Certificates and after distributions
in reduction of principal balance have reduced the principal balances of the Certificates to zero. It is not anticipated that
there will be any assets remaining in the Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following
the distributions on the Regular Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust
by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate
Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and
is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement. 


 





 



1
For Rule 144A Certificates 


2
For Rule 144A Certificates


 






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This
Class R Certificate represents the sole “residual interests” in five “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 Certificate Administrator shall be designated as the “partnership
representative” (within the meaning of Section 6223 of the Code) for each Trust REMIC.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator


 






     A-11-5


     


    

 


shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 






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This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing


 






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Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered


 






     A-11-8


     


    

 


satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans
or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the
Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable,
affected thereby or which



 






     A-11-9


     


    

 





			are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;





 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and


 






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Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 


 




     A-11-11


     


    

  


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


 


Dated:
May 29, 2020


 


	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020


 


	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 






     A-11-12


     


    

 



EXHIBIT
A-12


 


FORM
OF CLASS RR CERTIFICATE


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. 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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECTTO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975


 






     A-12-1


     


    

 


OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32)
OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN
ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS
MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A BENEFICIAL INTEREST IN MULTIPLE “REGULAR INTERESTS”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND (II) A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND PROCEEDS THEREOF
IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 




     A-12-2


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS RR CERTIFICATES


 


	Class
    RR Pass-Through Rate: N/A	 	CUSIP:    [08162QAY5]1

                                         [08162QAZ2]2

                                         

         

        ISIN:       [US08162QAY52]3

[US08162QAZ28]4 

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class RR Certificates: $24,048,739	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: April 2030	 	No.:
    RR-[__]


 


This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class RR Certificates. The Trust Fund, described more fully below, consists primarily of a pool of
Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held
in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 





 






1
For Rule 144A Certificates 


2
For IAI Certificates 


3
For Rule 144A Certificates 


4
For IAI Certificates



 



     A-12-3


     


    

 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C,
Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the
T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the
Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation
of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.
To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.


 


This
Certificate represents (i) a beneficial interest in multiple “regular interests” in a “real estate mortgage
investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code
of 1986, as amended, and (ii) a beneficial interest in the Excess Interest and proceeds thereof in the Excess Interest Distribution
Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment
of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and
franchise taxes and other taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class RR Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.
Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and
Servicing Agreement.


 






     A-12-4


     


    

 


During
each Interest Accrual Period (as defined below), interest on the Class RR Certificates will be calculated based on a 360-day year
consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and


 






     A-12-5


     


    

 


Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of
any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale
Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion
Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with
respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust
Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on
deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 






     A-12-6


     


    

 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than


 






     A-12-7


     


    

 


the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any
of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor
Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim
against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or
Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as
evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor)
to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies;
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the


 






     A-12-8


     


    

 


Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or
the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR
Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the



 






     A-12-9


     


    

 





		 	requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;


 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or


 






     A-12-10


     


    

 


on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-12-11


     


    

 


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


 


Dated:
May 29, 2020


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator


	 

	 


	 

	By:

	


	 	 	Name:
	 

	 

	Title:




 


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent


	 

	 


	 

	By:

	                


	 	 	Name:
	 

	 
	Title:



 




     A-12-12


     


    

 


EXHIBIT
A-13


 


FORM
OF CLASS BX-A [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 






1
                                         For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3
For IAI Certificates only. 


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.



  




     A-13-1


     


    

 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


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


 






     A-13-2


     


    

 


FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 



5
For Reg S Global Certificates only.


 




     A-13-3


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS BX-A


 


	Class
    BX-A Pass-Through Rate: Net Mortgage Rate on the BX Industrial Portfolio Trust Subordinate Companion Loan	 	CUSIP:    [08162QBA6]6

[U0812VAN6]7

[08162QBB4]8

         

        ISIN:       [US08162QBA67]9

[USU0812VAN65]10

[US08162QBB41]11 

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class BX-A Certificates: $21,576,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: October 2026	 	No.:
    BX-A -[__]


 


This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class BX-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 





 









6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates 


10
For Regulation S Certificates 


11
For IAI Certificates


 






     A-13-4


     


    

 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C,
Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the
T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the
Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation
of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.
To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class BX-A Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.
Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and
Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class BX-A Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 






     A-13-5


     


    

 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 






     A-13-6


     


    

 


invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of
any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale
Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion
Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with
respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust
Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on
deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and


 






     A-13-7


     


    

 


transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer 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 any Certificateholder or RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such 


 






     A-13-8


     


    

 


amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify,
eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or
the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the
provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any
Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that
the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a
Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same
manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or
supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the
Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any
holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of
Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating
Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect
to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master
Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or
the status 


 






     A-13-9


     


    

 


of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR
Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or 



 






     A-13-10


     


    

 





		 	 such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;


 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR
Interest (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to
Certificateholders and the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon
payment (or provision for payment) to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan
Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust


 






     A-13-11


     


    

 


 Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-13-12


     


    

 


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


 


Dated:
May 29, 2020


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator


	 

	 


	 

	By:

	


	 	 	Name:
	 

	 

	Title:




 


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent


	 

	 


	 

	By:

	          


	 	 	Name:
	 

	 
	Title:



  




     A-13-13


     


    

 


EXHIBIT
A-14


 


FORM
OF CLASS BX-B [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



1
For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3
For IAI Certificates only. 


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 






     A-14-1


     


    

 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


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


 






     A-14-2


     


    

 


FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 



5
For Reg S Global Certificates only.


 




     A-14-3


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS BX-B


 


	Class
    BX-B Pass-Through Rate: Net Mortgage Rate on the BX Industrial Portfolio Trust Subordinate Companion Loan	 	CUSIP:    [08162QBC2]6

                                         [U0812VAP1]7

                                         [08162QBD0]8

         

        ISIN:       [US08162QBC24]9

[USU0812VAP14]10

[US08162QBD07]11

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class BX-B Certificates: $40,428,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: October 2026	 	No.:
    BX-B -[__]


 


This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class BX-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 





 






6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates 


10
For Regulation S Certificates 


11
For IAI Certificates


 






     A-14-4


     


    

 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C,
Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the
T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the
Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation
of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.
To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class BX-B Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.
Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and
Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class BX-B Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 






     A-14-5


     


    

 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 






     A-14-6


     


    

 


invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of
any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale
Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion
Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with
respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust
Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on
deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and


 






     A-14-7


     


    

 


transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer 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 any Certificateholder or RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such


 






     A-14-8


     


    

 


amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any
of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor
Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim
against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or
Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as
evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor)
to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies;
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or
the status


 






     A-14-9


     


    

 


of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR
Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or



 






     A-14-10


     


    

 





		 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;


 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust


 






     A-14-11


     


    

 


Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-14-12


     


    

 


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


 


Dated:
May 29, 2020


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator


	 

	 


	 

	By:

	


	 	 	Name:
	 

	 

	Title:




  


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent


	 

	 


	 

	By:

	              


	 	 	Name:
	 

	 
	Title:



 




     A-14-13


     


    

 


EXHIBIT
A-15


 


FORM
OF CLASS BX-C [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 





 



1
For Rule 144A Global Certificates only. 


2
 For Reg S Global Certificates only. 


3
 For IAI Certificates only. 


4
 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 






     A-15-1


     


    

 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.


 


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


 






     A-15-2


     


    

 


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 (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO
ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF
PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION
95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS
CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR
LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION
OF SIMILAR LAW.


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 



5 For Reg S Global Certificates only.



 




     A-15-3


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS BX-C


 


	Class
    BX-C Pass-Through Rate: Net Mortgage Rate on the BX Industrial Portfolio Trust Subordinate Companion Loan	 	CUSIP:    [08162Q BE8]6

                                         [U0812V AQ9]7

                                         [08162Q BF5]8

         

        ISIN:        [US08162QBE89]9

[USU0812VAQ96]10

[US08162QBF54]11 

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class BX-C Certificates: $6,966,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: October 2026	 	No.:
    BX-C -[__]


 


This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class BX-C Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.


 





 



6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates 


10
For Regulation S Certificates 


11
For IAI Certificates



 






     A-15-4


     


    

 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C,
Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the
T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the
Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation
of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.
To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class BX-C Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.
Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and
Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class BX-C Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 






     A-15-5


     


    

 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 






     A-15-6


     


    

 


invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of
any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale
Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion
Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with
respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust
Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on
deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and


 






     A-15-7


     


    

 


transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer 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 any Certificateholder or RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such


 






     A-15-8


     


    

 


amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any
of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor
Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim
against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or
Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as
evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor)
to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies;
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or
the status


 






     A-15-9


     


    

 


of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR
Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or



 






     A-15-10


     


    

 





		 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;


 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust


 






     A-15-11


     


    

 


Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-15-12


     


    

 


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


 


Dated:
May 29, 2020


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator


	 

	 


	 

	By:

	


	 	 	Name:
	 

	 

	Title:




 


Certificate
of Authentication


 


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


 


Dated:
May 29, 2020


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent


	 

	 


	 

	By:

	              


	 	 	Name:
	 

	 
	Title:



 




     A-15-13


     


    

 


EXHIBIT
A-16


 


FORM
OF BX-VRR INTEREST CERTIFICATE


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. 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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECTTO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975


 






     A-16-1


     


    

 


OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.


 


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 SECTIONS 860G(a)(1) AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 




     A-16-2


     


    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, BX-VRR INTEREST


 


	BX-VRR
    Interest Pass-Through Rate: N/A	 	CUSIP:    [08162QBG3]1

                                         [08162QBH1]2

         

        ISIN:       [US08162QBG38]3

[US08162QBH11]4 

	 	 	 
	Original
    Aggregate Certificate Balance of the

    BX-Interest Certificates: $3,630,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: October 2026	 	No.:
    BX-VRR -[__]


 


This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the BX-VRR Interest. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust
by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate
Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and
is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),


 





 



1
For Rule 144A Certificates 


2
For IAI Certificates 


3
For Rule 144A Certificates 


4
For IAI Certificates



 






     A-16-3


     


    

 


Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C,
Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the
T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the
Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation
of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.
To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the BX-VRR Interest for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the BX-VRR Interest will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The


 






     A-16-4


     


    

 


“Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 






     A-16-5


     


    

 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of
any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale
Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion
Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with
respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust
Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on
deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement,


 






     A-16-6


     


    

 


the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer 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 any Certificateholder or RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any
of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the


 






     A-16-7


     


    

 


Grantor
Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim
against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or
Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as
evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor)
to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies;
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or
the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating


 






     A-16-8


     


    

 


agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR
Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;



 






     A-16-9


     


    

 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants


 






     A-16-10


     


    

 


of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 




     A-16-11


     


    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this BX-VRR Interest Certificate to be duly executed.


 


Dated:
May 29, 2020


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator


	 

	 


	 

	By:

	


	 	 	Name:
	 

	 

	Title:




 


Certificate
of Authentication


 


This
is one of the BX-VRR Interest Certificates referred to in the Pooling and Servicing Agreement.


 


Dated:
May 29, 2020


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent


	 

	 


	 

	By:

	              


	 	 	Name:
	 

	 
	Title:



 




     A-16-12


     


    

 



EXHIBIT A-17

 

FORM OF CLASS T333-A [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[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.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH 

 


 



1 For
Rule 144A Global Certificates only.
2
For Reg S Global Certificates only.
3
For IAI Certificates only.
4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.


 



     A-17-1


     


    

 

CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE
MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF 

 



     A-17-2


     


    

 

DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 


 



5
For Reg S Global Certificates only.


 



     A-17-3


     


    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS T333-A

 

	
Class T333-A Pass-Through Rate:  Net Mortgage Rate on the Tower 333 Trust Subordinate Companion Loan

	
 

	
CUSIP:    [08162QBJ7]6

                 [U0812VAS5]7

                 [08162QBK4]8

 

ISIN:        [US08162QBJ76]9

                 [USU0812VAS52]10

                 [US08162QBK40]11


	 	 	 
	
Original Aggregate Certificate
Balance of the Class T333-A Certificates: $5,717,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]


	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan


	 	 	 
	
Assumed Final Distribution Date:  April 2030

	
 

	
No.: T333-A-[__]




 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class T333-A Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 


 



6
For Rule 144A Certificates
7
For Regulation S Certificates
8
For IAI Certificates
9
For Rule 144A Certificates
10
For Regulation S Certificates
11
For IAI Certificates


 



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The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class T333-A Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class T333-A Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 



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Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) 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.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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.  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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R
Certificateholders.  No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling
and Servicing Agreement 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 the Pooling and Servicing Agreement.  Any such amounts transferred
to the Certificate Administrator may be

 



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invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 



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transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 



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amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status


 



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of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;




 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or




 



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such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;




 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or




 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).




 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust

 



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Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 



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IN WITNESS WHEREOF, the Certificate Administrator has caused this Class T333-A Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator


	
 

	
 

	
 

	
 


	
 

	
By:

	
 

	
 


	
 

	
 

	
Name:

	
 


	
 

	
 

	
Title:

	
 




 

Certificate of Authentication

 

This is one of the Class T333-A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent


	
 

	
 

	
 

	
 


	
 

	
By:

	
 

	
 


	
 

	
 

	
Name:

	
 


	
 

	
 

	
Title:

	
 




 

 



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EXHIBIT A-18

 

FORM OF CLASS T333-B [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[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.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH 

 


 



1
For Rule 144A Global Certificates only.
2
For Reg S Global Certificates only.
3
For IAI Certificates only.
4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement. 



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CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE
MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF  



     A-18-2


     


    

 

DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 


 



5
For Reg S Global Certificates only.

 



     A-18-3


     


    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS T333-B

 

	
Class T333-B Pass-Through Rate:  Net Mortgage Rate on the Tower 333 Trust Subordinate Companion Loan

	
 

	
CUSIP:     [08162QBL2]6

                  [U0812VAT3]7

                  [08162QBM0]8

 

ISIN:         [US08162QBL23]9

                  [USU0812VAT36]10

                  [US08162QBM06]11


	 	 	 
	
Original Aggregate Certificate
Balance of the Class T333-B Certificates: $25,892,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]


	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan


	 	 	 
	
Assumed Final Distribution Date:  April 2030

	
 

	
No.: T333-B-[__]




 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class T333-B Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 


 



6
For Rule 144A Certificates
7
For Regulation S Certificates
8
For IAI Certificates
9
For Rule 144A Certificates
10
For Regulation S Certificates
11
For IAI Certificates

 



     A-18-4


     


    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class T333-B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class T333-B Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 



     A-18-5


     


    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) 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.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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.  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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R
Certificateholders.  No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling
and Servicing Agreement 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 the Pooling and Servicing Agreement.  Any such amounts transferred
to the Certificate Administrator may be

 



     A-18-6


     


    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 



     A-18-7


     


    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 



     A-18-8


     


    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status


 



     A-18-9


     


    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;




 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or





 



     A-18-10


     


    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;




 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or




 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).




 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust 

 



     A-18-11


     


    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 



     A-18-12


     


    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class T333-B Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator


	
 

	
 

	
 

	
 


	
 

	
By:

	
 

	
 


	
 

	
 

	
Name:

	
 


	
 

	
 

	
Title:

	
 




 

Certificate of Authentication

 

This is one of the Class T333-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent


	
 

	
 

	
 

	
 


	
 

	
By:

	
 

	
 


	
 

	
 

	
Name:

	
 


	
 

	
 

	
Title:

	
 




  



     A-18-13


     


    

 

EXHIBIT A-19

 

FORM OF CLASS T333-C [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[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.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH 

 


 



1 For
Rule 144A Global Certificates only.
2
For Reg S Global Certificates only.
3
For IAI Certificates only.
4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 



     A-19-1


     


    

 

CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE
MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF  

 



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DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 


 



5
For Reg S Global Certificates only.

 



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BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS T333-C

 

	
Class T333-C Pass-Through Rate:  Net Mortgage Rate on the Tower 333 Trust Subordinate Companion Loan

	
 

	
CUSIP:     [08162QBN8]6

                  [U0812VAU0]7

                  [08162QBP3]8

 

ISIN:         [US08162QBN88]9

                  [USU0812VAU09]10

                  [US08162QBP37]11


	 	 	 
	
Original Aggregate Certificate
Balance of the Class T333-C Certificates: $26,103,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]


	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan


	 	 	 
	
Assumed Final Distribution Date:  April 2030

	
 

	
No.: T333-C-[__]




 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class T333-C Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 


 



6
For Rule 144A Certificates
7
For Regulation S Certificates
8
For IAI Certificates
9
For Rule 144A Certificates
10 For
                                           Regulation S Certificates
11
                                    For IAI Certificates

 



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The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class T333-C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class T333-C Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 



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Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) 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.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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.  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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R
Certificateholders.  No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling
and Servicing Agreement 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 the Pooling and Servicing Agreement.  Any such amounts transferred
to the Certificate Administrator may be

 



     A-19-6


     


    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 



     A-19-7


     


    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such 

 



     A-19-8


     


    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status


 



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of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;




 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or




  



     A-19-10


     


    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;




 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or




 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).




 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust 

 



     A-19-11


     


    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 



     A-19-12


     


    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class T333-C Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator


	
 

	
 

	
 

	
 


	
 

	
By:

	
 

	
 


	
 

	
 

	
Name:

	
 


	
 

	
 

	
Title:

	
 




 

Certificate of Authentication

 

This is one of the Class T333-C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent


	
 

	
 

	
 

	
 


	
 

	
By:

	
 

	
 


	
 

	
 

	
Name:

	
 


	
 

	
 

	
Title:

	
 






     A-19-13


     


    

 

EXHIBIT A-20

 

FORM OF CLASS T333-D [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[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.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH 

 


 



1 For
Rule 144A Global Certificates only.
2
For Reg S Global Certificates only.
3
For IAI Certificates only.
4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 



     A-20-1


     


    

 

CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

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 (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
WITHIN THE  

 



     A-20-2


     


    

 

MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 


 



5
For Reg S Global Certificates only.

 



     A-20-3


     


    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS T333-D

 

	
Class T333-D Pass-Through Rate:  Net Mortgage Rate on the Tower 333 Trust Subordinate Companion Loan

	
 

	
CUSIP:     [08162QBQ1]6

                  [U0812VAV8]7

                  [08162QBR9]8

 

ISIN:         [US08162QBQ10]9

                  [USU0812VAV81]10

                  [US08162QBR92]11


	 	 	 
	
Original Aggregate Certificate
Balance of the Class T333-D Certificates: $5,232,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]


	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan


	 	 	 
	
Assumed Final Distribution Date:  April 2030

	
 

	
No.: T333-D-[__]




 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class T333-D Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 


 



6
For Rule 144A Certificates
7
For Regulation S Certificates
8
For IAI Certificates
9
For Rule 144A Certificates
10
For Regulation S Certificates
11 For
                                              IAI Certificates

 



     A-20-4


     


    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class T333-D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class T333-D Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 



     A-20-5


     


    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) 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.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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.  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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R
Certificateholders.  No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling
and Servicing Agreement 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 the Pooling and Servicing Agreement.  Any such amounts transferred
to the Certificate Administrator may be 

 



     A-20-6


     


    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 



     A-20-7


     


    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 



     A-20-8


     


    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status


 



     A-20-9


     


    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;




 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or




  



     A-20-10


     


    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;




 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or




 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).




 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust 

 



     A-20-11


     


    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 



     A-20-12


     


    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class T333-D Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator


	
 

	
 

	
 

	
 


	
 

	
By:

	
 

	
 


	
 

	
 

	
Name:

	
 


	
 

	
 

	
Title:

	
 




 

Certificate of Authentication

 

This is one of the Class T333-D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent


	
 

	
 

	
 

	
 


	
 

	
By:

	
 

	
 


	
 

	
 

	
Name:

	
 


	
 

	
 

	
Title:

	
 




  



     A-20-13


     


    

 



EXHIBIT
A-21


 


FORM
OF T333-VRR INTEREST CERTIFICATE


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. 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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECTTO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975


 



    A-21-1


     

    

 


OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32)
OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN
ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS
MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A BENEFICIAL INTEREST IN MULTIPLE “REGULAR INTERESTS”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND (II) A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND PROCEEDS THEREOF
IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.


 


THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.


 






    A-21-2


     

    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, T333-VRR INTEREST


 


	T333-VRR
    Pass-Through Rate:  N/A	 	CUSIP:  [08162QBS7]1

                                                                                    [08162QBT5]2

         

        ISIN:      [US08162QBS75]3

                       [US08162QBT58]4

         

	Original
    Aggregate Certificate Balance of the T333-VRR Certificates: $3,313,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date:  April 2030	 	No.:
    T333-VRR-[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the T333-VRR
Interest. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate
Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be
serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.


 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),


 





 





1
For Rule 144A Certificates 


2
For IAI Certificates 


3
For Rule 144A Certificates 


4
For IAI Certificates  


 



    A-21-3


     

    

 


Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National
Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian
and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A,
Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B,
Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B,
Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate
is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the T333-VRR Interest for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the T333-VRR Interest will be calculated based on a 360-day year
consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The


 



    A-21-4


     

    

 


“Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 






    A-21-5


     

    

 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans
as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all
scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion
Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection
Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and
the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the
Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to
document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier
Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement,


 



    A-21-6


     

    

 


the
Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being
surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and
Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional
Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the
Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee
to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the


 



    A-21-7


     

    

 


Grantor
Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim
against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the
relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating


 



    A-21-8


     

    

 


agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling
and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall
not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating
Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of
any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add
to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule,
as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;



 






    A-21-9


     

    

 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants


 



    A-21-10


     

    

 


of
Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 






    A-21-11


     

    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this T333-VRR Interest Certificate to be duly executed.


 


Dated: 
May 29, 2020


 


	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate
                                         Administrator

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:




 


Certificate
of Authentication


 


This is one of the T333-VRR Interest Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: 
May 29, 2020


 


	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating
                                         Agent

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:








 



    A-21-12


     

    




 


EXHIBIT
A-22


 


FORM
OF CLASS 825S-A [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)  TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3)  UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH


 





 





1
For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3
For IAI Certificates only. 


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 



    A-22-1


     

    

 


CERTAIN
TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER
AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF


 



    A-22-2


     

    

 


DEPARTMENT
OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) 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 SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 





5
For Reg S Global Certificates only.


 






    A-22-3


     

    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS 825S-A


 


	Class 825S-A
    Pass-Through Rate:  Net Mortgage Rate on the 825 South Hill Trust Subordinate Companion Loan	 	CUSIP:
                                         [08162QBU2]6

                                                                                   [U0812VAX4]7

                                                                                   [08162QBV0]8

         

        ISIN:    [US08162QBU22]9

                     [USU0812VAX48]10

                     [US08162QBV05]11

         

	Original
    Aggregate Certificate Balance of the Class 825S-A Certificates: $1,833,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date:  March 2027	 	No.:
    825S-A-[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class 825S-A
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate
Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be
serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.


 





 




6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates 


10
For Regulation S Certificates 


11
For IAI Certificates



 






    A-22-4


     

    

 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB,
Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B,
Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B,
Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate
is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class 825S-A Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class 825S-A Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 






    A-22-5


     

    

 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 



    A-22-6


     

    

 


invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans
as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all
scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion
Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection
Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and
the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the
Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to
document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier
Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and


 



    A-22-7


     

    

 


transfer
(executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional
Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the
Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee
to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such


 



    A-22-8


     

    

 


amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status


 



    A-22-9


     

    

 


of
the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders
or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt
of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;
and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention
Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or
repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in
the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or



 






    A-22-10


     

    

 


	 	 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust


 



    A-22-11


     

    

 


Subordinate
Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 






    A-22-12


     

    

 





IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 825S-A Certificate to be duly executed.


 


Dated: 
May 29, 2020


 


	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate
                                         Administrator

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:




 


Certificate
of Authentication


 


This
is one of the Class 825S-A Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: 
May 29, 2020


 


	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating
                                         Agent

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:




 






    A-22-13


     

    




 


EXHIBIT
A-23


 


FORM
OF CLASS 825S-B [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)  TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3)  UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH


 





 





1
For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3
For IAI Certificates only. 


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 



    A-23-1


     

    

 


CERTAIN
TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER
AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


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 (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
PLAN ASSETS WITHIN THE


 



    A-23-2


     

    

 


MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION
95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT
TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT
TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND
DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NONEXEMPT VIOLATION OF SIMILAR LAW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 





5
For Reg S Global Certificates only.


 






    A-23-3


     

    

 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS 825S-B


 


	Class 825S-B
    Pass-Through Rate:  Net Mortgage Rate on the 825 South Hill Trust Subordinate Companion Loan	 	CUSIP:
                                         [08162QBW8]6

                                                                                   [U0812VAY2]7

                                                                                   [08162QBX6]8

         

        ISIN:    [US08162QBW87]9

                     [USU0812VAY21]10

                     [US08162QBX60]11

         

	Original
    Aggregate Certificate Balance of the Class 825S-B Certificates: $7,953,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date:  March 2027	 	No.:
    825S-B-[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class 825S-B
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate
Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be
serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.


 





 





6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates 


10
For Regulation S Certificates 


11
For IAI Certificates



 






    A-23-4


     

    

 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB,
Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B,
Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B,
Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate
is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class 825S-B Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class 825S-B Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 






    A-23-5


     

    

 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 



    A-23-6


     

    

 


invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans
as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all
scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion
Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection
Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and
the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the
Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to
document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier
Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and


 



    A-23-7


     

    

 


transfer
(executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional
Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the
Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee
to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such


 



    A-23-8


     

    

 


amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status


 



    A-23-9


     

    

 


of
the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders
or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt
of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;
and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention
Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or
repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in
the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or



 






    A-23-10


     

    

 


	 	 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust


 



    A-23-11


     

    

 


Subordinate
Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 






    A-23-12


     

    

 


IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 825S-B Certificate to be duly executed.


 


Dated: 
May 29, 2020


 


	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate
                                         Administrator

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:




 


Certificate
of Authentication


 


This
is one of the Class 825S-B Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: 
May 29, 2020


 


	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating
                                         Agent

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:




 






    A-23-13


     

    









EXHIBIT
A-24


 


FORM
OF CLASS 825S-C [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)  TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3)  UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH


 





 








1
For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3
For IAI Certificates only. 


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 



    A-24-1


     

    

 


CERTAIN
TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER
AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


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 (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
PLAN ASSETS WITHIN THE


 



    A-24-2


     

    

 


MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION
95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT
TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT
TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND
DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 








5
For Reg S Global Certificates only.



 






    A-24-3


     

    

 





BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS 825S-C


 


	Class 825S-C
    Pass-Through Rate:  Net Mortgage Rate on the 825 South Hill Trust Subordinate Companion Loan	 	CUSIP:
                                         [08162QBY4]6

                                                                                   [U0812VAZ9]7

                                                                                   [08162Q
                                         BZ1]8

         

        ISIN:    [US08162QBY44]9

                     [USU0812VAZ95]10

                      [US08162QBZ19]11

         

	Original
    Aggregate Certificate Balance of the Class 825S-C Certificates: $8,064,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date:  March 2027	 	No.:
    825S-C-[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class 825S-C
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate
Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be
serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.


 





 





6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates 


10
For Regulation S Certificates 


11
For IAI Certificates



 






    A-24-4


     

    

 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB,
Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B,
Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B,
Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate
is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class 825S-C Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class 825S-C Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 






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Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 



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invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans
as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all
scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion
Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection
Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and
the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the
Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to
document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier
Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and


 



    A-24-7


     

    

 


transfer
(executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional
Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the
Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee
to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such


 



    A-24-8


     

    

 


amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status


 



    A-24-9


     

    

 


of
the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders
or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt
of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;
and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention
Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or
repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in
the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or



 






    A-24-10


     

    

 


	 	 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust


 



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Subordinate
Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 






    A-24-12


     

    

 




IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 825S-C Certificate to be duly executed.


 


Dated: 
May 29, 2020


 


	 
	WELLS
        FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:




 


Certificate
of Authentication


 


This
is one of the Class 825S-C Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: 
May 29, 2020


 


	 
	WELLS
        FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:




 


 



    A-24-13


     

    




 


EXHIBIT
A-25


 


FORM
OF CLASS 825S-D [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE


 


[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.]4


 


THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)  TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3)  UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH


 





 





1
For Rule 144A Global Certificates only. 


2
For Reg S Global Certificates only. 


3
For IAI Certificates only. 


4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 



    A-25-1


     

    

 


CERTAIN
TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER
AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.


 


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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.


 


THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.


 


PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.


 


TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.


 


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 (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
PLAN ASSETS WITHIN THE


 



    A-25-2


     

    

 


MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION
95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT
TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT
TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND
DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.


 


FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.


 


[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5


 





 





5
For Reg S Global Certificates only.


 






    A-25-3


     

    

 


 


BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS 825S-D


 


	Class 825S-D
    Pass-Through Rate:  Net Mortgage Rate on the 825 South Hill Trust Subordinate Companion Loan	 	CUSIP:
                                         [08162QCA5]6

                                                                                   [U0812VBA3]7

                                                                                   [08162QCB3]8

         

        ISIN:    [US08162QCA58]9

                     [USU0812VBA36]10

                     [US08162QCB32]11

         

	Original
    Aggregate Certificate Balance of the Class 825S-D Certificates: $8,838,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date:  March 2027	 	No.:
    825S-D-[__]


 


This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class 825S-D
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate
Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be
serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.


 





 





6
For Rule 144A Certificates 


7
For Regulation S Certificates 


8
For IAI Certificates 


9
For Rule 144A Certificates 


10
For Regulation S Certificates 


11
For IAI Certificates



 






    A-25-4


     

    

 


The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB,
Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B,
Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B,
Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate
is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.


 


The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.


 


Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class 825S-D Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.


 


During
each Interest Accrual Period (as defined below), interest on the Class 825S-D Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.


 






    A-25-5


     

    

 


Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.


 


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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) 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 if such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or (ii) 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.


 


Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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. 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 Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be


 



    A-25-6


     

    

 


invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.


 


This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.


 


As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans
as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all
scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion
Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection
Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and
the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the
Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to
document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier
Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.


 


This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.


 


As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and


 



    A-25-7


     

    

 


transfer
(executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.


 


Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.


 


No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional
Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the
Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee
to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer 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 any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such


 



    A-25-8


     

    

 


amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status


 



    A-25-9


     

    

 


of
the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders
or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt
of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;
and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention
Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or
repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in
the event of such repeal, as evidenced by an Opinion of Counsel.


 


The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:


 


		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;



 


		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or



 






    A-25-10


     

    

 


	 	 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;



 


		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;



 


		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or



 


		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).



 


Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.


 


The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust


 



    A-25-11


     

    

 


Subordinate
Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.


 


Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.


 






    A-25-12


     

    

 




IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 825S-D Certificate to be duly executed.


 


Dated: 
May 29, 2020


 


	 
	WELLS
        FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:




 


Certificate
of Authentication


 


This
is one of the Class 825S-D Certificates referred to in the Pooling and Servicing Agreement.


 


Dated: 
May 29, 2020


 


	 
	WELLS
        FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:




 


 






    A-25-13


     

    




 


EXHIBIT A-26

 

FORM OF CLASS 825S-E [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 



[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.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)  TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3)  UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH  

 


 





1 For Rule 144A Global Certificates only.

2 For Reg S Global Certificates only.

3 For IAI Certificates only.

4 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.



 



    A-26-1


     


    

 

CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

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 MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

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 (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE  

 



    A-26-2


     


    

 


MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5 

 


 






5 For Reg S Global Certificates only.

 



    A-26-3


     


    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS 825S-E

 

	
Class 825S-E Pass-Through Rate:  Net Mortgage Rate on the 825 South Hill Trust Subordinate Companion Loan

	
 

	
CUSIP:     [08162QCC1]6
[U0812VBB1]7
[08162QCD9]8

 

ISIN:         [US08162QCC15]9
[USU0812VBB19]10
[US08162QCD97]11


	
 

	
 

	
 


	
 

	
 

	
 


	
Original Aggregate Certificate
Balance of the Class 825S-E Certificates: $9,412,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]


	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan


	
 

	
 

	
 


	
Assumed Final Distribution Date:  March 2027

	
 

	
No.: 825S-E -[__]




 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class 825S-E Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust
by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate
Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby. 

 


 






6 For Rule 144A Certificates

7 For Regulation S Certificates

8 For IAI Certificates

9 For Rule 144A Certificates

10 For Regulation S Certificates

11 For IAI Certificates

 



    A-26-4


     


    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class 825S-E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class 825S-E Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof. 

 



    A-26-5


     


    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) 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.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be
set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates as to which
notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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.  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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination
as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate
Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. 
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement.  Any such amounts transferred to the Certificate
Administrator may be 

 



    A-26-6


     


    

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and 

 



    A-26-7


     


    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest Owner, the BX-VRR
Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders, (i) to
cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer 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 any Certificateholder or RR
Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such 

 



    A-26-8


     


    

 

amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add
to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the
Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or
to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be
a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status 

 



    A-26-9


     


    

 


of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;




 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or




  



    A-26-10


     


    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;




 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or




 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).




 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee
created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and the RR Interest
Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders,
the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust 

 



    A-26-11


     


    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 



    A-26-12


     


    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class 825S-E Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator


	
 

	
 

	
 


	
 

	
By:

	
 


	
 

	
 

	
Name:


	
 

	
 

	
Title:




 

Certificate of Authentication

 

This is one of the Class 825S-E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020



	 	 	 
	 

	WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent


	 

	 

	 


	 

	By:

	 


	 

	Name:


	 

	Title:




  



    A-26-13


     


    

 



EXHIBIT A-27

 

FORM OF 825S-VRR INTEREST CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECTTO
THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975  

 



    A-27-1


     


    

 

OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

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 SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

THIS CERTIFICATE IS INTENDED TO CONSTITUTE
PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING SET FORTH
IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.  THE INITIAL INVESTOR
IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN,
IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. 

 



    A-27-2


     


    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, 825S-VRR INTEREST

 

	
825S-VRR Interest Pass-Through Rate:  N/A

	
 

	
CUSIP:     [08162QCE7]1
[08162QCF4]2

 

ISIN:        [US08162QCE70]3
[US08162QCF46]4


	
 

	
 

	
 


	
Original Aggregate Certificate Balance of the 825S-VRR Interest: $1,900,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]


	
 

	
 

	
 


	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan


	
 

	
 

	
 


	
Assumed Final Distribution Date:  March 2027

	
 

	
No.: 825S-VRR-[__]




 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the 825S-VRR Interest.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), 

 


 






1 For Rule 144A Certificates

2 For IAI Certificates

3 For Rule 144A Certificates

4 For IAI Certificates

 



    A-27-3


     


    

 

Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a beneficial interest in multiple “regular interests” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the 825S-VRR Interest for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period (as defined below), interest on the 825S-VRR Interest will be calculated based on a 360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the 

 



    A-27-4


     


    

 

related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

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 Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) 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 if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) 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.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be
set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates as to which
notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation 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.  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 Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination
as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate
Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. 
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement 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 the Pooling and Servicing Agreement.  Any such amounts transferred to the Certificate
Administrator may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue
for its benefit. 

 



    A-27-5


     


    

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv)  the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. 
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, 

 



    A-27-6


     


    

 

the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest Owner, the BX-VRR
Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders, (i) to
cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer 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 any Certificateholder or RR
Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add
to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the 

 



    A-27-7


     


    

 


Grantor Trust as a grantor
trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the
risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust
Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies;
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing,
the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC
as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating 

 



    A-27-8


     


    

 

agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;




 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;




  



    A-27-9


     


    

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;




 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or




 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).




 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee
created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and the RR Interest
Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders,
the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust Subordinate Companion
Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by
the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants 

 



    A-27-10


     


    

 

of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 



    A-27-11


     


    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this 825S-VRR Interest Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator


	
 

	
 

	
 


	
 

	
By:

	
 


	
 

	
 

	
Name:


	
 

	
 

	
Title:




 

Certificate of Authentication

 

This is one of the 825S-VRR Interest Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent


	
 

	
 

	
 


	
 

	
By:

	
 


	
 

	
Name:


	
 

	
Title:




 



    A-27-12


     


    

 


EXHIBIT B


 


MORTGAGE LOAN SCHEDULE


 




    B-1 


     


    

 


BMARK 2020-IG3 - Mortgage Loan
Schedule


 


	ID	Loan Number	Mortgage Loan
    Seller	Mortgage Loan Name
	GACC1	1	GACC	BX Industrial Portfolio
	GACC1.01	1.01	GACC	Bridgewater Center 1
	GACC1.02	1.02	GACC	401 E Laraway Rd
	GACC1.03	1.03	GACC	Rochelle 1
	GACC1.04	1.04	GACC	350A Salem Church Rd
	GACC1.05	1.05	GACC	Romeoville Bldg 1
	GACC1.06	1.06	GACC	251 E Laraway Rd
	GACC1.07	1.07	GACC	7940 Kentucky
	GACC1.08	1.08	GACC	Mountain Top Distribution Center 2
	GACC1.09	1.09	GACC	Enterprise Parkway
	GACC1.10	1.10	GACC	Cavalier I
	GACC1.11	1.11	GACC	1910 International
	GACC1.12	1.12	GACC	Glen Dale
	GACC1.13	1.13	GACC	Romeoville Bldg 2
	GACC1.14	1.14	GACC	Enterprise Distribution Center 1
	GACC1.15	1.15	GACC	2270 Woodale
	GACC1.16	1.16	GACC	2950 Lexington Ave South
	GACC1.17	1.17	GACC	Rivers Bend Center 1B
	GACC1.18	1.18	GACC	DFW Logistics Center (Bldg 4)
	GACC1.19	1.19	GACC	Rivers Bend Center 1C
	GACC1.20	1.20	GACC	Territorial
	GACC1.21	1.21	GACC	Diamond Hill 2
	GACC1.22	1.22	GACC	Rivers Bend Center 2A
	GACC1.23	1.23	GACC	Rivers Bend Center 1A
	GACC1.24	1.24	GACC	Diamond Hill 3
	GACC1.25	1.25	GACC	Whippany Business Center 1
	GACC1.26	1.26	GACC	The Colony Land
	GACC1.27	1.27	GACC	Shawnee Distribution Center 1
	GACC1.28	1.28	GACC	Rivers Bend Center 2B
	GACC1.29	1.29	GACC	7930 Kentucky
	GACC1.30	1.30	GACC	Dues Dr Distribution Center 1
	GACC1.31	1.31	GACC	Gibraltar
	GACC1.31	1.32	GACC	Diamond Hill 1
	GACC1.33	1.33	GACC	DFW Logistics Center (Bldg 3)
	GACC1.34	1.34	GACC	Elk Grove Distribution Center 1
	GACC1.35	1.35	GACC	1000 Lucas Way
	GACC1.36	1.36	GACC	Lakeview
	GACC1.37	1.37	GACC	DFW Logistics Center (Bldg 5)
	GACC1.38	1.38	GACC	9756 International


 






     


     


    

 


	GACC1.39	1.39	GACC	350B Salem Church Rd
	GACC1.40	1.40	GACC	6105 Trenton Ln
	GACC1.41	1.41	GACC	300 Salem Church Rd
	GACC1.42	1.42	GACC	Tower
	GACC1.43	1.43	GACC	1940 Fernbrook Ln
	GACC1.44	1.44	GACC	Production Distribution Center 1
	GACC1.45	1.45	GACC	Culpeper
	GACC1.46	1.46	GACC	Fairfield Distribution Center 1
	GACC1.47	1.47	GACC	Cavalier II
	GACC1.48	1.48	GACC	World Park II
	GACC1.49	1.49	GACC	Diamond Hill 4
	GACC1.50	1.50	GACC	2290-2298 Woodale
	GACC1.51	1.51	GACC	514 Butler Rd
	GACC1.52	1.52	GACC	Northridge II
	GACC1.53	1.53	GACC	2222 Woodale
	GACC1.54	1.54	GACC	Northridge I
	GACC1.55	1.55	GACC	Romeoville Distribution Center 1
	GACC1.56	1.56	GACC	1825 Airport Exchange
	GACC1.57	1.57	GACC	7453 Empire - Bldg C
	GACC1.58	1.58	GACC	Rivers Bend Center 1D
	GACC1.59	1.59	GACC	Heathrow
	GACC1.60	1.6	GACC	2240-2250 Woodale
	GACC1.61	1.61	GACC	273 Industrial Way
	GACC1.62	1.62	GACC	7453 Empire - Bldg B
	GACC1.63	1.63	GACC	7453 Empire - Bldg A
	GACC1.64	1.64	GACC	Rivers Bend Center - Land
	GACC1.65	1.65	GACC	Production Distribution Center 1B
	GACC1.66	1.66	GACC	Bridgewater Center 2
	GACC1.67	1.67	GACC	Laraway Land 1
	GACC1.68	1.68	GACC	Laraway Land 2
	JPMCB/GACC/GSMC2	2	JPMCB/GACC/GSMC	1633 Broadway
	GSMC3	3	GSMC	City National Plaza
	JPMCB/GSMC4	4	JPMCB/GSMC	Moffett Towers Buildings A, B & C
	JPMCB/GSMC4.02	4.01	JPMCB/GSMC	Moffett Towers Building B
	JPMCB/GSMC4.03	4.02	JPMCB/GSMC	Moffett Towers Building C
	JPMCB/GSMC4.01	4.03	JPMCB/GSMC	Moffett Towers Building A
	GACC5	5	GACC	Tower 333
	JPMCB6	6	JPMCB	Chase Center Tower I
	JPMCB7	7	JPMCB	Chase Center Tower II
	GACC8	8	GACC	825 South Hill
	JPMCB9	9	JPMCB	Stonemont Net Lease Portfolio
	JPMCB9.01	9.01	JPMCB	Motorola Solutions
	JPMCB9.02	9.02	JPMCB	MetLife - Bridgewater, NJ



 






     


     


    

 

	JPMCB9.03	9.03	JPMCB	Baxalta
	JPMCB9.04	9.04	JPMCB	Amerigroup Corporation
	JPMCB9.05	9.05	JPMCB	MetLife - Warwick, RI
	JPMCB9.06	9.06	JPMCB	DST Output - El Dorado Hills, CA
	JPMCB9.07	9.07	JPMCB	Tate & Lyle
	JPMCB9.08	9.08	JPMCB	MetLife - Aurora, IL
	JPMCB9.09	9.09	JPMCB	Anthem Blue Cross and Blue Shield
	JPMCB9.10	9.10	JPMCB	DST Output - South Windsor, CT
	JPMCB9.11	9.11	JPMCB	DST Output - Kansas City, MO
	JPMCB9.12	9.12	JPMCB	MetLife - Oriskany, NY
	JPMCB9.13	9.13	JPMCB	MetLife - Dayton, OH
	JPMCB9.14	9.14	JPMCB	Weatherford
	JPMCB9.15	9.15	JPMCB	Anthem
	JPMCB9.16	9.16	JPMCB	AAA Club Alliance
	JPMCB9.17	9.17	JPMCB	MetLife - Convent Station, NJ
	JPMCB9.18	9.18	JPMCB	Eby-Brown - West Mifflin, PA
	JPMCB9.19	9.19	JPMCB	Eby-Brown - Ypsilanti, MI
	JPMCB9.20	9.20	JPMCB	Capital One
	JPMCB9.21	9.21	JPMCB	Eby-Brown - Springfield, OH
	JPMCB9.22	9.22	JPMCB	Anthem Virginia
	JPMCB9.23	9.23	JPMCB	SKF USA
	JPMCB9.24	9.24	JPMCB	United Wisconsin
	JPMCB9.25	9.25	JPMCB	Mylan Technologies
	JPMCB9.26	9.26	JPMCB	First Midwest Bank - Lockport, IL
	JPMCB9.27	9.27	JPMCB	First Midwest Bank - Plainfield, IL
	JPMCB9.28	9.28	JPMCB	First Midwest Bank - Palos Heights, IL
	JPMCB9.29	9.29	JPMCB	First Midwest Bank - Blue Island, IL
	JPMCB9.30	9.3	JPMCB	First Midwest Bank - Highland , IN
	JPMCB9.31	9.31	JPMCB	First Midwest Bank - Morris, IL
	JPMCB9.32	9.32	JPMCB	First Midwest Bank - 2801 West Jefferson Street
    Joliet, IL
	JPMCB9.33	9.33	JPMCB	First Midwest Bank - Chicago Heights, IL
	JPMCB9.34	9.34	JPMCB	First Midwest Bank - Peotone, IL
	JPMCB9.35	9.35	JPMCB	First Midwest Bank - DeKalb, IL
	JPMCB9.36	9.36	JPMCB	First Midwest Bank - Galesburg, IL
	JPMCB9.37	9.37	JPMCB	First Midwest Bank - Schaumburg, IL
	JPMCB9.38	9.38	JPMCB	First Midwest Bank - Country Club Hills, IL
	JPMCB9.39	9.39	JPMCB	First Midwest Bank - 1500 Allanson Road Mundelein,
    IL
	JPMCB9.40	9.40	JPMCB	First Midwest Bank - Crest Hill, IL
	JPMCB9.41	9.41	JPMCB	First Midwest Bank - 1415 West Jefferson Street
    Joliet, IL
	JPMCB9.42	9.42	JPMCB	First Midwest Bank - Knoxville, IL
	JPMCB9.43	9.43	JPMCB	First Midwest Bank - Lansing, IL
	JPMCB9.44	9.44	JPMCB	First Midwest Bank - Zion, IL
	JPMCB9.45	9.45	JPMCB	First Midwest Bank - Genoa, IL


 






     


     


    

 


	JPMCB9.46	9.46	JPMCB	First Midwest Bank - Sycamore,
    IL
	JPMCB9.47	9.47	JPMCB	First Midwest Bank - 411 North Seymour Avenue
    Mundelein, IL
	JPMCB9.48	9.48	JPMCB	First Midwest Bank - 1308 North Richmond Road
    McHenry, IL
	JPMCB9.49	9.49	JPMCB	First Midwest Bank - Crystal Lake, IL
	JPMCB9.50	9.50	JPMCB	First Midwest Bank - Hammond, IN
	JPMCB9.51	9.51	JPMCB	First Midwest Bank - Johnsburg, IL
	JPMCB9.52	9.52	JPMCB	First Midwest Bank - North Chicago, IL
	JPMCB9.53	9.53	JPMCB	First Midwest Bank - Waukegan, IL
	JPMCB9.54	9.54	JPMCB	First Midwest Bank - Dyer, IN
	JPMCB9.55	9.55	JPMCB	First Midwest Bank - Seneca, IL
	JPMCB9.56	9.56	JPMCB	First Midwest Bank - 1301 North Larkin Avenue
    Joliet, IL
	JPMCB9.57	9.57	JPMCB	First Midwest Bank - Crete, IL
	JPMCB9.58	9.58	JPMCB	First Midwest Bank - Champaign, IL
	JPMCB9.59	9.59	JPMCB	First Midwest Bank - East Moline, IL
	JPMCB9.60	9.60	JPMCB	First Midwest Bank - Sandwich, IL
	JPMCB9.61	9.61	JPMCB	First Midwest Bank - Gary, IN
	JPMCB9.62	9.62	JPMCB	First Midwest Bank - Crown Point, IN
	JPMCB9.63	9.63	JPMCB	First Midwest Bank - Griffith, IN
	JPMCB9.64	9.64	JPMCB	First Midwest Bank - Frankfort, IL
	JPMCB9.65	9.65	JPMCB	First Midwest Bank - 4502 West Crystal Lake Road
    McHenry, IL
	JPMCB9.66	9.66	JPMCB	First Midwest Bank - Park Forest, IL
	JPMCB10	10.0 	JPMCB	1501 Broadway


 






     


     


    

 


	Street Address
	Various
	1120 US Highway 22
	401 East Laraway Road
	501 South Steward Road
	350A Salem Church Road
	208-214 South Pinnacle Drive
	251 East Laraway Road
	7940 Kentucky Drive
	1 Philips Drive
	2000 Enterprise Parkway
	1400 Cavalier Boulevard
	1910 International Way
	7100 Holladay Tyler Road
	208-214 South Pinnacle Drive
	10550 Toebben Drive
	2270-2280 Woodale Drive
	2950 Lexington Avenue South
	801 Liberty Way
	2701 Esters Boulevard
	12730 Kingston Avenue
	3 Territorial Court
	1920 Campostella Road
	500 HP Way
	701 Liberty Way
	1960 Diamond Hill Road
	One Apollo Drive
	NWQ of Memorial Drive and Main Street
	8515 Hedge Lane Terrace
	600 HP Way
	7930 Kentucky Drive
	4225 Dues Drive
	455 Gibraltar Drive
	1910 Campostella Road
	2650 Esters Boulevard
	1325 Pratt Boulevard
	1000 Lucas Way
	100-130 Lakeview Parkway
	750 Royal Lane
	9756 International Boulevard


 






     


     


    

 


	350B Salem Church Road
	6105 Trenton Lane North
	300 Salem Church Road
	161 Tower Drive
	1940 Fernbrook Lane North
	100 Production Drive
	13129 Airpark Drive
	375 Northpointe Drive
	3732 Cook Boulevard
	10083-10095 International Boulevard
	2115 Portlock Road
	2290-2298 Woodale Drive
	514 Butler Farm Road
	10446-10456 Lakeridge Parkway
	2222 Woodale Drive
	10430-10444 Lakeridge Parkway
	815 Forestwood Drive
	1825 Airport Exchange Boulevard
	7453 Empire Drive C
	13001 Kingston Avenue
	616 Heathrow Drive
	2240-2250 Woodale Drive
	273 Industrial Way
	7453 Empire Drive Building B
	7453 Empire Drive Building A
	800 HP Way, 501 & 531 HP Way, 12900 Kingston
    Avenue, 413, 429, 513, 519, 601 & 620 Meadowville Road
	100b Production Drive
	1120 US Highway 22
	251 East Laraway Road
	401 East Laraway Road
	1633 Broadway
	515-555 South Flower Street
	Various
	1020 Enterprise Way
	1050 Enterprise Way
	1000 Enterprise Way
	333 108th Avenue Northeast
	1655 3rd Street
	1725 3rd Street
	825 South Hill Street
	Various
	1299 & 1303 East Algonquin Road
	501 U.S. Highway 22


 






     


     


    

 


	1200 Lakeside Drive
	5800 Northampton Boulevard
	700 Quaker Lane
	5220 Robert J. Mathews Parkway
	5450 Prairie Stone Parkway
	177 South Commons Drive
	1831 Chestnut Street
	125 Ellington Road
	2600 Southwest Boulevard
	5950 Airport Road
	9797 Springboro Pike
	19685 Interstate 37 South
	2 & 39 Gannett Drive
	200 Commerce Drive
	334 Madison Avenue
	920 Irwin Run Road
	2085 East Michigan Avenue
	30 7th Avenue South
	1982 Commerce Circle
	602 South Jefferson Street
	41-45 Harmon Avenue
	15200 West Small Road
	20 Houghton Street
	800 South State Street
	24509 West Lockport Street
	12600 South Harlem Avenue
	12015 Western Avenue
	10322 Indianapolis Boulevard
	220 West Main Street
	2801 West Jefferson Street
	1030 Dixie Highway
	200 West Corning Avenue
	130 West Lincoln Highway
	302 East Main Street
	2601 West Schaumburg Road
	4101 183rd Street
	1500 Allanson Road
	16051 Weber Road
	1415 West Jefferson Street
	324 East Main Street
	18120 Torrence Avenue
	3303 Sheridan Road
	601 Pearson Drive


 






     


     


    

 


	1425 DeKalb Avenue
	411 North Seymour Avenue
	1308 North Richmond Road
	170 North Illinois Route 31
	6611 Kennedy Avenue
	3805 North Johnsburg Road
	1011 14th Street
	4000 Northpoint Boulevard
	820 Joliet Street
	224 North Main Street
	1301 North Larkin Avenue
	1290 East Steger Road
	812 West Springfield Avenue
	4150 Kennedy Drive
	321 East Church Street
	1975 West Ridge Road
	10858 Pike Street
	915 West Glen Park Avenue
	7645 West Saint Francis Road
	4502 West Crystal Lake Road
	2 Main Street
	1501 Broadway


 






     


     


    

 


	 	 	 	Mortgage	Original Principal	Cut-off Date	Maturity Date	Due
	City	State	Zip Code	Rate (%)	Balance ($)	Stated Principal Balance ($)	or ARD	Date
	Various	Various 	Various	3.55000	80,000,000	80,000,000	10/9/2026	9
	Bridgewater	NJ	08807	3.55000	5,439,260	5,439,260	 	 
	Joliet	IL	60433	3.55000	3,556,116	3,556,116	 	 
	Rochelle	IL	61068	3.55000	2,908,785	2,908,785	 	 
	Mechanicsburg	PA	17050	3.55000	2,774,275	2,774,275	 	 
	Romeoville	IL	60446	3.55000	2,530,475	2,530,475	 	 
	Joliet	IL	60433	3.55000	2,446,406	2,446,406	 	 
	Florence	KY	41042	3.55000	2,437,999	2,437,999	 	 
	Mountain Top	PA	18707	3.55000	2,026,061	2,026,061	 	 
	Hampton	VA	23666	3.55000	1,967,213	1,967,213	 	 
	Chesapeake	VA	23323	3.55000	1,941,992	1,941,992	 	 
	Hebron	KY	41048	3.55000	1,748,634	1,748,634	 	 
	Glen Dale	MD	20769	3.55000	1,614,124	1,614,124	 	 
	Romeoville	IL	60446	3.55000	1,588,903	1,588,903	 	 
	Independence	KY	41051	3.55000	1,471,206	1,471,206	 	 
	Mounds View	MN	55112	3.55000	1,437,579	1,437,579	 	 
	Eagan	MN	55121	3.55000	1,412,358	1,412,358	 	 
	Chester	VA	23836	3.55000	1,403,951	1,403,951	 	 
	Dallas	TX	75261	3.55000	1,378,731	1,378,731	 	 
	Chester	VA	23836	3.55000	1,328,289	1,328,289	 	 
	Bolingbrook	IL	60440	3.55000	1,303,069	1,303,069	 	 
	Chesapeake	VA	23324	3.55000	1,294,662	1,294,662	 	 
	Chester	VA	23836	3.55000	1,277,848	1,277,848	 	 
	Chester	VA	23836	3.55000	1,261,034	1,261,034	 	 
	Chesapeake	VA	23324	3.55000	1,252,627	1,252,627	 	 
	Whippany	NJ	07981	3.55000	1,235,813	1,235,813	 	 
	The Colony	TX	75056	3.55000	1,193,779	1,193,779	 	 
	Shawnee	KS	66227	3.55000	1,185,372	1,185,372	 	 
	Chester	VA	23836	3.55000	1,168,558	1,168,558	 	 
	Florence	KY	41042	3.55000	1,160,151	1,160,151	 	 
	West Chester	OH	45246	3.55000	1,143,338	1,143,338	 	 
	Bolingbrook	IL	60440	3.55000	1,134,931	1,134,931	 	 
	Chesapeake	VA	23324	3.55000	1,134,931	1,134,931	 	 
	Dallas	TX	75261	3.55000	1,134,931	1,134,931	 	 
	Elk Grove Village	IL	60007	3.55000	1,101,303	1,101,303	 	 
	Hampton	VA	23666	3.55000	1,101,303	1,101,303	 	 
	Vernon Hills	IL	60061	3.55000	1,092,896	1,092,896	 	 
	Dallas	TX	75261	3.55000	1,034,048	1,034,048	 	 
	West Chester	OH	45246	3.55000	983,607	983,607	 	 



 






     


     


    

 

	Mechanicsburg	PA	17050	3.55000	924,758	924,758	 	 
	Plymouth	MN	55442	3.55000	924,758	924,758	 	 
	Mechanicsburg	PA	17050	3.55000	916,351	916,351	 	 
	Burr Ridge	IL	60527	3.55000	907,945	907,945	 	 
	Plymouth	MN	55447	3.55000	907,945	907,945	 	 
	Harrison	OH	45030	3.55000	882,724	882,724	 	 
	Elkwood	VA	22718	3.55000	874,317	874,317	 	 
	Fairfield	OH	45014	3.55000	865,910	865,910	 	 
	Chesapeake	VA	23323	3.55000	849,096	849,096	 	 
	West Chester	OH	45246	3.55000	756,620	756,620	 	 
	Chesapeake	VA	23324	3.55000	739,807	739,807	 	 
	Mounds View	MN	55112	3.55000	689,365	689,365	 	 
	Hampton	VA	23666	3.55000	672,551	672,551	 	 
	Ashland	VA	23005	3.55000	638,924	638,924	 	 
	Mounds View	MN	55112	3.55000	613,703	613,703	 	 
	Ashland	VA	23005	3.55000	588,483	588,483	 	 
	Romeoville	IL	60446	3.55000	554,855	554,855	 	 
	Erlanger	KY	41018	3.55000	504,414	504,414	 	 
	Florence	KY	41042	3.55000	487,600	487,600	 	 
	Chester	VA	23836	3.55000	437,158	437,158	 	 
	Lincolnshire	IL	60069	3.55000	411,938	411,938	 	 
	Mounds View	MN	55112	3.55000	353,090	353,090	 	 
	Benicia	CA	94510	3.55000	306,852	306,852	 	 
	Florence	KY	41042	3.55000	294,241	294,241	 	 
	Florence	KY	41042	3.55000	256,410	256,410	 	 
	Chester	VA	23836	3.55000	33,628	33,628	 	 
	Harrison	OH	45030	3.55000	-	-	 	 
	Bridgewater	NJ	08807	3.55000	-	-	 	 
	Joliet	IL	60433	3.55000	-	-	 	 
	Joliet	IL	60433	3.55000	-	-	 	 
	New York	NY	10019	2.99000	80,000,000	80,000,000	12/6/2029	6
	Los Angeles	CA	90071	2.44000	80,000,000	80,000,000	4/1/2030	1
	Sunnyvale	CA	94089	3.49000	80,000,000	80,000,000	2/6/2030	6
	Sunnyvale	CA	94089	3.49000	27,532,468	27,532,468	 	 
	Sunnyvale	CA	94089	3.49000	27,532,468	27,532,468	 	 
	Sunnyvale	CA	94089	3.49000	24,935,065	24,935,065	 	 
	Bellevue	WA	98004	3.13942	79,300,000	79,300,000	4/6/2030	6
	San Francisco	CA	94158	3.52190	36,427,500	36,427,500	3/10/2025	10
	San Francisco	CA	94158	3.52220	31,072,500	31,072,500	3/10/2025	10
	Los Angeles	CA	90014	3.32000	62,000,000	61,674,769	3/1/2027	1
	Various	Various	Various	4.69920	55,000,000	55,000,000	1/10/2025	10
	Schaumburg	IL	60196	4.69920	5,230,470	5,230,470	 	 
	Bridgewater	NJ	08807	4.69920	5,075,816	5,075,816	 	 


 





     


     


    

 


	Bannockburn	IL	60015	4.69920	3,649,741	3,649,741	 	 
	Norfolk	VA	23502	4.69920	3,238,876	3,238,876	 	 
	Warwick	RI	02818	4.69920	3,040,697	3,040,697	 	 
	El Dorado Hills	CA	95762	4.69920	2,915,000	2,915,000	 	 
	Hoffman Estates	IL	60192	4.69920	2,716,762	2,716,762	 	 
	Aurora	IL	60504	4.69920	2,252,681	2,252,681	 	 
	Saint Louis	MO	63103	4.69920	2,064,195	2,064,195	 	 
	South Windsor	CT	06074	4.69920	1,957,822	1,957,822	 	 
	Kansas City	MO	64108	4.69920	1,827,308	1,827,308	 	 
	Oriskany	NY	13424	4.69920	1,759,584	1,759,584	 	 
	Dayton	OH	45342	4.69920	1,740,259	1,740,259	 	 
	Elmendorf	TX	78211	4.69920	1,643,578	1,643,578	 	 
	South Portland	ME	04106	4.69920	1,479,232	1,479,232	 	 
	Newark	DE	19713	4.69920	865,314	865,314	 	 
	Convent Station	NJ	07960	4.69920	850,805	850,805	 	 
	West Mifflin	PA	15122	4.69920	850,805	850,805	 	 
	Ypsilanti	MI	48198	4.69920	797,649	797,649	 	 
	Saint Cloud	MN	56301	4.69920	739,616	739,616	 	 
	Springfield	OH	45504	4.69920	725,108	725,108	 	 
	Roanoke	VA	24011	4.69920	705,784	705,784	 	 
	Falconer	NY	14733	4.69920	700,968	700,968	 	 
	New Berlin	WI	53151	4.69920	638,119	638,119	 	 
	Saint Albans	VT	05478	4.69920	555,886	555,886	 	 
	Lockport	IL	60441	4.69920	473,773	473,773	 	 
	Plainfield	IL	60544	4.69920	473,773	473,773	 	 
	Palos Heights	IL	60463	4.69920	425,432	425,432	 	 
	Blue Island	IL	60406	4.69920	352,892	352,892	 	 
	Highland	IN	46322	4.69920	348,076	348,076	 	 
	Morris	IL	60450	4.69920	309,427	309,427	 	 
	Joliet	IL	60435	4.69920	247,530	247,530	 	 
	Chicago Heights	IL	60411	4.69920	245,568	245,568	 	 
	Peotone	IL	60468	4.69920	232,070	232,070	 	 
	DeKalb	IL	60115	4.69920	212,686	212,686	 	 
	Galesburg	IL	61401	4.69920	202,995	202,995	 	 
	Schaumburg	IL	60194	4.69920	198,238	198,238	 	 
	Country Club Hills	IL	60478	4.69920	188,546	188,546	 	 
	Mundelein	IL	60060	4.69920	177,843	177,843	 	 
	Crest Hill	IL	60403	4.69920	164,346	164,346	 	 
	Joliet	IL	60435	4.69920	163,395	163,395	 	 
	Knoxville	IL	61448	4.69920	159,530	159,530	 	 
	Lansing	IL	60438	4.69920	154,654	154,654	 	 
	Zion	IL	60099	4.69920	152,276	152,276	 	 
	Genoa	IL	60135	4.69920	140,205	140,205	 	 


 






     


     


    

 


	Sycamore	IL	60178	4.69920	135,389	135,389	 	 
	Mundelein	IL	60060	4.69920	130,989	130,989	 	 
	McHenry	IL	60050	4.69920	130,989	130,989	 	 
	Crystal Lake	IL	60014	4.69920	130,514	130,514	 	 
	Hammond	IN	46323	4.69920	113,151	113,151	 	 
	Johnsburg	IL	60051	4.69920	112,141	112,141	 	 
	North Chicago	IL	60064	4.69920	107,324	107,324	 	 
	Waukegan	IL	60085	4.69920	106,314	106,314	 	 
	Dyer	IN	46311	4.69920	105,838	105,838	 	 
	Seneca	IL	61360	4.69920	91,805	91,805	 	 
	Joliet	IL	60435	4.69920	89,962	89,962	 	 
	Crete	IL	60417	4.69920	89,427	89,427	 	 
	Champaign	IL	61820	4.69920	86,989	86,989	 	 
	East Moline	IL	61244	4.69920	77,357	77,357	 	 
	Sandwich	IL	60548	4.69920	77,357	77,357	 	 
	Gary	IN	46408	4.69920	73,492	73,492	 	 
	Crown Point	IN	46307	4.69920	72,005	72,005	 	 
	Griffith	IN	46319	4.69920	67,665	67,665	 	 
	Frankfort	IL	60423	4.69920	58,032	58,032	 	 
	McHenry	IL	60050	4.69920	55,595	55,595	 	 
	Park Forest	IL	60466	4.69920	42,335	42,335	 	 
	New York	NY	10036	3.03200	25,000,000	25,000,000	1/6/2030	6


 






     


     


    

 


	 	 	Interest	 	 	 	 	 
	Current Monthly	Servicing	Accrual	Letter of	Post-ARD	Part of	Leasehold	Current Mezzanine
	Debt Service ($)	Fee Rate (%)	Method	Credit	Revised Rate	Whole Loan	Interest	or Subordinate Debt
	239,953.70	0.00250	Actual/360	No	 	Yes	Various	Yes
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Leasehold	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Leasehold	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Leasehold	 
	 	 	 	 	 	 	Fee	 


 






     


     


    

 


	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	202,101.85	0.0025	Actual/360	No	 	Yes	Fee	Yes
	164,925.93	0.0025	Actual/360	No	 	Yes	Fee	No
	235,898.15	0.00250	Actual/360	No	 	Yes	Fee	Yes
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	210,344.91	0.00250	Actual/360	No	 	Yes	Fee	Yes
	108,396.56	0.00250	Actual/360	No	 	Yes	Fee	Yes
	92,469.67	0.00250	Actual/360	No	 	Yes	Fee	Yes
	333,924.08	0.23250	30/360	No	 	Yes	Fee	Yes
	218,371.39	0.00250	Actual/360	No	 	Yes	Various	Yes
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 


 






     


     


    

 


	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Leasehold	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 


 



     


     


    

 


	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	64,043.98	0.00250	Actual/360	No	 	Yes	Fee	No




 


     


     


    
 



EXHIBIT C-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 of the Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3,
Class R (the “Class R Certificate”) is a Permitted Transferee (as defined in Article I of the Pooling and Servicing
Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”)), between J.P. Morgan Chase Commercial
Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer
and special servicer, and Wells Fargo Bank, National Association, as trustee, as certificate administrator, as paying agent and
as custodian, or is acquiring the Class R 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 Class R Certificate as they become due.


 


5.              
That the Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any
cash flow generated by the Class R Certificate.


 


6.              
That the Purchaser will not transfer the Class R 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. Tax Person and is not purchasing the Class R Certificate for the account
of, or as an agent (including as a broker,


 






    C-1-1


     


    

 


nominee or other middleman) for, a Disqualified Non-U.S. Tax Person and is otherwise
a Permitted Transferee.


 


8.              
That the Purchaser agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate
the restrictions on transfer of the Class R 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 the Purchaser, pursuant to Section 4.04 of the Pooling and Servicing Agreement, agrees to the designation of the Certificate
Administrator as the “partnership representative” (within the meaning of Code Section 6223) of each Trust REMIC.


 


10.           
The Purchaser agrees to be bound by and to abide by the provisions of Section 5.02 of the Pooling and Servicing Agreement
concerning registration of the transfer and exchange of the Class R Certificate.


 


11.           
The Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.


 


12.           
Check the applicable paragraph:


 


☐              The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:


 


(i)            
the present value of any consideration given to the Purchaser to acquire such Class R Certificate;


 


(ii)            the present value of the expected future distributions on such Certificate; and


 


(iii)           the present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates
losses.


 


For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the 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 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.


 


☐             The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,


 






    C-1-2


     


    

 


(i)            
the Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i),
as to which income from the Class R Certificate will only be taxed in the United States;


 


(ii)            at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;


 


(iii)           the Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in 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 Class R Certificate based on reasonable market assumptions
(including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions,
tax rates and other factors specific to the Purchaser) that it has determined in good faith.


 


☐             None
of the above.


 


Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Pooling 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:


 






    C-1-3


     


    

 


Personally appeared before
me the above named                                 ,
known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser, and acknowledged
to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.


 


Subscribed and sworn
before me this          day of                        ,
20     .


 


_________________________________________


 


NOTARY PUBLIC


 


COUNTY OF  ______________________________


 


STATE OF ________________________________


 


My commission expires the         
day of                        ,
20     .


 




    C-1-4


     


    

 


EXHIBIT C-2


 


FORM OF TRANSFEROR LETTER


 


[Date]


 


Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust


 


		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to the
                                         Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3, Class R 



 


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 Pooling 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:	 


  




    C-2-1


     


    

 


EXHIBIT C-3


 


[RESERVED]


 




    C-3-1


     


    

 


EXHIBIT C-4


 


[RESERVED]


 




    C-4-1


     


    

 


EXHIBIT C-5


 


FORM
OF TRANSFEREE Certificate for TRANSFERS OF THE Class RR CERTIFICATES, the rr INTEREST, the BX-VRR Interest, the T333-VRR Interest
OR THE 825S-VRR INTEREST


 


[Date]


 


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Risk Retention Custody – Benchmark 2020-IG3



with a copy to:



riskretentioncustody@wellsfargo.com


 


German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com


 


		Re:	Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3
                                         (the “Certificates”) issued pursuant to the Pooling and Servicing
                                         Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
                                         between J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special
                                         Servicer, and Wells Fargo Bank, National Association, as Trustee, Certificate Administrator,
                                         Paying Agent and Custodian. 



 


Ladies and Gentlemen:


 


[_____] (the “Purchaser”)
hereby certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and
Depositor, that:


 


1.              
The Purchaser is acquiring from [__________] (the “Transferor”) [$[_____] principal balance of the Class
RR Certificates][$[____] RR Interest Balance of the RR Interest] [$[______] certificate balance of the [BX-VRR Interest][T333-VRR
Interest][825S-VRR Interest] (the “Transferred Interest”)]


 






    C-5-1


     


    

 


2.              
The Purchaser is aware that, following its acquisition of the Transferred Interest, the Certificate Registrar will not register
any transfer of the Transferred Interest by the Purchaser unless the transferee, or such transferee’s agent, delivers to
the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate. The Purchaser
expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained in such
certificate is false.


 


3.              
The Purchaser is not and will not become (a) an employee benefit plan or other plan subject to the fiduciary responsibility
provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or to Section 4975 of
the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32)
of ERISA) or other plan that is subject to any federal, state or local law that is, to a material extent, similar to the forgoing
provisions of ERISA or the Code (“Similar Law”) (each, a “Plan”), or (b) any person acting
on behalf of any such Plan or using the assets of any such Plan (including an entity whose underlying assets include plan assets
within the meaning of U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA).


 


4.              
Check one of the following:


 


☐             The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur during the Transfer Restriction Period and that:


 


A.            The
Purchaser is a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule, of the Transferor (a
“Majority-Owned Affiliate”).


 


B.             The
Purchaser is not acquiring the Transferred 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 Transferred Interest (or until the end of the Transfer Restriction
Period, if earlier), it will remain a Majority-Owned Affiliate.


 


C.             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 Transferred Interest will satisfy the risk retention requirements
of the Transferor, in its capacity as [the retaining sponsor][an originator] under the Risk Retention Rule.


 


☐             The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the Transfer Restriction Period.


 


☐             [[FOR
RR INTEREST ONLY:] The Purchaser certifies, represents and warrants to each of the addressees hereto that:


 


A.             The
Purchaser is a Permitted Lender;


 






    C-5-2


     


    

 


B.             The
Purchaser is not acquiring an interest in the RR Interest as a nominee, trustee or agent for any person that is not a Permitted
Lender, and that for so long as it retains its interest in the RR Interest, it will remain a Permitted Lender; and


 


C.             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 Transferred Interest will satisfy the risk retention requirements
of the Transferor, in its capacity as [the retaining sponsor][an originator] under the Risk Retention Rule.]


 


☐             The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the Transfer Restriction Period.


 


Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.


 


IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of
_________, 20__.





	 	 	 
	 	[PURCHASER]

	 	 	 
		By:	 
	 	 	Name:

Title:


  




    C-5-3


     


    

 


The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:


  


[APPLICABLE RETAINING PARTY]


 





	By:	 	 
	 	Name:

Title:	 


 


[Medallion Stamp Guarantee]


 


GERMAN AMERICAN CAPITAL CORPORATION


 





	By:	 	 
	 	Name:

Title:	 


 





	By:	 	 
	 	Name:

Title:	 


 


[Medallion Stamp Guarantee]


 


J.P. MORGAN CHASE COMMERCIAL
MORTGAGE SECURITIES CORP.


 





	By:	 	 
	 	Name:

Title:	 


 





	By:	 	 
	 	Name:

Title:	 


 






    C-5-4


     


    

 


[Medallion Stamp Guarantee]


 




    C-5-5


     


    

 


EXHIBIT C-6


 


FORM
OF TRANSFEROR Certificate for TransferS of

THE Class RR CERTIFICATES, the rr INTEREST, the BX-VRR Interest, 

the T333-VRR Interest OR THE 825S-VRR INTEREST


 


[Date]


 


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Risk Retention Custody – Benchmark 2020-IG3



with a copy to:



riskretentioncustody@wellsfargo.com


 


German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com


 


		Re:	Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3
                                         (the “Certificates”) 



 


Ladies and Gentlemen:


 


This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of [$[_____] principal balance of the Class RR Certificates (the “Transferred Interest”)][Class RR Certificates][$[____]
RR Interest Balance of the RR Interest][$[____] of the certificate balance of the [BX-VRR Interest][T333-VRR Interest][825S-VRR
Interest]].


 


The Certificates were
issued and the RR Interest was created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling
and Servicing Agreement”), between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer and special servicer, and Wells Fargo Bank, National
Association, as trustee, certificate administrator, paying agent and custodian. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The


 






    C-6-1


     


    

 


Transferor hereby certifies, represents
and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and Depositor, that:


 


1.              
The transfer is in compliance with Sections 5.01 and 5.02 of the Pooling and Servicing Agreement.


 


2.              
Check one of the following:


 


☐              The
Transferor certifies, represents and warrants to you that the transfer will occur during the Transfer Restriction Period and that:


 


A.             The
Transferee is a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule, of the Transferor.


 


B.             To
the Transferor’s knowledge, the Transferee is not acquiring the Transferred Interest as a nominee, trustee or agent for any
person that is not a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule, of the Transferor,
and that for so long as it retains its interest in the Transferred Interest, it will remain a “majority-owned affiliate”,
as such term is defined in the Risk Retention Rule, of the Transferor.


 


☐             The
Transferor certifies, represents and warrants to you that the transfer will occur after the termination of the Transfer Restriction
Period.


 


☐             [[FOR
RR INTEREST ONLY:] The Transferor certifies, represents and warrants to each of the addressees hereto that:


 


A.             The
Transferor is a Permitted Lender;


 


B.             The
Transferor is not acquiring an interest in the RR Interest as a nominee, trustee or agent for any person that is not a Permitted
Lender, and that for so long as it retains its interest in the RR Interest, it will remain a Permitted Lender; and


 


C.             The
Transferor 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 Transferred Interest will satisfy the risk retention requirements
of the Transferor, in its capacity as [the retaining sponsor][an originator] under the Risk Retention Rule.]


 


☐             The
Transferor certifies, represents and warrants to you that the transfer will occur after the termination of the Transfer Restriction
Period.


 


3.             The
Transferor understands that the Transferee has delivered to you a Transferee Certificate in the form attached to the Pooling and
Servicing Agreement as Exhibit C-5. The Transferor does not know or believe that any representation contained therein is
false.


 


IN WITNESS WHEREOF, the
Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.


 






    C-6-2


     


    







	 	 	 
	 	[TRANSFEROR]

	 	 	 
		By:	 
	 	 	Name:

Title:


 


The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:


 


[APPLICABLE RETAINING PARTY]


 





	By:	 	 
	 	Name:

Title:	 


 


[Medallion Stamp Guarantee]


 


GERMAN AMERICAN CAPITAL CORPORATION


 





	By:	 	 
	 	Name:

Title:	 


 





	By:	 	 
	 	Name:

Title:	 


 


[Medallion Stamp Guarantee]


 


J.P. MORGAN CHASE COMMERCIAL
MORTGAGE SECURITIES CORP.


 





	By:	 	 
	 	Name:

Title:	 


 






    C-6-3


     


    

 





	By:	 	 
	 	Name:

Title:	 


 


[Medallion Stamp Guarantee]


 




    C-6-4


     


    

 


EXHIBIT D-1


 


FORM OF INVESTMENT REPRESENTATION LETTER


 


Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust


 


J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com


 


		Re:	Transfer
                                         of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3: Class [   ] 



 


Ladies and Gentlemen:


 


This letter is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
entered into between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as master servicer and special servicer, and Wells Fargo Bank, National Association, as trustee,
certificate administrator, paying agent and custodian, on behalf of the holders of Benchmark 2020-IG3 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-IG3 (the “Certificates”) with respect to the transfer by [__________]
(the “Seller”) to the undersigned (the “Purchaser”) of [$_____ aggregate Certificate Balance][_____%
Percentage Interest] of Class [_____] Certificates, in certificated fully registered form (such registered interest, the “Certificate”).
Terms used but not defined herein shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.


 


In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:


 


[For Institutional Accredited
Investors only] 1. The Purchaser is an institutional “accredited investor” within the meaning of Rule 501 (a)(1), (2),
(3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
or an entity in which all of the equity owners are such accredited investors (an “Institutional Accredited Investor”),
and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
the investment in the Certificate, and the Purchaser and any accounts for which the Purchaser is acting are each able to bear the
economic risk of the investment. The Purchaser is acquiring the Certificate for its own account or for one or more accounts (each
of which is an Institutional Accredited Investor) as to each of which the Purchaser exercises sole


 






    D-1-1


     


    

 


investment discretion. The Purchaser
hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.


 


[For Qualified Institutional
Buyers only] 1. The Purchaser is a “qualified institutional buyer” within the meaning of Rule 144A (“Rule
144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser
is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information
required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.


 


1.              
The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s own account or
(b) for reoffer, resale, pledge or other transfer to (i) “qualified institutional buyers” within the meaning of, and
in transactions complying with, Rule 144A promulgated under the Securities Act, (ii) entities qualifying as “accredited investors”
within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or any entity in which
all of the equity owners are such accredited investors, or (iii) pursuant to any other exemption from the registration requirements
of the Securities Act, subject in the case of this clause (iii) to (a) the receipt by the Certificate Registrar of a letter substantially
in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to the Certificate Registrar
that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt by the Certificate Registrar
of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with
the Securities Act and other applicable laws (including applicable state and foreign securities laws), and (d) a written undertaking
to reimburse the Trust for any costs incurred by it in connection with the proposed transfer. It understands that the Certificate
(and any subsequent Certificate) has not been registered under the Securities Act, by reason of a specified exemption from the
registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the Purchaser’s
investment intent (or intent to resell to only certain investors in certain exempted transactions) as expressed herein.


 


2.              
The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange thereof) has not been
registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction, and that the Certificate
cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption
from such registration or qualification is available.


 


3.              
The Purchaser has reviewed the [Offering Circular, dated May 22, 2020, relating to [certain of the] the Certificates (the
“Offering Circular”)] [the Loan-Specific Offering Circular, dated May 22, 2020 relating to certain of the Certificates
(the “Loan-Specific Offering Circular”)] and the agreements and other materials referred to therein and has
had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions contemplated by
the Offering Circular [and the Loan-Specific Offering Circular].


 


4.              
The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity
as an owner of a Certificate or Certificates, as the case may be (each, a “Certificateholder”), in all respects
as if it were a


 






    D-1-2


     


    

 


signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate Administrator,
the Certificate Registrar and all Certificateholders present and future.


 


5.              
The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance with Section 5.02
of the Pooling and Servicing Agreement.


 


6.              
Check one of the following:


 


☐              The
Purchaser is a “U.S. Tax Person” (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”)
Form W-9 (or successor form).


 


☐              The
Purchaser is not a “U.S. Tax Person” (as defined below) and under applicable law in effect on the date hereof, no taxes
will be required to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificate(s).
The Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form), which identifies
such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Tax Person, (ii) two
duly executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iii)]* two duly executed copies of IRS Form W-8ECI
(or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original
issue discount on the Certificate(s) is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E, IRS Forms W-8IMY or]* IRS Forms W-8ECI[,
as the case may be]*, any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.


 


For purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).


 


Please make all payments
due on the Certificates: **


 


(a)            
by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:


 





 



 


*     Delete
for Class R.


 


**  Only
to be filled out by Purchasers of Individual Certificates. Please select (a) or (b).


  






    D-1-3


     


    

 





	 	Account number:	 	 
	 	 	 	 
	 	Institution:	 	 



  


		(b)	by mailing a check or draft to the following address:



  


	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 









	 	 	 
	 	Very truly yours,

	 	 
	 	[Purchaser]
	 	 	 
		By:	 
	 	 	Name:

Title:


 


Dated:  ________________, 20___


 




    D-1-4


     


    

 


EXHIBIT D-2


 


FORM OF ERISA REPRESENTATION LETTER


 


[Date]


 


Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust


 


J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Real Estate Structured Finance – Securitization Group


 


		Re:	Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3,
                                         Class [    ] 



 


Ladies and Gentlemen:


 


_______________ (the
“Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial Certificate
Balance][$_____ initial Notional Amount][or _____% Percentage Interest] of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2020-IG3, Class [_____], CUSIP No. _____ (the “Certificates”), issued
pursuant to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer and special servicer, and Wells Fargo Bank, National Association, as trustee, certificate administrator,
paying agent and custodian. All capitalized terms used herein and not otherwise defined shall have the meaning set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the Depositor,
the Certificate Administrator, the Certificate Registrar and the Trustee that:


 


The Purchaser is not
and will not become (a) an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) or to Section 4975 of the Internal Revenue Code
of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA) or other plan
that is subject to any federal, state or local law that is, to a material extent, similar to the forgoing provisions of ERISA or
the Code (“Similar Law”) (each, a “Plan”), or (b) any person acting on behalf of any such
Plan or using the assets of any such Plan (including an entity whose underlying assets include plan assets within the meaning of
U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA), other than (except in the case
of the Class S and Class R Certificates, the VRR Interest, the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest)
an insurance company using the assets of its general account under circumstances whereby such purchase and the subsequent holding
of such


 






    D-2-1


     


    

 


Certificate by such insurance company would be exempt from the prohibited transaction provisions of Section 406 and 407
of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60, or, in the case of a Plan subject to Similar Law, where
the acquisition, holding and disposition of such Certificate will not constitute or result in a non-exempt violation of any Similar
Law.


 


IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this ___ day of ___, 20__.





	 	 	 
	 	Very truly yours,

	 	 
	 	[Purchaser]
	 	 	 
		By:	 
	 	 	Name:

Title:


 




    D-2-2


     


    

 


EXHIBIT E


 


FORM OF REQUEST FOR RELEASE


 


[Date]


 


Wells Fargo Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Document Custody Group – Benchmark 2020-IG3 Mortgage Trust


 


		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 



 


Dear __________________:


 


In connection with the
administration of the Mortgage Files held by, or on behalf of, you as Custodian under the Pooling and Servicing Agreement, the
undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you as Custodian with
respect to the following described Mortgage Loan or Trust Subordinate Companion Loan for the reason indicated below:


 


Mortgagor’s Name:
__________________


 


Address: __________________________


 


Asset No.: _________________________


 


If only particular documents
in the Mortgage File are requested, please specify which:


 


Reason for requesting
file (or portion thereof):


 


	 	 	 	1.	Mortgage Loan and/or Trust Subordinate Companion Loan paid in full. Such [Master Servicer] [Special
Servicer][Other Servicer][Other Special Servicer] hereby certifies that all amounts received in connection with the [Mortgage Loan][Trust
Subordinate Companion Loan] have been or will be, following such [Master Servicer’s] [Special Servicer’s] [Other Servicer’s][Other
Special Servicer’s] release of the Mortgage File, credited to the Collection Account pursuant to the Pooling and Servicing
Agreement.



 


	 	 		2.	The Mortgage Loan and/or Trust Subordinate Companion Loan is being foreclosed.



 






    E-1


     


    

 


	 	 		3.	Other. (Describe)



 


The undersigned acknowledges
that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of
the [Pooling and Servicing Agreement][Other Pooling and Servicing Agreement] and will be returned to you or your designee within
ten (10) days of our receipt thereof, unless [the [Other Servicer][Other Special Servicer] requires such Mortgage File pursuant
to the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement.][the [Mortgage Loan][Trust Subordinate Companion
Loan] has been paid in full or otherwise liquidated, in which case the Mortgage File (or such portion thereof) will be retained
by us permanently, or unless the [Mortgage Loan][Trust Subordinate Companion Loan] is being foreclosed,] in which case the Mortgage
File (or such portion thereof) will be returned when no longer required by us for such purpose.


 


Capitalized terms used
but not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.


  


	 	[MASTER SERVICER][SPECIAL SERVICER][OTHER
SERVICER][OTHER SPECIAL SERVICER]
	 	 	 
		By:	 
	 	 	Name:

Title:


  




    E-2


     


    

 


EXHIBIT F


 


SECURITIES LEGEND


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“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) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY
OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.


 


THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF
SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO
BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.


 




    F-1


     


    

 


EXHIBIT G


 


FORM OF REGULATION S TRANSFER CERTIFICATE


 


Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust


 


		Re:	Transfer
                                         of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3, Class [    ] 



 


Ladies and Gentlemen:


 


This certificate is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction, on behalf of the holders of the Benchmark 2020-IG3 Mortgage Trust
Commercial Mortgage Pass Through Certificates, Series 2020-IG3, Class [_] (the “Certificates”) in connection
with the transfer by the undersigned (the “Transferor”) to                                      
(the “Transferee”) of $                    
Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”), or a beneficial
interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Pooling and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).


 


In connection with such
transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Pooling and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with
Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:


 


(1)        the
offer of the Transferred Interest was not made to a person in the United States;


 


[(2)      at the time the
buy order was originated, the Transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the Transferee was an institution that was outside the United States;]*


 


[(2)      the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither there undersigned
nor


 





 



 


*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.


 






    G-1


     


    

 


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 that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.


 


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.


 





	 	[Insert Name of Transferor]
	 	 	 
		By:	 
	 	 	Name:

Title:


 


Dated: ________________, 20     


 




    G-2


     


    

 


EXHIBIT H


 


FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD


 


(Exchanges or transfers pursuant to Section
5.02(c)(ii)(A) of 

the Pooling and Servicing Agreement)


 


Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust


 


		Re:	Transfer
                                         of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3, Class [    ] 



 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.


 


This letter relates to
US $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of Rule 144A Global
Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP No.                     )
to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.


 


In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:


 


(1)       the
offer of the Certificates was not made to a person in the United States,


 


[(2)      at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any persons
acting on its behalf reasonably believed that the Transferee was outside the United States,]**


 





 



 


*
Select appropriate depository.


 


**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.


 






    H-1


     


    

 


[(2)      the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf 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.


 


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.


 





	 	[Insert Name of Transferor]
	 	 	 
		By:	 
	 	 	Name:

Title:


 


Dated: ________________, 20__


 




    H-2


     


    

 


EXHIBIT I


 


FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD


 


(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Pooling and Servicing Agreement)


 


Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfer Services (CMBS) Benchmark 2020-IG3 Mortgage Trust


 


		Re:	Transfer
                                         of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3, Class [    ] 



 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), and
executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.


 


The letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Rule 144A
Global Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global Certificate (Common Code
No.                     ).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on 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,


 


[(2)      at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the United States,]*


 





 



 


*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.


 






    I-1


     


    

 


[(2)      the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf 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 that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.


 


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.


 





	 	[Insert Name of Transferor]
	 	 	 
		By:	 
	 	 	Name:

Title:


 


Dated: _______________, 20___


 




    I-2


     


    

 


EXHIBIT J


 


FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD


 


(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Pooling and Servicing Agreement)


 


Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust


 


		Re:	Transfer
                                         of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3, Class [    ] 



 


Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), and
executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.


 


This letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Regulation
S Global Certificate (CUSIP No.                     )
with [Euroclear] [Clearstream]* (Common Code                     )
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No.
                    ).


 


In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Pooling and Servicing Agreement and (ii) Rule 144A under the Securities
Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is “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 an jurisdiction.


 


This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.


 





 



 


*
Select appropriate depositary. 


 






    J-1


     


    

 





	 	[Insert Name of Transferor]
	 	 	 
		By:	 
	 	 	Name:

Title:


 


Dated: ______________, 20__


 




    J-2


     


    

 


EXHIBIT K


 


FORM OF DISTRIBUTION DATE STATEMENT


 




    K-1


     


    





 



	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20




	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION
    DATE STATEMENT	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Table
    of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT
    SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification
    Tables	7 - 9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15 - 16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Realized Loss Reconciliation	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21 - 22	 	 	 
	 	 	 	 	Defeased Loan Detail	23	 	 	 
	 	 	 	 	Supplemental Reporting	24	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 






	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 
	 	 	


J.P. Morgan Chase Commercial
Mortgage Securities Corp.
383 Madison Avenue
8th Floor
New York, NY 10179




 

Contact:  General Information Number

Phone Number:      (212) 834-3813
	 	 	 	Midland Loan Services, a Division of 

PNC Bank, National Association
10851 Mastin Street

Building 82, Suite 300

Overland Park, KS 66210

    

                                                                                                                                        

                                                                                                                                       

                                                                                                                                       Contact:    askmidlandls.com
Phone Number:    (913) 253-9000

	 	 	 	
    Midland Loan Services, a Division of 

PNC Bank, National Association
10851 Mastin Street

Building 82, Suite 300

Overland Park, KS 66210

                                                                                                                                              

                                                                                                                                               

                                                                                                                                              

                                                                                                                                              

Contact:    askmidlandls.com
Phone Number:    (913) 253-9000

                                                                                                                                              






	 	 	 
	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Please visit www.ctslink.com for additional information and if applicable, any special notices and any credit risk retention notices. In addition, certificateholders may register online for email notification when special notices are posted. For information or assistance please call 866-846-4526.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 


  









     Page 1 of 24


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate
    Distribution Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/
 Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	Current

     Subordination

    Level (1)	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	BX-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	BX-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	BX-C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	BX-VRR Int	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	T333-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	T333-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	T333-C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	T333-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	T333-VRR Int	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-VRR Int	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	Original

    Notional
 Amount	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1)
                                         Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of
(i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate
to the designated class and dividing the result by (A).


 


 


 


	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 



     Page 2 of 24


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20








	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate
    Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

                                         Balance
	Principal

                                         Distribution
	Interest

                                         Distribution
	Prepayment

                                         Premium
	Realized
                                         Loss/

                                         Additional Trust

                                         Fund Expenses
	Ending

                                         Balance
	 
	 	 
	 	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	BX-A	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	BX-B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	BX-C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	BX-VRR Int	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	T333-A	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	T333-B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	T333-C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	T333-D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	T333-VRR Int	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	825S-A	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	825S-B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	825S-C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	825S-D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	825S-E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 



 






     Page 3 of 24


     


    

 











	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20








	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation
    Detail	 	 
	 	 	Principal
    Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled
    Principal	 	Principal
    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Certificate
    Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual

    Days	 	Accrued

    Certificate

    Interest	 	Net
    Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC
    CAP

    Shortfall	 	Interest
    

    Shortfall/(Excess)	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

    Certificate Interest	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-S	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	BX-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	BX-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	BX-C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	BX-VRR Int	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	T333-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	T333-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	T333-C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	T333-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	T333-VRR Int	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-VRR Int	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




 





     Page 4 of 24


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20





	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other
    Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount  (1)	 	    0.00	 		 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 		 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 		 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App.
                                         Reduction



	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(1) The Available Distribution Amount includes any Prepayment Premiums and Yield Maintenance Charges.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 



     Page 5 of 24


     


    






 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20








	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Scheduled Interest	0.00	 	 	Master Servicing Fee - Midland Loan Services	0.00	 	 
	 	Interest reductions
    due to Nonrecoverability Determinations	0.00	 	 	Certificate Administrator/Trustee Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	CREFC® Intellectual Property Royalty License Fee	0.00	 	 
	 	Deferred Interest	0.00	 	 			 	 
	 	ARD Interest	0.00	 	 	Total Fees		0.00	 
	 	Default Interest
    and Late Payment Charges	0.00	 	 		 	 	 
	 	Net Prepayment Interest
Shortfall	0.00	 	 			 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 		 	 	 
	 	Extension Interest	0.00	 	 		 		 
	 	Interest Reserve
    Withdrawal	0.00	 	 	Additional Trust
    Fund Expenses:	 		 
	 	Total Interest
    Collected	 	0.00	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Workout-Delayed Reimbursement
    Amounts	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional
    Trust Fund Expenses		0.00	 
	 	Negative Amortization	0.00	 	 				 
	 	Principal Adjustments	0.00	 	 	Interest Reserve
    Deposit	 	0.00	 
	 	Total Principal
    Collected		0.00 	 		 		 
	 	 	 	 	 	 	 	 	 
	 	Other:	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Prepayment Penalties/Yield
    Maintenance Charges	0.00	 	 	Interest Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Principal Distribution	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance Charges 	0.00	 	 
	 	Excess Liquidation
    Proceeds	0.00	 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	Net Swap Counterparty
    Payments Received	0.00	 	 	Net Swap Counterparty
    Payments Received	0.00	 	 
	 	Total Other Collected		0.00	 	Total Payments
    to Certificateholders & Others		0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds
    Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 



 



     Page 6 of 24


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
        Mortgage Loan and Property Stratification Tables

        Aggregate
        Pool
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled
    Balance	 	State
    (3)	 
	 	 	 	 	 
	 	Scheduled
    

    Balance	#
                                         of


        loans

        	Scheduled


        Balance

        	%
                                         of


        Agg.


        Bal.

        	WAM


        (2)

        	WAC	Weighted


        Avg
        DSCR (1)

        	 	State	#
                                         of


        Props.

        	Scheduled


        Balance

        	%
                                         of


        Agg.


        Bal.

        	WAM


        (2)

        	WAC	Weighted


        Avg
        DSCR (1)

        	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 		 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 


     Page 7 of 24


     


    
 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Mortgage Loan and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service Coverage Ratio	 	Property
    Type (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note
    Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See
    footnotes on last page of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 



 



     Page 8 of 24


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20







	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Mortgage Loan and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated
    Remaining Term (ARD and Balloon Loans)	 	Remaining
    Stated Term (Fully Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization Term (ARD and Balloon Loans)	 	Age
    of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	


(1) Debt Service
Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases the
most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the
offering document is used. The Trustee makes no representations as to the accuracy of the data provided by the borrower for this
calculation.


	 
	 	 	 
	 	(2) Anticipated
                     Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the
                     Anticipated Repayment Date, if applicable, and the Maturity Date. 



	 
	 	 	 
	 	(3) Data
                     in this table was calculated by allocating pro-rata the current loan information to the properties based
                     upon the Cut-Off Date balance of each property as disclosed in the offering document.



	 
	 	 	 
	 	The Scheduled Balance Totals reflect
    the aggregate balances of all pooled loans as reported in the CREFC Loan Periodic Update File. To the extent that the Scheduled
    Balance Total figure for the “State” and “Property” stratification tables is not equal to the sum
    of the scheduled balance figures for each state or property, the difference is explained by loans that have been modified
    into a split loan structure. The “State” and “Property” stratification tables do not include the balance
    of the subordinate note (sometimes called the B-piece or a “hope note”) of a loan that has been modified into
    a split-loan structure. Rather, the scheduled balance for each state or property only reflects the balance of the senior note
    (sometimes called the A-piece) of a loan that has been modified into a split-loan structure.	 
	 	 	 
	 	Note: There are no Hyper-Amortization
    Loans included in the Mortgage Pool.	 
	 	 	 	 	 


 


     Page 9 of 24


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	SS



	-	Self Storage



	1	-	Modification	7	-	REO	11	-	Full Payoff	1	-	Maturity Date Extension	6	-	Capitalization on Interest	 
	 	RT 	-	Retail	98	-	Other



	2 	-	Foreclosure	8	-	Resolved	12 	 -	Reps and
    Warranties  	2	-	Amortization Change	7	-	Capitalization on Taxes	 
	 	HC	-	Health Care	SE	-	Securities



	3	-	Bankruptcy	9	-	Pending Return	13	-	TBD	3	-	Principal Write-Off	8	-	Other	 
	 	 IN	-	Industrial	CH	-	Cooperative
                                         Housing



	4	-	Extension			to Master Servicer	98	-	Other	4	-	Blank	9	-	Combination	 
	 	MH	-	Mobile Home Park	WH	-	Warehouse	5	-	Note Sale	10	- 	Deed in Lieu Of				5	-	Temporary Rate Reduction  	10	-	Forbearance



	 
	 	OF 	-	Office	ZZ



	-	Missing Information



	6	-	DPO



	 	 	Foreclosure



	 	 	 	 	 	 	 	 	 	 
	 	MU







	-	Mixed Use



	SF	-	Single Family



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	LO



	-	Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 











 


     Page 10 of 24


     


    

 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20





	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI (1)	Most

    Recent

    NOI (1)	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
                                         The Most Recent Fiscal NOI and Most Recent NOI fields correspond to the financial data
                                         reported by the Master Servicer. An NOI of 0.00 means the Master Servicer did not report
                                         NOI figures in their loan level reporting.



	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 11 of 24


     


    










 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 
	 	Principal
    Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Loan
    Group	Offering
    Document
Cross-Reference	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Payoff
    Amount	Curtailment
    Amount	Prepayment
    

    Premium	Yield
    Maintenance
Charge	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 


     Page 12 of 24


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Amount 	#	Amount	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals
    are excluded from the delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 13 of 24


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer
    Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Performing Matured Balloon



	1	-	Modification	7	-	REO	11	-	Full Payoff



	 	 
	 	 	 	 	But Still in Grace Period	1	- 30-59 Days Delinquent	5 	-	Non Performing Matured
    Balloon	2 	-	Foreclosure	8	-	Resolved	12	-	Reps
    and Warranties	 	 
	 	 	 	 	Or Not Yet Due	2	- 60-89 Days Delinquent	6	-	121+ Days Delinquent	3 	-	Bankruptcy	9	-	Pending Return	13	-	TBD	 	 
	 	 	B	-	Late Payment But Less	3	- 90-120 Days Delinquent	 	 	 	4 	-	Extension			to Master Servicer	98	-	Other



	 	 
	 	 	 	 	Than 30 Days Delinquent	 	 	 	 	 	5 	-	Note Sale	10	 -	Deed
                                      In Lieu Of



				 	 
	 	 	** Outstanding P & I Advances
    include the current period advance.	6	-	DPO	 	 	Foreclosure	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 14 of 24


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	DSCR

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1)
    Resolution Strategy Code	(2)
    Property Type Code	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage



	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other



	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities



	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing



	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse



	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF



	-	Office



	ZZ



	- 	Missing Information



	 
	 	 	 	 	 	 	 	 	 	MU



	- 	Mixed Use



	SF 	- 	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO



	- 	Lodging



	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 15 of 24


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20





	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date	Appraisal
    Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment
                                         from Special Servicer



	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 



	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code	(2)
    Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage



	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other



	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities



	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing



	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse



	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF



	-	Office



	ZZ



	-	Missing Information



	 
	 	 	 	 	 	 	 	 	 	MU



	-	Mixed Use



	SF 	-	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO



	-	Lodging



	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 16 of 24


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20





	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	Loan
    Group 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 



     Page 17 of 24


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 	 
	 	Modified
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 


 


     Page 18 of 24


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Liquidated Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 19 of 24


     


    



 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20












	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Bond/Collateral Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals     	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 




     Page 20 of 24


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

    Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 


 


     Page 21 of 24


     


    


 





	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20






	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	 Other
     (Shortfalls)/ 

     Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total
    Interest Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 



     Page 22 of 24


     


    


 


	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20


 


 


	 	 	 	 	 	 	 	 
	 	Defeased Loan Detail	 
	 	 	 	 	 	 	 	 
	 	Loan Number	Offering Document

Cross-Reference	Ending Scheduled
    

    Balance	Maturity Date	Note Rate	Defeasance Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 


 



     Page 23 of 24


     


    

  










	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20





	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	Disclosable
                                         Special Servicer Fees, Loan Event of Default, Servicer Termination Event or Special Servicer
                                         Termination Event information would be disclosed here.





	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 





 



     Page 24 of 24


     


    
 


EXHIBIT
L-1A


 


Form
of Investor Certification for Non-Borrower PartY AND/OR 

Risk Retention Consultation Party

(for Persons other than the Directing holder, a Controlling 

Class Certificateholder,
a BX Industrial Portfolio Controlling

 Class Certificateholder, a Tower 333 Controlling Class 

Certificateholder AND/OR An 825 South
Hill CONTROLLING CLASS 

CERTIFICATEHOLDER)


 


[Date]


 


Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-IG3 Mortgage Trust

Email: trustadministrationgroup@wellsfargo.com


cts.cmbs.bond.admin@wellsfargo.com


 


		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 	 



 


In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.         The undersigned is either a certificateholder, beneficial owner or prospective purchaser of the above-referenced Class ___ Certificates
or is a Risk Retention Consultation Party, and is not the Directing Holder, a Controlling Class Certificateholder, a BX Industrial
Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or an 825 South Hill Controlling
Class Certificateholder.


 


2.         In the case of an Offered Certificate, the undersigned has received a copy of the Offering Circular.


 


3.         The undersigned is not a Borrower Party or a Risk Retention Consultation Party.


 


4.         The undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.


 


In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except 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


 






     L-1A-1


     

    

 


banking authorities or agencies to which
the undersigned is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part.


 


The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


5.         The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchasers,
the Loan-Specific Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.


 


6.         The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations and covenants contained herein remain true and correct.


 


7.         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.


 


BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified.


 





	 	By:	 
	 	 	Title:

    Company:

    Phone:








     L-1A-2


     

    

 


EXHIBIT
L-1B


 


Form
of Investor Certification for Non-Borrower PartY (for the 

directing holder, a Controlling Class Certificateholder a BX 

Industrial
Portfolio Controlling Class Certificateholder, a 

Tower 333 Controlling Class Certificateholder AND/OR An 825 

South Hill CONTROLLING
CLASS CERTIFICATEHOLDER)


 


[Date]


 


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

    10851 Mastin Street, Suite 700

    Overland Park, Kansas 66210

    Attention: Executive Vice President – Division Head

    Facsimile: (888) 706-3565	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-IG3

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 


		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 	 



 


In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.         The undersigned is either the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class
Certificateholder, a Tower 333 Controlling Class Certificateholder or an 825 South Hill Controlling Class Certificateholder.


 


2.         The undersigned is not a Borrower Party.


 


3.         The undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.


 


In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except 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 shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part, unless required to do so by law, regulation
or legal, judicial or administrative process; provided, however, that the confidentiality requirement detailed above
shall not apply to information which


 






     L-1B-1


     

    

 


(i) is already in the undersigned’s possession, (ii) is or becomes publicly available
other than as a result of a disclosure by the undersigned in breach of this agreement or (iii) is or becomes available to the
undersigned from a source other than the Certificate Administrator’s Website.


 


The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


4.         The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchasers,
the Loan-Specific Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.


 


5.         At any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification
attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.


 


6.         The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations and covenants contained herein remain true and correct.


 


7.         The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with
the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or
(b) mailed by registered mail, postage prepaid.


 


8.         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.


 


BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified.


 


	 	By:	 
	 	 	Title:

    Company:

    Phone:




 




     L-1B-2


     

    

 


EXHIBIT
L-1C


 


Form
of Investor Certification for Borrower PartY

(for Persons other than the Directing Holder, a Controlling 

Class Certificateholder,
a BX Industrial Portfolio Controlling 

Class Certificateholder, a Tower 333 Controlling Class 

Certificateholder, An 825 South Hill
CONTROLLING CLASS 

CERTIFICATEHOLDER AND/OR A RISK RETENTION CONSULTATION PARTY)


 


[Date]


 


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

    10851 Mastin Street, Suite 700

    Overland Park, Kansas 66210

    Attention: Executive Vice President – Division Head

    Facsimile: (888) 706-3565	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-IG3

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 


		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 	 



 


In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.         The undersigned is either a certificateholder, beneficial owner or prospective purchaser of the above-referenced Class ___ Certificates,
and is not the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder,
a Tower 333 Controlling Class Certificateholder or an 825 South Hill Controlling Class Certificateholder.


 


2.         The undersigned is a Borrower Party.


 


3.         The undersigned is requesting access pursuant to the Pooling and Servicing Agreement to the Distribution Date Statements on the
Certificate Administrator’s Website.


 


In
consideration of the disclosure to the undersigned of the Distribution Date Statements, or the access thereto, the undersigned
shall keep the Distribution Date Statements confidential (except from such outside persons as are assisting it in making an evaluation
in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental
or banking authorities or agencies to which the undersigned is subject), and such Distribution Date Statements shall not, without
the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners,


 






     L-1C-1


     

    

 


employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole
or in part.


 


The
undersigned shall not use or disclose the Distribution Date Statements in any manner which could result in a violation of any
provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act
of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities
Act.


 


4.         The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchasers,
the Loan-Specific Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.


 


5.         The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations and covenants contained herein remain true and correct.


 


6.         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.


 


BY
ITS CERTIFICATION HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.


 


	 	By:	 
	 	 	Title:

    Company:

    Phone:





 




     L-1C-2


     

    

 


EXHIBIT
L-1D


 


Form
of Investor Certification for Borrower PartY

(for the Directing Holder, a Controlling Class 

CertificateholdeR, a BX Industrial Portfolio
Controlling Class 

Certificateholder, a Tower 333 Controlling Class 

Certificateholder AND/OR An 825 South Hill CONTROLLING CLASS


CERTIFICATEHOLDER)


 


[Date]


 


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

    10851 Mastin Street, Suite 700

    Overland Park, Kansas 66210

    Attention: Executive Vice President – Division Head

    Facsimile: (888) 706-3565	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-IG3

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 


		Re:	Pooling and Servicing Agreement (“Pooling and
Servicing Agreement”) relating to Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2020-IG3 	 



 


In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:


 


1.         The undersigned is [the Directing Holder][a Controlling Class Certificateholder][a BX Industrial Portfolio Controlling Class Certificateholder][a
Tower 333 Controlling Class Certificateholder][an 825 South Hill Controlling Class Certificateholder].


 


2.         The undersigned is a Borrower Party with respect to the following Excluded Controlling Class Mortgage Loans:


 


[IDENTIFY
EXCLUDED CONTROLLING CLASS MORTGAGE LOANS] (the “Excluded Controlling Class Mortgage Loans”)


 


3.         Except with respect to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Pooling
and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s
Website.


 


In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall 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 shall


 






     L-1D-1


     

    

 


not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part.


 


The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


4.         The undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information
(as defined in the Pooling and Servicing Agreement) relating to the Excluded Controlling Class Mortgage Loans to the extent the
undersigned receives access to such Excluded Information on the Certificate Administrator’s website or otherwise receives
access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing
Agreement.


 


5.         The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify
each party to the Pooling and Servicing Agreement, the Initial Purchasers, the Loan-Specific Initial Purchasers and the Trust
Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.


 


6.         To the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or
otherwise receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly
or indirectly provide such Excluded Information to the related Borrower or (A) any employees or personnel of the undersigned or
any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to
its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will
maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations
described in clause (i) above.


 


7.         The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations and covenants contained herein remain true and correct.


 


8.         The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with
the notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.


 


9.         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.


 


[BY
ITS CERTIFICATION HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.]


 



     L-1D-2


     

    




  


	 	 	[Directing
Holder][Controlling Class 

Certificateholder][BX Industrial Portfolio 

Controlling Class Certificateholder][Tower 

333 Controlling
Class Certificateholder][825 

South Hill Controlling Class 

Certificateholder]
	 	 	 
	By:	 	 
	 	Title:

    Company:

    Phone:	 




 




     L-1D-3


     

    

 


EXHIBIT
L-1E


 


FORM
OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER


 


[Date]


 


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

    10851 Mastin Street, Suite 700

    Overland Park, Kansas 66210

    Attention: Executive Vice President – Division Head

    Facsimile: (888) 706-3565	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-IG3

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 


		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 	 



 


THIS
NOTICE IDENTIFIES AN “EXCLUDED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE Benchmark 2020-IG3 MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-IG3, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.32
OF THE POOLING AND SERVICING AGREEMENT.


 


In
accordance with Section 4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the
“Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby certifies
and agrees as follows:


 


1.        
The undersigned is [the Directing Holder] [a Controlling Class Certificateholder][a BX Industrial Portfolio Controlling Class
Certificateholder][a Tower 333 Controlling Class Certificateholder][an 825 South Hill Controlling Class Certificateholder] as
of the date hereof.


 


2.         The undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):








	Mortgage
    Loan Number	ODCR	Loan
    Name	Borrower
    Name
	 	 	 	 
	 	 	 	 
	 	 	 	 


 






     L-1E-1


     

    

 


3.        
As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, the Certificate
Administrator’s determination as to whether a Consultation Termination Event or Control Termination Event is in effect with
respect to the Excluded Controlling Class Mortgage Loans listed in paragraph 2 if any such mortgage loan is an Excluded Mortgage
Loan:








	CUSIP	Class	Outstanding
    

Certificate Balance	Initial
    Certificate 

Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 


 


4.         The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit L-1F to the Pooling
and Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Excluded Information relating to the Excluded Controlling Class Mortgage Loans
on the Certificate Administrator’s website unless and until it has (i) delivered notice of the termination of the related
Excluded Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 4.02(b) of
the Pooling and Servicing Agreement.


 


5.         The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Initial Purchasers,
the Loan-Specific Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses
and the cost of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent,
employee, representative or person acting on its behalf of any Excluded Information relating to the Excluded Controlling Class
Mortgage Loans listed in Paragraph 2 above.


 


Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.


 


IN
WITNESS WHEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.


 






     L-1E-2


     

    

 


	 	[Directing
    Holder][Controlling Class 

Certificateholder][BX Industrial Portfolio 

Controlling Class Certificateholder][Tower 

333 Controlling
    Class Certificateholder][825 

South Hill Controlling Class 

Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:

    Title:

    Phone:

    Email:

    Address:







  




     L-1E-3


     

    

 


EXHIBIT
L-1F


 


FORM
OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER TO CERTIFICATE ADMINISTRATOR


 


[Date]


 


Via:
Email



Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-IG3

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com


 


with
a copy to:



Wells Fargo Bank, National Association

8480 Stagecoach Circle

Frederick, Maryland 21701-4747

Attention: Benchmark 2020-IG3


 


		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 	 



 


In
accordance with Section 4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the
“Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby directs
you as follows:


 


1.         The undersigned is the [Directing Holder][a Controlling Class Certificateholder][a BX Industrial Portfolio Controlling Class Certificateholder][a
Tower 333 Controlling Class Certificateholder][an 825 South Hill Controlling Class Certificateholder] as of the date hereof.


 


2.         The undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):


 


	Mortgage
    Loan Number	ODCR	Loan
    Name	Borrower
    Name
	 	 	 	 
	 	 	 	 
	 	 	 	 


 






     L-1F-1


     

    

 


3.         The following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the Benchmark 2020-IG3 Mortgage Trust securitization should be revoked as to such users:


 


	 	 	 
	 	 	 
	 	 	 
	 	 	 






 





4.         The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect to
such Excluded Controlling Class Mortgage Loans on the Certificate Administrator’s website unless and until it (i) is no
longer an Excluded Controlling Class Holder with respect to such Excluded Controlling Class Mortgage Loans, (ii) has delivered
notice of the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification in the form of
Exhibit L-1E to the Pooling and Servicing Agreement.


 


Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.


 


IN
WITNESS WHEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.


 


	 	[Directing
    Holder][Controlling Class 

Certificateholder][BX Industrial Portfolio 

Controlling Class Certificateholder][Tower 

333 Controlling
    Class Certificateholder][825 

South Hill Controlling Class 

Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:

    Title:

    Phone:

    Email:

    Address:




 









     L-1F-2


     

    

 



 


The
undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.


 


WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator





	 	 	 
	By:	 	 
	 	

        Name:

Title:
 
	 




 



 




     L-1F-3


     

    

 


EXHIBIT L-1G


 


FORM OF CERTIFICATION OF THE DIRECTING
HOLDER


 


[Date]


 


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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile: (888) 706-3565	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2020-IG3

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York  10179

Attention:  Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com	 


 


		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 



 


In accordance with Section
3.29(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:


 


1.             The undersigned has been appointed to act as the Directing Holder.


 


2.             The undersigned is not a Borrower Party.


 


3.             If the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver
the certification attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the
notices attached as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.


 


4.             The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance
with the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier
or (b) mailed by registered mail, postage prepaid.


 


5.             Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.


 






     L-1G-1


     


    


 


[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]


 





	 	[Directing Holder][Controlling
Class Certificateholder][BX Industrial Portfolio Controlling Class Certificateholder][Tower 333 Controlling Class Certificateholder][825
South Hill Controlling Class Certificateholder]
	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:


  




     L-1G-2


     


    


 


EXHIBIT L-1H


 


FORM OF CERTIFICATION OF A RISK RETENTION
CONSULTATION PARTY


 


[Date]


 


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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile: (888) 706-3565	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2020-IG3

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention:  CTS – Certificate Transfers Benchmark 2020-IG3	J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York  10179

Attention: Kunal K. Singh, email: US_CMBS_Notice@jpmorgan.com


 


		Re:	Benchmark 2020-IG3 Mortgage Trust
                                         Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, [VRR Interest][BX-VRR
                                         Interest][T333-VRR Interest][825S-VRR Interest] 



 


In accordance with Section
3.29 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:


 


1.             The undersigned has been appointed to act as the [VRR1 Risk Retention Consultation Party][VRR2 Risk Retention Consultation
Party][VRR3 Risk Retention Consultation Party][BX Industrial Portfolio Risk Retention Consultation Party][Tower 333 Risk Retention
Consultation Party][825 South Hill Risk Retention Consultation Party].


 


2.             The undersigned is not a Borrower Party.


 


3.             The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance
with the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier
or (b) mailed by registered mail, postage prepaid.


 


4.             The contact information for the undersigned for all notices and other communications is as follows:


 


[_____]


 






     L-1H-1


     


    

 


5.             Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.


 


BY ITS CERTIFICATION
HEREOF, the undersigned 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: _______


 




     L-1H-2


     


    



 


EXHIBIT L-2


 


FORM OF FINANCIAL MARKET PUBLISHER CERTIFICATION


 


This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.






 


In connection with the
Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
entered into between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as master servicer and special servicer, and Wells Fargo Bank, National Association, as trustee,
certificate administrator, paying agent and custodian, the undersigned hereby certifies and agrees as follows:


 


1.             The undersigned is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management,
Inc., Interactive Data Corporation, CMBS.com, Inc., Markit Group Limited, Moody’s Analytics, MBS Data, LLC, RealINSIGHT,
KBRA Analytics, Inc., Thomson Reuters Corporation and DealView Technologies Ltd., a market data provider that has been given access
to the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made available pursuant
to Section 4.02 of the Pooling and Servicing Agreement to Privileged Persons on www.ctslink.com (the “Website”)
by request of the Depositor.


 


2.             The undersigned agrees that each time it accesses the Website, the undersigned is deemed to have recertified that the representation
above remains true and correct.


 


3.             Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the agreement pursuant
to which the Certificates were issued.


 


BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.


 




    L-2-1


     


    


 


EXHIBIT M


 


FORM OF NOTIFICATION FROM CUSTODIAN


 


[DATE]


 


To the Persons Listed on the attached Schedule A


 


		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3 



 


Ladies and Gentlemen:


 


In accordance with Section
2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby notifies you that, based upon the review required
under the Pooling and Servicing Agreement, the Mortgage File for each Mortgage Loan or Trust Subordinate Companion Loan set forth
on the attached defect schedule contains a document or documents which (i) has not been executed or received, (ii) has not been
recorded or filed (if required), (iii) is unrelated to the Mortgage Loans and Trust Subordinate Companion Loan identified in the
Mortgage Loan Schedule, (iv) appears not to be what they purport to be or has been torn in any materially adverse manner or (v)
is mutilated or otherwise defaced, in each case as more fully described on the attached defect schedule.


 


The Custodian has no
responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid, binding
or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.


 


Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.


 





	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian


	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    M-1


     


    



 


SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN


 


JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com


 


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – Benchmark 2020-IG3


 


with copies to:



cts.cmbs.bond.admin@wellsfargo.com; and

trustadministrationgroup@wellsfargo.com


 


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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile: (888) 706-3565


 


with a copy to:



Stinson LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Facsimile: (816) 412-9338

Email: kenda.tomes@stinson.com


 


To the applicable Mortgage Loan Seller:



[JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal Singh

Email: US_CMBS_Notice@jpmorgan.com


 






    M-2


     


    


 


with a copy to:



JPMorgan Chase Bank, National Association

4 New York Plaza, 21st Floor

New York, New York 10004

Attention: SPG Legal

Email: US_CMBS_Notice@jpmorgan.com]


 


[German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye


 


with a copy via email to:



cmbs.requests@db.com]


 


[Goldman Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Leah Nivison

Email: leah.nivison@gs.com]


 




    M-3


     


    


 


DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN


  




    M-4


     


    


 


EXHIBIT N-1


 


FORM OF CLOSING DATE CUSTODIAN CERTIFICATION


 


[Date]


 


[                 ]

[                 ]

[                 ]

Attention: [                 ]


 


		Re:	Pooling and Servicing Agreement
                                         (“Pooling and Servicing Agreement”) relating to Benchmark 2020-IG3
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 



 


In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to each Mortgage Loan and Trust Subordinate
Companion Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession the
documents specified in clause (i) of the definition of “Mortgage File”, (b) the foregoing documents delivered or caused
to be delivered by the Mortgage Loan Sellers as described in clause (a) above have been reviewed by it or by a Custodian on
its behalf and appear regular on their face, appear to be executed and purports to relate to such Mortgage Loan or Trust Subordinate
Companion Loan, except as identified on the schedule attached hereto, and (c) each of the documents specified in Section 2.01(a)(ii),
2.01(a)(vii), 2.01(a)(xi) and 2.01(a)(xix) of the Pooling and Servicing Agreement have been received, have been executed, appear
to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse
manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans and Trust Subordinate Companion
Loans identified in the Mortgage Loan Schedule.


 


Capitalized terms used
but not defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.


 





	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian


	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 







    N-1-1


     


    


 


SCHEDULE A 

TO CLOSING DATE CUSTODIAN CERTIFICATION


 


MORTGAGE LOAN SCHEDULE


 




    N-1-2


     


    


 


EXHIBIT N-2


 


FORM OF POST-CLOSING CUSTODIAN CERTIFICATION


 


[Date]


 


[                 ]

[                 ]

[                 ]

Attention: [                 ]


 


		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3 



 


In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies, subject to the terms of the Pooling and Servicing Agreement,
that, with respect to each Mortgage Loan or Trust Subordinate Companion Loan listed on the Mortgage Loan Schedule attached hereto
as Schedule A, all documents (other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of the Pooling and
Servicing Agreement and the documents referred to in clauses (iii), (iv)(B), (v)(B) and (viii)(B) of Section 2.01(a) of the Pooling
and Servicing Agreement and the assignments of financing statements referred to in clause (xiii) of Section 2.01(a) of the Pooling
and Servicing Agreement) referred to in Section 2.01(a) of the Pooling and Servicing Agreement (in the case of the documents referred
to in Section 2.01(a)(iv), (vi), (viii), (ix), (x), (xi), (xii) through (xvi) and (xviii) through (xx) of the Pooling and Servicing
Agreement, as identified to it in writing as a document required to be delivered by the related Mortgage Loan Seller) and any original
recorded documents included in the delivery of a Mortgage File have been received, have been executed, appear to be what they purport
to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or
otherwise defaced, and that such documents relate to the Mortgage Loans and Trust Subordinate Companion Loans identified in the
Mortgage Loan Schedule, in each case, except as set forth on the attached schedule hereto.


 


Capitalized terms used
but not defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.


 





	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian


	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


  




    N-2-1


     


    


 


SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION


 


MORTGAGE LOAN SCHEDULE


 




    N-2-2


     


    


 


EXHIBIT O


 


FORM OF TRUSTEE BACKUP CERTIFICATION


 


Benchmark 2020-IG3 Mortgage Trust (The
“Trust”)


 


The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), under that certain Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling
and Servicing Agreement”), between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer and special servicer, and Wells Fargo Bank, National
Association, as trustee, certificate administrator (in such capacity, the “Certificate Administrator”), paying
agent and custodian, certifies to [       ], J.P. Morgan Chase Commercial Mortgage Securities
Corp. and its officers, directors and affiliates, to the extent that the following information is within the Trustee’s normal
area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they will
rely upon this certification, that:


 


1.             I am responsible for reviewing the activities performed by the Trustee and based on my knowledge and the compliance reviews
conducted in preparing the Trustee compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation
AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Trustee has fulfilled its obligations in
all material respects under the Pooling and Servicing Agreement; and


 


2.             The report on assessment of compliance with servicing criteria applicable to the Trustee for asset-backed securities with
respect to the Trustee or any Servicing Function Participant retained by the Trustee and related attestation report on assessment
of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the Relevant
Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described
in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form
10-K.


 


Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.


 






    O-1


     


    


 


Date:                                        


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION


	 	 
	 

	By:

	


	 	 	Name:
	 

	 

	Title:




    




    O-2


     


    


 


EXHIBIT P


 


FORM OF CUSTODIAN BACKUP CERTIFICATION


 


Benchmark 2020-IG3 Mortgage Trust (The
“Trust”)


 


The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as custodian (in such
capacity, the “Custodian”), under that certain Pooling and Servicing Agreement, dated as of May 1, 2020 (the
“Pooling and Servicing Agreement”), entered into between J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer and special servicer, and
Wells Fargo Bank, National Association, as trustee, certificate administrator, paying agent and custodian, certifies to [       ],
J.P. Morgan Chase Commercial Mortgage Securities Corp. and its officers, directors and affiliates, to the extent that the following
information is within the Custodian’s normal area of responsibilities and duties under the Pooling and Servicing Agreement,
and with the knowledge and intent that they will rely upon this certification, that:


 


1.             I am responsible for reviewing the activities performed by the Custodian and based on my knowledge and the compliance reviews
conducted in preparing the Custodian compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation
AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Custodian has fulfilled its obligations
in all material respects under the Pooling and Servicing Agreement; and


 


2.             The report on assessment of compliance with servicing criteria applicable to the Custodian for asset-backed securities with
respect to the Custodian or any Servicing Function Participant retained by the Custodian and related attestation report on assessment
of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the Relevant
Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described
in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form
10-K.


 


Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.


 






    P-1


     


    


 


Date:                                        


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION


	 	 
	 

	By:

	


	 	 	Name:
	 

	 

	Title:







  




    P-2


     


    



 


EXHIBIT Q


 


FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION


 


Benchmark 2020-IG3 Mortgage Trust (The
“Trust”)


 


The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as certificate administrator,
(in such capacity, the “Certificate Administrator”), paying agent and custodian, under that certain Pooling
and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”) and special
servicer (the “Special Servicer”), and Wells Fargo Bank, National Association, as trustee (in such capacity,
the “Trustee”), certificate administrator, custodian and paying agent, certifies to [       ],
J.P. Morgan Chase Commercial Mortgage Securities Corp. and its officers, directors and affiliates, to the extent that the following
information is within the Certificate Administrator’s normal area of responsibilities and duties under the Pooling and Servicing
Agreement, and with the knowledge and intent that they will rely upon this certification, that:


 


1.             I have reviewed the annual report on Form 10-K for the fiscal year [20___] (the “Annual Report”), and
all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by the Annual Report (collectively
with the Annual Report, the “Reports”), of the Trust;


 


2.             To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by the Annual Report;


 


3.             To my knowledge, the distribution information required to be provided by the Certificate Administrator under the Pooling
and Servicing Agreement for inclusion in the Reports is included in the Reports;


 


4.             I am responsible for reviewing the activities performed by the Certificate Administrator under the Pooling and Servicing
Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate Administrator compliance
statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed on any Reports,
the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing Agreement;
and


 


5.             The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator for asset-backed
securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the Certificate Administrator
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K. Any material instances of


 






    Q-1


     


    

 


noncompliance
described in such reports have been provided to the Depositor for disclosure in such annual report on Form 10-K.


 


In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer and the Depositor.


 


Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.


 


Date:                                         


 





	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION


	 	 
	 

	By:

	


	 	 	Name:
	 

	 

	Title:




  




    Q-2


     


    


 


EXHIBIT R


 


[RESERVED]


 




    R-1


     


    


 


EXHIBIT S


 


[RESERVED]


 




    S-1


     


    


 


EXHIBIT T


 


FORM OF MASTER SERVICER BACKUP CERTIFICATION


 


Benchmark 2020-IG3 Mortgage Trust (the
“Trust”)


 


I, [identify the certifying
individual], a [_______________] of Midland Loan Services, a Division of PNC Bank, National Association (the “Master Servicer”)
under that certain Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, the Master Servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as special servicer (the “Special Servicer”), and Wells Fargo Bank, National
Association, as trustee, as certificate administrator (in such capacity, the “Certificate Administrator”), as
paying agent and as custodian, on behalf of the Master Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification],
the Depositor, each Other Depositor and their respective officers, directors and affiliates, and with the knowledge and intent
that they will rely upon this certification, that:


 


1.             Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”),
and assuming the accuracy of the statements required to be made by the Special Servicer, [each applicable Other Servicer and each
applicable Other Special Servicer] in the backup certificate[s] delivered by the Special Servicer, [each applicable Other Servicer
and each applicable Other Special Servicer] relating to the Relevant Period, all servicing information and all reports required
to be submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.13(a) and 3.13(c) of the Pooling
and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on
Form 10-D or Form 8-K (the “Servicer Reports”) have been submitted by the Master Servicer to the Certificate
Administrator for inclusion in these reports;


 


2.             Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special Servicer, [each applicable
Other Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by the Special Servicer, [each
applicable Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period, the master servicing information
contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by these reports;


 


3.             I am, or a servicing officer under my supervision is, responsible for reviewing the activities performed by the Master Servicer
under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted in preparing
the servicer compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB with respect to the
Master Servicer, and except as disclosed in the compliance certificate delivered by the Master Servicer under Section 10.11 of
the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement
in all material respects in the year to which such report applies;


 






    T-1


     


    

 


4.             The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing
Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been provided all information
relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to
conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and


 


5.             The report on assessment of compliance with servicing criteria applicable to the Master Servicer for asset-backed securities
with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer and related attestation
report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form
10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided
to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in
such annual report on Form 10-K.


 


In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of servicer, sub-servicer, co-servicer, Other Servicer, Other Special Servicer or Other Trustee not retained by the master
servicer giving certification] and, notwithstanding the foregoing certifications, neither I nor Master Servicer makes any certification
under the foregoing clauses (2) and (3) with respect to the information in the Servicing Reports that is in turn dependent upon
information provided by the Special Servicer under the Pooling and Servicing Agreement or by any Other Servicer, Other Special
Servicer or Other Trustee.


 


Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.


 


Date:                                         


 





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

	By:

	


	 	 	Name:
	 

	 

	Title:




 




    T-2


     


    


 


EXHIBIT U


 


FORM OF SPECIAL SERVICER BACKUP CERTIFICATION


 


Benchmark 2020-IG3 Mortgage Trust (the
“Trust”)


 


I, [identify the certifying
individual], a [_______________ ] of Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer (in such capacity, the “Special Servicer”) under that certain Pooling and Servicing Agreement
dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between J.P. Morgan Chase Commercial Mortgage
Securities Corp., as depositor, Wells Fargo Bank, National Association, as trustee, certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, and Midland Loan Services, a Division of PNC Bank,
National Association, as master servicer (in such capacity, the “Master Servicer”) and the Special Servicer,
on behalf of the Special Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, each
Other Depositor and their respective officers, directors and affiliates, and with the knowledge and intent that they will rely
upon this certification, that:


 


1.             Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”),
all servicing information and all required reports required to be submitted by the Special Servicer to the Master Servicer, the
Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in
the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Special
Servicer Reports”) have been submitted by the Special Servicer to the Master Servicer, the Depositor, the Trustee or
the Certificate Administrator, as applicable, for inclusion in these reports;


 


2.             Based on my knowledge, the special servicing information contained in the Special Servicer Reports, taken as a whole, does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made therein,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by these
reports;


 


3.             I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Special Servicer
under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted in preparing
the servicer compliance statements required in this report under Item 1123 of Regulation AB with respect to the Special Servicer,
and except as disclosed in the compliance certificate delivered by the Special Servicer under Section 10.11 of the Pooling and
Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material
respects in the year to which such report applies;


 


4.             The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing
Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been provided all information
relating to the Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order to


 






    U-1


     


    

 


enable
them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and


 


5.             The report on assessment of compliance with servicing criteria applicable to the Special Servicer for asset-backed securities
with respect to the Special Servicer or any Servicing Function Participant retained by the Special Servicer and related attestation
report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form
10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided
to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in
such annual report on Form 10-K.


 


Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.


 


Date:__________________         


 





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

	By:

	


	 	 	Name:
	 

	 

	Title:




  




    U-2


     


    


 



EXHIBIT V


 


FORM OF SUB-SERVICER BACKUP CERTIFICATION


 


Benchmark 2020-IG3 Mortgage Trust (the
“Trust”)


 


As contemplated by
Section 10.08 of that certain Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing
Agreement”), between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer (the “Master Servicer”) and special
servicer (the “Special Servicer”), and Wells Fargo Bank, National Association, as trustee, certificate
administrator (in such capacity, the “Certificate Administrator”), paying agent and custodian, [identify
the certifying individual], a __________ of  __________ , a  __________ [corporation] (the
“Sub-Servicer”) as Sub-Servicer in connection with the sub-servicing of one or more Mortgage Loans and/or
Serviced Companion Loan under the Pooling and Servicing Agreement, on behalf of the Sub-Servicer, certify to [Name of Each
Certifying Person for Sarbanes-Oxley Certification], the Depositor, each Other Depositor, the Master Servicer and their
officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:


 


1.           I
have reviewed the Servicer Reports and Sub-Servicer Reports (each as defined below) relating to the Mortgage Loans and/or Serviced
Companion Loan delivered by the Sub-Servicer to the Master Servicer, pursuant to the Sub-Servicing Agreement dated [___________],
20[__] by and between the Sub-Servicer and the Master Servicer (the “Sub-Servicing Agreement”);


 


2.           Based
on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”), all servicing
information and all reports required to be submitted by the Sub-Servicer to the Certificate Administrator pursuant to the Pooling
and Servicing Agreement (the “Servicer Reports”) for inclusion in the annual report on Form 10-K for the Relevant
Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Sub-Servicer to the Certificate Administrator
for inclusion in these reports;


 


3.           Based
on my knowledge, with respect to the Relevant Period, all servicing information and all reports required to be submitted by the
Sub-Servicer to the Master Servicer pursuant to the Sub-Servicing Agreement (the “Sub-Servicer Reports”) have
been submitted by the Sub-Servicer to the Master Servicer;


 


4.           Based
on my knowledge, the sub-servicer information contained in the Servicer Reports and Sub-Servicer Reports, taken as a whole, does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by these reports;


 


5.           Based
upon my knowledge and the annual compliance review performed as required under Section [__] of the Sub-Servicing Agreement, and
except as disclosed in the compliance certificate delivered pursuant to Section [__] of the Sub-Servicing Agreement, the


 






    V-1


     


    

 


Sub-Servicer
has fulfilled its obligations under the Sub-Servicing Agreement in all material respects;


 


6.           [I
am, or a servicing officer under my supervision is, responsible for reviewing the activities performed by the Sub-Servicer under
the Sub-Servicing Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted in preparing the
servicer compliance statements for inclusion on Form 10-K pursuant Item 1123 of Regulation AB with respect to the Sub-Servicer,
and except as disclosed in the compliance certificate delivered by the Sub-Servicer under Section [__] of the Sub-Servicing Agreement,
the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects in the year which such
report applies];


 


7.           The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Sub-Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Sub-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


 


8.           The
report on assessment of compliance with servicing criteria applicable to the Sub-Servicer for asset-backed securities with respect
to the Sub-Servicer or any Servicing Function Participant retained by the Sub-Servicer and related attestation report on assessment
of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the Relevant
Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described
in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form
10-K.


 


Capitalized terms used
but not defined herein have the meanings set forth in the Sub-Servicing Agreement, or if not defined in the Sub-Servicing Agreement,
then the meanings set forth in the Pooling and Servicing Agreement.


 


Date: _______________ 


 





	 

	[Insert
NAME OF SUB-SERVICER]


	 	 
	 

	By:

	


	 	 	Name:
	 

	 

	Title:




 




    V-2


     


    

 


EXHIBIT W


 


FORM OF SARBANES-OXLEY CERTIFICATION


 


I, [identify the certifying
individual], certify that:


 


1.           I
have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this
report on Form 10-K of the Benchmark 2020-IG3 Mortgage Trust (the “Exchange Act periodic reports”);


 


2.           Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;


 


3.           Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;


 


4.           Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in
all material respects; and


 


5.           All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.


 




    W-1


     


    

 


In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: Midland Loan Services, a Division
of PNC Bank, National Association, Wells Fargo Bank, National Association and [list any sub-servicers].


 


Dated: _______________


 





	
 

	
 


	
 

	
[_____]


	
 

	
(Senior officer in charge of securitization of the depositor)




 




    W-2


     


    

 


EXHIBIT X


 


MORTGAGE LOAN SELLER SUB-SERVICERS


 


None.


 




    X-1


     


    

 


EXHIBIT Y


 


[RESERVED]


 




    Y-1


     


    

 


EXHIBIT Z


 


FORM OF NRSRO CERTIFICATION


 


[Date]


 


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-IG3 Mortgage Trust


 


with copies to:



ct.cmbs.bond.admin@wellsfargo.com, and



trustadministrationgroup@wellsfargo.com


 


		Re:	Benchmark 2020-IG3
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3



 


In accordance with the
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Agreement”), and executed in connection with
the above-referenced transaction, with respect to the certificates issued thereunder (the “Certificates”), the
undersigned hereby certifies as follows:


 


1.           (a)           The undersigned
is a Rating Agency; or


 


(b)           The
undersigned is a nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is
requesting access pursuant to the Agreement to certain information (the “Information”) on such 17g-5 website
pursuant to the provisions of the Agreement, and agrees that any confidentiality agreement applicable to the undersigned with respect
to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable to information
obtained from the 17g-5 Information Provider’s Website (including without limitation, to any information received by the
Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have access to the
Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of the confidentiality
agreement attached hereto as Annex A which shall be applicable to it with respect to any information obtained from the 17g-5
Information Provider’s Website, including any information that is obtained from the section of the 17g-5 Information Provider’s
Website that hosts the Depositor’s 17g-5 website after the Closing Date.


 


2.           The
undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3) ten (10) or more times during the most recently
ended calendar year, or (b) has


 






    Z-1


     


    

 


determined and maintained credit ratings for at least 10% of the issued securities and money market
instruments for which it accessed information pursuant to Rule 17g–5(a)(3)(iii) in the calendar year prior to the year covered
by the SEC Certification, if it accessed such information for 10 or more issued securities or money market instruments.


 


3.           The
undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.


 


Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the 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.


 




    Z-2


     


    

 


ANNEX A


 


CONFIDENTIALITY AGREEMENT


 


This Confidentiality
Agreement (the “Confidentiality Agreement”) is made in connection with [________] (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 Benchmark 2020-IG3 Mortgage Trust
Commercial Mortgage Pass-Through Certificates (the “Certificates”) pursuant to the Pooling and Servicing Agreement,
dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between J.P. Morgan Chase Commercial Mortgage
Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer and special
servicer, and Wells Fargo Bank, National Association, as trustee, certificate administrator, paying agent and custodian, and the
assets underlying or referenced by the Certificates, including the identity of, and financial information with respect to borrowers,
sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”) to you (the
“NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider under
the Pooling and Servicing Agreement, including the section of the 17g-5 Information Provider’s website that hosts the Depositor’s
17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement). Information provided by each Furnishing
Entity is labeled as provided by the specific Furnishing Entity.


 


1.            Definition
of Confidential Information. For purposes of this Confidentiality Agreement, the term “Confidential Information”
shall include the following information (irrespective of its source or form of communication, including information obtained by
you through access to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance
or monitoring of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements,
legal documents and other information (such information, the “Evaluation Material”) and (y) any of the terms,
conditions or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status
thereof; provided, however, that the term Confidential Information shall not include information which:


 


		-	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.



 






    Z-3


     


    

 


2.            Information
to Be Held in Confidence.


 


(a)          You
will use the Confidential Information solely for the purpose of determining or monitoring a credit rating on the Certificates and,
to the extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling
or research purposes (the “Intended Purpose”).


 


(b)          You
acknowledge that you are aware that the United States and state securities laws impose restrictions on trading in securities when
in possession of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO
Representative who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.


 


(c)          You
will treat the Confidential Information as private and confidential. Subject to Section 4, without the prior written consent of
the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information
was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:


 


(i)            disclose
the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;


 


(ii)           solely
to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5), post the Confidential Information
to the NRSRO’s password protected website; and


 


(iii)          use
information derived from the Confidential Information in connection with an Intended Purpose, if such derived information does
not reveal any Confidential Information.


 


3.            Disclosures
Required by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena,
civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding,
investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity
with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses.
Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you been informed
by written notice that the related Furnishing Entity is


 






    Z-4


     


    

 


seeking a protective order or other reasonable assurance for confidential
treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while
the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment
is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other
reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that is being
disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be
required to take a position that such information should be entitled to receive such a protective order or reasonable assurance
as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply
with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity. If
a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions of
this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required to disclose,
at the sole expense of the relevant Furnishing Entity.


 


4.            Obligation
to Return Evaluation Material. Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material
or documents, including copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned
to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may retain one or more copies of any document or
other material containing Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance with the
NRSRO’s internal policies and procedures designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain
any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic media or other documents
prepared by the NRSRO and any Evaluation Material obtained in an oral communication; provided, that any Evaluation Material
so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the terms of
this Confidentiality Agreement.


 


5.            Violations
of this Confidentiality Agreement.


 


(a)          The
NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.


 


(b)          You
agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use by
any person of the Confidential Information which may come to your attention and to take all steps reasonably requested by such
Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.


 


(c)          You
acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in
the event that any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms
or were otherwise breached. It is accordingly agreed that each Furnishing 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


 






    Z-5


     


    

 


exercising any right, power or privilege hereunder shall preclude any other or further exercise
of any right, power or privilege.


 


6.            Term.
Notwithstanding the termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided
a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely.


 


7.            Governing
Law. This Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the
relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed within
such State.


 


8.            Amendments.
This Confidentiality Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.


 


9.            Entire
Agreement. This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities relating
to the treatment of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all
other understandings and agreements between us relating to such matters; provided, however, that, if the terms of
this Confidentiality Agreement conflict with another agreement relating to the Confidential Information that specifically states
that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent
the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding
acceptance by you of the terms hereof by entry into this website.


 


10.          Contact
Information. Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:


 


[__________________]


 




    Z-6


     


    

 


EXHIBIT AA-1


 


FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS


 


[Date]


 


JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com


 


		Re:	J.P. Morgan
                                         Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2020-IG3



 


Ladies and Gentlemen:


 


This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling
and Servicing Agreement”), and executed with respect to the above-referenced transaction. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, as Depositor, that:


 


1.           The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loans and the Trust
Subordinate Companion Loans 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


 






    AA-1-1


     


    

 


qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.


 





	 

	Very
truly yours,


	 

	 


	 

	By:

	


	 	 	Name:
	 

	 

	Title:




 




    AA-1-2


     


    

 


EXHIBIT AA-2


 


FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS


 


[Date]


 


JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com


 


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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile: (888) 706-3565


 


		Re:	J.P. Morgan
                                         Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2020-IG3



 


Ladies and Gentlemen:


 


This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling
and Servicing Agreement”), entered into and executed with respect to the above-referenced transaction. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:


 


1.           The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loans and the Trust Subordinate
Companion Loans 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


 






    AA-2-1


     


    

 


and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit AA-1 to the Pooling and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a certificate
from the prospective transferee substantially in the form attached as Exhibit AA-2 to the Pooling and Servicing Agreement.


 


3.           The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.


 


4.           Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner
set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.


 


5.           The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loans and the Trust Subordinate Companion Loans, and (e) all related matters that it has requested.


 


6.           The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.


 






    AA-2-2


     


    

 


7.           The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or
representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than
such Persons’ auditors, legal counsel and regulators.


 


8.           The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Pooling and Servicing Agreement.


 





	 

	Very
truly yours,


	 

	 


	 

	By:

	


	 	 	Name:
	 

	 

	Title:




 




    AA-2-3


     


    

 


EXHIBIT BB


 


[RESERVED]


 




    BB-1


     


    

 


EXHIBIT CC


 


ADDITIONAL DISCLOSURE NOTIFICATION


 


**SEND VIA FAX TO (410)715-2380 AND VIA
EMAIL TO cts.sec.notifications@wellsfargo.com AND [_____] AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY BELOW**


 


Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-IG3 Mortgage Trust


 


with copies to:



ct.cmbs.bond.admin@wellsfargo.com, and



trustadministrationgroup@wellsfargo.com


 


JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com


 


		Re:	**Additional Form [10-D][10-K][8-K] Disclosure Required **



 


Ladies and Gentlemen:


 


In accordance with Section
[10.06][10.07][10.09] of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer (the “Master Servicer”) and special servicer (the “Special Servicer”),
and Wells Fargo Bank, National Association, as trustee and certificate administrator (in such capacity, the “Certificate
Administrator”), paying agent and custodian, 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:


 




    CC-1


     


    

 


List of any Attachments
hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:


 


Any inquiries related
to this notification should be directed to __________, phone number: __________; email address: __________.


 





	 	[NAME
    OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    CC-2


     


    

 


EXHIBIT DD-1


 


FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR MASTER SERVICER 


 


After recording, return to:

Legal Department

Midland Loan Services

P. O. Box 25965

Shawnee Mission, KS 66225-5965


 


LIMITED POWER OF ATTORNEY TO

MIDLAND LOAN SERVICES,

A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

FROM WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE, FOR THE BENEFIT OF THE HOLDERS OF

BENCHMARK 2020-IG3 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-IG3


 


KNOW ALL BY THESE PRESENTS:


 


WHEREAS,
J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services,
a division of PNC Bank, National Association, as Master Servicer (the “Servicer”) and as Special Servicer, Wells
Fargo Bank, National Association, as Trustee (the “Trustee”) and Certificate Administrator, entered into a Pooling
and Servicing Agreement dated as of May 1, 2020 (the “PSA”), pertaining to a securitization trust formed for
the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2020-IG3 (the “Trust”), and which provides in part that the Servicer shall administer and service certain “Mortgage
Loans” and provide services to the “Mortgagors” as those terms are defined in the PSA, for the benefit of the
Trustee in accordance with the terms of the PSA and the Mortgage Loans; and


 


WHEREAS, pursuant to
the terms of the PSA, the Servicer is granted certain powers, responsibilities and authority in connection with its servicing and
administration of the Mortgage Loans subject to the terms of the PSA; and


 


WHEREAS, the Trustee
has been requested by the Servicer pursuant to Section 3.01(a) of the PSA to grant this Limited Power of Attorney to the Servicer
to enable the Servicer to execute and deliver, on behalf of the Trustee, certain documents and instruments related to the Mortgage
Loans thereby empowering the Servicer to take such actions as it deems necessary to comply with its servicing, administrative and
management duties under and in accordance with the PSA.


 




    DD-1-1


     


    

 


NOW, THEREFORE, KNOW
ALL BY THESE PRESENTS:


 


Wells Fargo Bank, National
Association, a nationally chartered banking association, not in its individual or banking capacity, but solely in its capacity
as trustee for the registered holders of the above referenced Trust (the “Trustee”) under the PSA, does make,
constitute and appoint Midland Loan Services, a division of PNC Bank, National Association, with principal corporate offices at
10851 Mastin Street, Suite 700, Overland Park, Kansas 66210, as Servicer, by and through its designated officers, as the Trustee’s
true and lawful attorney-in-fact with respect to the Mortgage Loans and each mortgaged property and related collateral (the “Mortgaged
Property”) held by the Trustee to secure the obligations of the Mortgage Loans in its capacity as Trustee, and in Trustee’s
name, place and stead, to prepare, complete, execute, deliver, record and file on behalf of the registered holders and the Trustee,
and in any event in accordance with the terms of the PSA; (i) customary consents or waivers and other instruments and documents
including, without limitation, estoppel certificates, financing statements, continuation statements, title endorsements and reports
and other documents and instruments necessary to preserve and maintain the validity, enforceability, perfection and priority of
the lien on the Mortgaged Property; (ii) to consent to assignments and assumptions or substitutions, and transfers of interest
of the Mortgagors, in each case subject to and in accordance with the terms of the Mortgage Loan and subject to the provisions
of the PSA; (iii) to collect any insurance proceeds, condemnation proceeds and liquidation proceeds in accordance with the terms
of the Mortgage Loan; (iv) to consent to any subordinate financing to be secured by any Mortgaged Property to the extent that such
consent is required pursuant to the terms of the Mortgage Loan or which otherwise is required under the PSA; (v) to consent to
the application of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property
or to repayment of the Mortgage Loans or otherwise, in each case in accordance with the terms of the Mortgage Loans; (vi) to execute
any and all instruments necessary or appropriate for judicial or nonjudicial foreclosure of, the taking of a deed in lieu of foreclosure
with respect to, or the conversion of title to any Mortgaged Property securing a Mortgage Loan owned by the Trustee and serviced
by the Servicer for the Trustee, and, consistent with the authority granted by the PSA, to take any and all actions on behalf of
the Trustee in connection with maintaining and defending the enforceability of such Mortgage Loan obligation and the collection
thereof including, without limitation, the execution of any and all instruments necessary or appropriate in defense of and for
the collection and enforcement of said Mortgage Loan obligation in accordance with the terms of the PSA; (vii) to execute and deliver
documents relating to the management, operation, maintenance, repair, leasing and marketing of the Mortgaged Properties, including
agreements and requests by the Mortgagors with respect to modifications of the management of the Mortgaged Properties or the replacement
of managers; (viii) to exercise all rights, powers and privileges granted or provided to the holder of the Mortgage Loan under
their respective terms including all rights of approval and consent thereunder; (ix) to enter into lease subordination agreements,
non-disturbance and attornment agreements or other leasing or rental arrangements which may be requested by the Mortgagors or their
tenants in accordance with the terms of the Mortgage Loan; (x) to join the Mortgagor in granting, modifying or releasing any easements,
covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties
to the extent such does not adversely affect the value of the Mortgaged Property; (xi) to execute and deliver, on behalf of the
Trustee, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable
instruments, with respect to the Mortgage Loans and the Mortgaged Property; (xii) to draw upon, replace, substitute, release or
amend any letters of credit standing as collateral under the Mortgage Loans; and (xiii) to apply amounts in the various escrow
accounts set up under the Mortgage Loans pursuant to the terms provided for therein.


 






    DD-1-2


     


    

 


ARTICLE I


 


The enumeration of
particular powers hereinabove is not intended in any way to limit the grant to the Servicer as the Trustee’s attorney-in-fact
of full power and authority with respect to the Mortgage Loans consistent with the PSA to execute and deliver any such documents,
instrument or other writing, as fully, to all intents and purposes, as the Trustee might or could do if personally present, hereby
ratifying and confirming whatsoever such attorney-in-fact shall and may do by virtue hereof; and the Trustee agrees and represents
to those dealing with such attorney-in-fact that they may rely upon this limited power of attorney until termination of the limited
power of attorney under the provisions of Article III below. As between and among the Trustee, the registered holders, the Trust,
and the Servicer, the Servicer may not exercise any right, authority or power granted by this instrument in a manner which would
violate the terms of the PSA or the servicing standard imposed on the Servicer by the PSA, but any and all third parties dealing
with the Servicer as the Trustee’s attorney-in-fact may rely completely, unconditionally and conclusively on the Servicer’s
authority and need not make inquiry about whether the Servicer is acting pursuant to the PSA or such standard. Any purchaser, title
company, recorder’s office or other third party may rely upon a written statement by the Servicer that any particular loan
or property in question and the release thereof is subject to and included under this power of attorney and the PSA.


 


ARTICLE II


 


Any act or thing lawfully
done by the Servicer, and otherwise authorized under this Limited Power of Attorney, shall be binding on the Trustee and the Trustee’s
successors and assigns.


 


ARTICLE III


 


This Limited Power
of Attorney shall continue in full force and effect until the earliest occurrence of any of the following events, unless sooner
revoked in writing by the Trustee:


 


		(i)	the suspension or termination of this Limited Power of Attorney by the Trustee;



 


		(ii)	the transfer of servicing under the PSA from the Servicer to another servicer;



 


		(iii)	the termination, resignation or removal of the Trustee as trustee of such Trust;



 


		(iv)	the appointment of a receiver or conservator with respect to the business of the Servicer;



 


		(v)	the filing of a voluntary or involuntary petition in bankruptcy by or against the Servicer;



 


		(vi)	the termination of the PSA; or



 


		(vii)	the termination of the Servicer.



 


Nothing herein shall
be deemed to amend or modify the PSA or the respective rights, duties or obligations of the Trustee, or the Servicer thereunder,
and nothing herein shall constitute a waiver of any rights or remedies thereunder.


 




    DD-1-3


     


    

 


IN WITNESS WHEREOF,
the Trustee has caused this instrument to be executed and its corporate seal to be affixed hereto by its officer duly authorized
as of the __ day of May 2020.


 





		Wells Fargo Bank, National Association,
as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass- Through Certificates,
Series 2020-IG3 (and not in its individual capacity)
	 	 	 
	(SEAL)	By:	 	 	 
		 	 
	 	Name:	 
	 	 	 
	 	Title:	 	 	 
	 	 	 	 





	ATTEST:	 
	 	 
	 	 
	 	 
	 	 
	Witness	 
	 	 
	Witness	 


 


	STATE OF
    MARYLAND	)	 
	 	) ss.	 
	COUNTY OF HOWARD	)	 


  


On this ____ day of May, 2020, before
me personally appeared , to me ____________________ personally known, who, being by me duly sworn, did acknowledge and say
that she is the ___________ of Wells Fargo Bank, National Association, a nationally chattered banking association, and
acknowledged to me that she executed the foregoing instrument on behalf of Wells Fargo Bank, National Association, as
Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage PassThrough Certificates,
Series 2020-IG3 (and not in its individual capacity). -


 





	 	Notary
    Public:
	 	My
    Commission expires:


 




    DD-1-4


     


    

 


EXHIBIT DD-2


 


FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR SPECIAL SERVICER 


 


After recording, return to:

Legal Department Midland Loan Services P.O. Box 25965

Shawnee Mission, KS 66225-5965


 


LIMITED POWER OF ATTORNEY

TO MIDLAND LOAN SERVICES,

A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

FROM WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE, FOR THE BENEFIT OF THE HOLDERS OF

BENCHMARK 2020-IG3 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-IG3


 


KNOW ALL BY THESE PRESENTS:


 


WHEREAS,
J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services,
a division of PNC Bank, National Association, as Master Servicer and as Special Servicer (the “Special Servicer”),
and Wells Fargo Bank, National Association, as Trustee (the “Trustee”) and Certificate Administrator, entered
into a Pooling and Servicing Agreement dated as of May 1, 2020 (the “PSA”), pertaining to a securitization trust
formed for the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2020-IG3 (the “Trust”), and which provides in part that the Special Servicer shall administer and service
certain “Mortgage Loans” and provide services to the “Mortgagors” as those terms are defined in the PSA,
for the benefit of the Trustee in accordance with the terms of the PSA and the Mortgage Loans; and


 


WHEREAS, pursuant to
the terms of the PSA, the Special Servicer is granted certain powers, responsibilities and authority in connection with its servicing
and administration of the Mortgage Loans subject to the terms of the PSA; and


 


WHEREAS, the Trustee
has been requested by the Special Servicer pursuant to Section 3.01(a) of the PSA to grant this Limited Power of Attorney to the
Special Servicer to enable the Special Servicer to execute and deliver, on behalf of the Trustee, certain documents and instruments
related to the Mortgage Loans thereby empowering the Special Servicer to take such actions as it deems necessary to comply with
its servicing, administrative and management duties under and in accordance with the PSA.


 




    DD-2-1


     


    

 


NOW, THEREFORE, KNOW
ALL BY THESE PRESENTS:


 


Wells Fargo Bank, National
Association, a nationally chartered banking association, not in its individual or banking capacity, but solely in its capacity
as trustee for the registered holders of the above referenced Trust (the “Trustee”) under the PSA, does make,
constitute and appoint Midland Loan Services, a division of PNC Bank, National Association, with principal corporate offices at
10851 Mastin Street, Suite 700, Overland Park, Kansas 66210, as Special Servicer, by and through its designated officers, as the
Trustee’s true and lawful attorney-in-fact with respect to the Mortgage Loans and each mortgaged property and related collateral
(the “Mortgaged Property”) held by the Trustee to secure the obligations of the Mortgage Loans in its capacity
as Trustee, and in Trustee’s name, place and stead, to prepare, complete, execute, deliver, record and file on behalf of
the registered holders and the Trustee, and in any event in accordance with the terms of the PSA; (i) customary consents or waivers
and other instruments and documents including, without limitation, estoppel certificates, financing statements, continuation statements,
title endorsements and reports and other documents and instruments necessary to preserve and maintain the validity, enforceability,
perfection and priority of the lien on the Mortgaged Property; (ii) to consent to assignments and assumptions or substitutions,
and transfers of interest of the Mortgagors, in each case subject to and in accordance with the terms of the Mortgage Loan and
subject to the provisions of the PSA; (iii) to collect any insurance proceeds, condemnation proceeds and liquidation proceeds in
accordance with the terms of the Mortgage Loan; (iv) to consent to any subordinate financing to be secured by any Mortgaged Property
to the extent that such consent is required pursuant to the terms of the Mortgage Loan or which otherwise is required under the
PSA; (v) to consent to the application of any proceeds of insurance policies or condemnation awards to the restoration of the related
Mortgaged Property or to repayment of the Mortgage Loans or otherwise, in each case in accordance with the terms of the Mortgage
Loans; (vi) to execute any and all instruments necessary or appropriate for judicial or nonjudicial foreclosure of, the taking
of a deed in lieu of foreclosure with respect to, or the conversion of title to any Mortgaged Property securing a Mortgage Loan
owned by the Trustee and serviced by the Special Servicer for the Trustee, and, consistent with the authority granted by the PSA,
to take any and all actions on behalf of the Trustee in connection with maintaining and defending the enforceability of such Mortgage
Loan obligation and the collection thereof including, without limitation, the execution of any and all instruments necessary or
appropriate in defense of and for the collection and enforcement of said Mortgage Loan obligation in accordance with the terms
of the PSA; (vii) to execute and deliver documents relating to the management, operation, maintenance, repair, leasing and marketing
of the Mortgaged Properties, including agreements and requests by the Mortgagors with respect to modifications of the management
of the Mortgaged Properties or the replacement of managers; (viii) to exercise all rights, powers and privileges granted or provided
to the holder of the Mortgage Loan under their respective terms including all rights of approval and consent thereunder; (ix) to
enter into lease subordination agreements, non-disturbance and attornment agreements or other leasing or rental arrangements which
may be requested by the Mortgagors or their tenants in accordance with the terms of the Mortgage Loan; (x) to join the Mortgagor
in granting, modifying or releasing any easements, covenants, conditions, restrictions, equitable servitudes, or land use or zoning
requirements with respect to the Mortgaged Properties to the extent such does not adversely affect the value of the Mortgaged Property;
(xi) to execute and deliver, on behalf of the Trustee, any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and the Mortgaged Property;
(xii) to draw upon, replace, substitute, release or amend any letters of credit standing as collateral under the Mortgage Loans;
and (xiii) to apply amounts in the various escrow accounts set up under the Mortgage Loans pursuant to the terms provided for therein.


 




    DD-2-2


     


    

 


ARTICLE I


 


The enumeration of
particular powers hereinabove is not intended in any way to limit the grant to the Special Servicer as the Trustee’s attorney-in-fact
of full power and authority with respect to the Mortgage Loans consistent with the PSA to execute and deliver any such documents,
instrument or other writing, as fully, to all intents and purposes, as the Trustee might or could do if personally present, hereby
ratifying and confirming whatsoever such attorney-in-fact shall and may do by virtue hereof; and the Trustee agrees and represents
to those dealing with such attorney-in-fact that they may rely upon this limited power of attorney until termination of the limited
power of attorney under the provisions of Article III below. As between and among the Trustee, the registered holders, the Trust,
and the Special Servicer, the Special Servicer may not exercise any right, authority or power granted by this instrument in a manner
which would violate the terms of the PSA or the servicing standard imposed on the Special Servicer by the PSA, but any and all
third parties dealing with the Special Servicer as the Trustee’s attorney-in-fact may rely completely, unconditionally and
conclusively on the Special Servicer’s authority and need not make inquiry about whether the Special Servicer is acting pursuant
to the PSA or such standard. Any purchaser, title company, recorder’s office or other third party may rely upon a written
statement by the Special Servicer that any particular loan or property in question and the release thereof is subject to and included
under this power of attorney and the PSA.


 


ARTICLE II


 


Any act or thing lawfully
done by the Special Servicer, and otherwise authorized under this Limited Power of Attorney, shall be binding on the Trustee and
the Trustee’s successors and assigns.


 


ARTICLE III


 


This Limited Power
of Attorney shall continue in full force and effect until the earliest occurrence of any of the following events, unless sooner
revoked in writing by the Trustee:


 


		(i)	the suspension or termination of this Limited Power of Attorney by the Trustee;



 


		(ii)	the transfer of servicing under the PSA from the Special Servicer to another servicer;



 


		(iii)	the termination, resignation or removal of the Trustee as trustee of such Trust;



 


		(iv)	the appointment of a receiver or conservator with respect to the business of the Special Servicer;



 


		(v)	the filing of a voluntary or involuntary petition in bankruptcy by or against the Special Servicer;



 


		(vi)	the termination of the PSA; or



 


		(vii)	the termination of the Special Servicer.



 


Nothing herein shall
be deemed to amend or modify the PSA or the respective rights, duties or obligations of the Trustee, or the Special Servicer thereunder,
and nothing herein shall constitute a waiver of any rights or remedies thereunder.


 




    DD-2-3


     


    

 


IN WITNESS WHEREOF,
the Trustee has caused this instrument to be executed and its corporate seal to be affixed hereto by its officer duly authorized
as of the __ day of May 2020.


 








		Wells Fargo Bank, National Association,
as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass- Through Certificates,
Series 2020-IG3 (and not in its individual capacity)
	 	 	 
	(SEAL)	By:	 	 	 
		 	 
	 	Name:	 
	 	 	 
	 	Title:	 	 	 
	 	 	 	 





	ATTEST:	 
	 	 
	 	 
	 	 
	 	 
	Witness	 
	 	 
	Witness	 


 


	STATE OF
    MARYLAND	)	 
	 	) ss.	 
	COUNTY OF HOWARD	)	 


   


On this _____ day of May, 2020,
before me personally appeared, to me ____________________ personally known, who, being by me duly sworn, did acknowledge and
say that she is the ____________ of Wells Fargo Bank, National Association, a nationally chattered banking association, and
acknowledged to me that she executed the foregoing instrument on behalf of Wells Fargo Bank, National Association, as
Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass- Through Certificates,
Series 2020-IG3 (and not in its individual capacity).-


 





	 	Notary
    Public:
	 	My
    Commission expires:


  




    DD-2-4


     


    

 


EXHIBIT EE


 


FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION


 


	[Other Depositor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Trustee]*

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

*If the Other Trustee is comprised of multiple entities (such as a separate trustee and certificate administrator), this form shall be addressed to each such entity
	 	 
	[Other Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Special Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]
	 	 
	[Other Operating Advisor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Asset Representations Reviewer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]


 


		Re:	[Other Securitization
                                         Trust]



 


Ladies and Gentlemen:


 


Reference is hereby made
to the [Trust][Pooling] and Servicing Agreement, dated as of [_____] (the “Other Pooling and Servicing Agreement”),
between [_____], as Depositor, [_____], as master servicer, [_____], as special servicer, [_____], as certificate administrator
and as trustee, and [_____], as operating advisor and asset representations reviewer. Capitalized terms used but not defined herein
shall have the meanings given to them (or an analogous term) in the Other Pooling and Servicing Agreement.


 


The undersigned is the
certificate administrator under the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “IG3 PSA”),
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor (the “IG3 Depositor”), Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “IG3 Master Servicer”)
and special servicer (the “IG3 Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “IG3 Trustee”) and certificate administrator (in such capacity, the “IG3 Certificate
Administrator”), paying agent and custodian, pursuant to which the Benchmark 2020-IG3 Mortgage Trust (the “IG3
Trust”) was established and the [1633 Broadway][City National Plaza][Moffett Towers Buildings A, B & C][Chase Center
Tower I][Chase Center Tower II] [Stonemont Net Lease Portfolio][1501 Broadway] Companion Loan was transferred to the IG3 Trust
as of May 29, 2020 (the “Closing Date”).


 






    EE-1


     


    

 


The undersigned hereby
notifies you that, as of the Closing Date:


 


1.           Wells
Fargo Bank, National Association, as trustee under the IG3 PSA, is the holder of the [1633 Broadway][City National Plaza][Moffett
Towers Buildings A, B & C][Chase Center Tower I][Chase Center Tower II] [Stonemont Net Lease Portfolio][1501 Broadway] Companion
Loan.


 


2.           The
[1633 Broadway][City National Plaza][Moffett Towers Buildings A, B & C][Chase Center Tower I][Chase Center Tower II] [Stonemont
Net Lease Portfolio][1501 Broadway] Mortgage Loan [is][is not] a Significant Obligor (as such term is defined in the IG3 PSA) under
the IG3 PSA.


 


3.           The
contact information for the IG3 Depositor, IG3 Trustee, the IG3 Certificate Administrator, the IG3 Master Servicer, the IG3 Special
Servicer, each Rating Agency (as defined in the IG3 PSA) and the Directing Holder (as defined in the IG3 PSA) with respect to the
[1633 Broadway][City National Plaza][Moffett Towers Buildings A, B & C][Chase Center Tower I][Chase Center Tower II] [Stonemont
Net Lease Portfolio][1501 Broadway] Companion Loan are as set forth on Schedule I attached hereto.


 


4.           You
are directed to remit to Midland Loan Services, a Division of PNC Bank, National Association, as the IG3 Master Servicer, to the
collection account set forth on Schedule II attached hereto no later than one (1) Business Day after each Determination Date (as
defined in the IG3 PSA) all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Midland
Loan Services, a Division of PNC Bank, National Association, as IG3 Master Servicer, no later than one (1) Business Day after each
Determination Date (as defined in the IG3 PSA) all reports, statements, documents, communications and other information that are
to be forwarded, delivered or otherwise made available to, the holder of the [1633 Broadway][City National Plaza][Moffett Towers
Buildings A, B & C][Chase Center Tower I][Chase Center Tower II] [Stonemont Net Lease Portfolio][1501 Broadway] Intercreditor
Agreement, as applicable.


 


5.           The
IG3 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as it may be amended from time to time.


 


6.           A
copy of an executed version of the IG3 PSA is [attached hereto][enclosed herewith].


 


Thank you for your attention
to this matter.


 






    EE-2


     


    

 





	 	Wells Fargo Bank, National Association,
as Certificate Administrator for the Holders of the Benchmark 2020-IG3 Mortgage Trust Pass-Through Certificates, Series 2020-IG3
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]


 






    EE-3


     


    

 



SCHEDULE
I


 


TO
FORM OF NOTICE FROM THE CERTIFICATE ADMINISTRATOR

REGARDING [NON-SERVICED WHOLE LOAN]


 


	IG3
    Depositor:	JPMorgan
                                         Chase Bank, National Association

                                         383 Madison Avenue, 8th Floor

                                         New York, New York 10179

                                         Attention: Kunal K. Singh

                                         E-mail: US_CMBS_Notice@jpmorgan.com

         

	IG3
    Trustee:	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045-1951

                                         Attention: Corporate Trust Services (CMBS) – Benchmark 2020-IG3

         

        with
        copies to:

        

        cts.cmbs.bond.admin@wellsfargo.com; and

 trustadministrationgroup@wellfargo.com

         

	IG3
    Certificate Administrator:	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045-1951

                                         Attention: Corporate Trust Services – Benchmark 2020-IG3

         

        with
        copies to:

        

        ct.cmbs.bond.admin@wellsfargo.com; and

        trustadministrationgroup@wellsfargo.com

         

	IG3
    Master Servicer:	Midland
                                         Loan Services, a Division of PNC Bank, National Association

                                         10851 Mastin Street, Suite 700

                                         Overland Park, Kansas 66210

                                         Attention: Executive Vice President – Division Head

                                         Facsimile: (888) 706-3565

         

        with
        a copy to:

        

        Stinson LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes


         




 






     EE-4


     

    

 


		Facsimile:
                                         (816) 412-9338

                                         Email: kenda.tomes@stinson.com

         

	IG3
    Special Servicer:	Midland
                                         Loan Services, a Division of PNC Bank, National Association

                                         10851 Mastin Street, Suite 700

                                         Overland Park, Kansas 66210

                                         Attention: Executive Vice President – Division Head

                                         Facsimile: (888) 706-3565

                                         


        

        with
        a copy to:

        

        Stinson LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes

        Facsimile: (816) 412-9338

        Email: kenda.tomes@stinson.com

         

	IG3
    Rating Agencies:	Moody’s
                                         Investors Service, Inc.

                                         7 World Trade Center

                                         250 Greenwich Street

                                         New York, New York 10007

                                         Attention: Commercial Mortgage Surveillance Group

                                         E-mail: CMBSSurveillance@moodys.com

         

        Fitch
        Ratings, Inc.

        300 West 57th Street

        New York, NY 10019

        Attention: Commercial Mortgage Surveillance Group

         

        DBRS,
        Inc.

        4 World Trade Center, 48th Floor

        150 Greenwich Street

        New York, New York 10007

        Attention: CMBS Surveillance

        Email: cmbs.surveillance@dbrs.com

         




 


     EE-5


     

    

 

SCHEDULE
II TO FORM OF NOTICE 


 


FROM
THE CERTIFICATE ADMINISTRATOR

REGARDING [NON-SERVICED WHOLE LOAN] 


 


Account: Collection
Account


 


Account
#: [______]


 


		Title:	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf
                                         of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders
                                         of J.P. Morgan Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 Collection Account



 


		Location:	[___]



 




     EE-6


     

    

 





EXHIBIT
FF


 


FORM
OF SERVICED COMPANION LOAN NOTEHOLDER CERTIFICATION


 


[Date]


 


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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile: (888) 706-3565


 


Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-IG3


 


with
copies to:



ct.cmbs.bond.admin@wellsfargo.com, and

trustadministrationgroup@wellsfargo.com


 


		Re:	Benchmark
                                         2020-IG3 Mortgage Trust – Companion Loan



 


In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”),
dated as of May 1, 2020, between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer and special servicer, and Wells Fargo Bank, National Association,
as trustee, certificate administrator, paying agent and custodian, with respect to any Companion Loan (as defined in the Agreement),
the undersigned hereby certifies and agrees as follows:


 


1.           The undersigned is a Companion Loan Noteholder (as defined in the Agreement).


 


2.           The undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on
the Certificate Administrator’s Website.


 


In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall 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 shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner, in whole or in part.


 






     FF-1


     

    

 


The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.


 


3.           The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations contained herein remain true and correct.


 


4.           The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchasers,
the Loan-Specific Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.


 


5.           Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.


 


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


 


	 	[Companion
Loan Noteholder]
	 	 	 
	 	By:	 
	 	 	Title:

    Company:

    Phone:







 



 




     FF-2


     

    

 


EXHIBIT
GG


 


[RESERVED]


 




     GG-1


     

    

 


EXHIBIT
HH


 


[RESERVED]


 




     HH-1


     

    

 


EXHIBIT
II


 


[RESERVED]


 




     II-1


     

    

 


EXHIBIT
JJ


 


[RESERVED]


 




     JJ-1


     

    

 


EXHIBIT
KK


 


[RESERVED]


 




     KK-1


     

    

 


EXHIBIT
LL


 


[RESERVED]


 




     LL-1


     

    

 





EXHIBIT
MM


 


FORM
OF CERTIFICATE ADMINISTRATOR RECEIPT OF THE RETAINED CERTIFICATES


 


[Date]


 


[Retaining
Party]


 


		Re:	Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2020-IG3 (J.P. Morgan Chase Commercial Mortgage Securities Corp. as Depositor) 	 



 


In
accordance with Section 5.02(m) of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Agreement”),
pursuant to which the captioned series of commercial mortgage pass-through certificates (the “Certificates”)
were issued and the RR Interest was created, the undersigned, as Certificate Administrator, hereby acknowledges receipt and possession
of, and further agrees that it will hereafter hold in the Retained Interest Safekeeping Account, the Certificates identified on
Schedule I attached hereto (the “Subject Certificates”), which constitute some or all of the [Class RR Certificates][RR
Interest][BX-VRR Interest][T333-VRR Interest][825S-VRR Interest], for the benefit of [Retaining Party], the registered holder
of the Subject Certificates, pursuant to the Agreement. Payments on the Subject Certificates will be made to the registered holder
thereof in accordance with the Agreement, including pursuant to any written wiring instructions provided in accordance with the
Agreement [and/or attached hereto].


 


This
receipt is solely for the benefit of the addressee and is non-transferable. Possession of this receipt by any other Person will
not entitle such Person to delivery of, or any rights in respect of, the Subject Certificates. The Subject Certificates are subject
to the restrictions on transfer set forth in, and may not be released from the Retained Interest Safekeeping Account except in
accordance with, the Agreement.


 


Capitalized
terms used but not defined herein shall have the respective meanings set forth in the Agreement.


 


	 	WELLS
    FARGO BANK, NATIONAL 

    Association,

    not in its individual capacity

    but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:

    Title:







  




     MM-1


     

    

 


Schedule
I


 


Certificates
Registered in the Name of [Retaining Party]


 


	Class

(CUSIP)
	Certificate

No. 
	Initial

Certificate Balance 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 




     MM-2


     

    

 


[Wiring
Instructions]


 




     MM-3


     

    

 





EXHIBIT
NN


 


Form
of NOTICE OF PURCHASE OF A BX INDUSTRIAL Portfolio 

CONTROLLING CLASS CERTIFICATE, a Tower 333 Controlling CLass 

Certificate and/or
an 825 South Hill COntrolling Class 

Certificate


 


[Date]


 


Wells
Fargo Bank, National Association

     as Certificate Administrator

9062 Old Annapolis Road





Columbia,
Maryland 21045-1951





Attention:
Corporate Trust Services (CMBS) 


Benchmark
2020-IG3


 


		Re:	Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2020-IG3 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement
(the “Pooling and Servicing Agreement”), dated as of May 1, 2020, between J.P. Morgan Chase Commercial Mortgage Securities
Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer,
and Wells Fargo Bank, National Association, as Certificate Administrator and Trustee. 	 



 


This
letter is delivered to you, pursuant to Section 3.35(c) of the Pooling and Servicing Agreement in connection with the transfer
by ____________ (the “Transferor”) to us (the “Transferee”) of $__________________ original
principal balance of the Class [BX-A][BX-B][BX-C][T333-A][T333-B][T333-C][T333-D][825S-A][825S-B][825S-C][825S-D][825S-E] Certificates,
representing [_____]% of the Class [BX-A][BX-B][BX-C][T333-A][T333-B][T333-C][T333-D][825S-A][825S-B][825S-C][825S-D][825S-E]
Certificates. The Loan-Specific Certificates were issued pursuant to the Pooling and Servicing Agreement.


 





	 	1.	Our
name and address is as follows:	 
			 	 
	 	 	 	 
	 	 	 	 
	 	 	Contact Info: [Tel/Email]	 


 


		2.	[IF
                                         APPLICABLE] We hereby certify, represent and warrant to you, as Certificate Administrator,
                                         that we are purchasing a majority interest in the Class [BX-A][BX-B][BX-C][T333-A][T333-B][T333-C][T333-D][825S-A][825S-B][825S-C][825S-D][825S-E]
                                         Certificates.



 






     NN-1


     

    

 


All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement.


 


	 	Very
truly yours,
	 	 
	 	      (Transferee)
	 	 	 
	 	By:	 
	 	 	 
	 	 	Name:

    Title:







 




     NN-2


     

    

 


SCHEDULE
I


 


[Reserved]


 




     Sch. I-1


     

    

 


SCHEDULE
II


 


SERVICING
CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE


 


The
assessment of compliance to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing
Criteria” (with each Servicing Function Participant deemed to be responsible for the items applicable to the functions it
is performing and for which the party that retained such Servicing Function Participant is responsible):


 


	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
    Servicer

    Special Servicer
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Master
    Servicer

    Special Servicer
	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert.
    Admin.


 


 






     Sch. II-1


     

    

 


	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee

    Master Servicer

    Special Servicer
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For
    purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution
    means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts.  These reconciliations 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.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	 	Investor
    Remittances and Reporting	 




 






     Sch. II-2


     

    

 


	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	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 Master Servicer.	Cert.
    Admin.

    

	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.	Cert.
    Admin.
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s
    investor records, or such other number of days specified in the transaction agreements.	Cert.
    Admin.

     
	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.	Cert.
    Admin.
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    Master Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Master
    Servicer

    Special Servicer




 






     Sch. II-3


     

    

 


	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master
    Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified
    in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related
    mortgage loan documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to
    an obligor’s unpaid principal balance.	Master
    Servicer
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master
    Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    

	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction
    agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone
    calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer




 






     Sch. II-4


     

    

 


	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A




 





At
all times that the Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may
provide a combined assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.


 




     Sch. II-5


     

    

 





SCHEDULE
III


 


Class
A-SB Planned Principal Balance


 


	Distribution
                                         Date

        
	 	Balance($)

        
	 	Distribution
                                         Date

        
	 	Balance($) 

	6/15/2020	 	 $14,101,873.98
    	 	4/15/2025	 	 $4,330,091.17
    
	7/15/2020	 	 $13,946,318.77
    	 	5/15/2025	 	 $4,147,500.70
    
	8/15/2020	 	 $13,790,333.20
    	 	6/15/2025	 	 $3,964,405.06
    
	9/15/2020	 	 $13,633,916.06
    	 	7/15/2025	 	 $3,780,802.86
    
	10/15/2020	 	 $13,477,066.17
    	 	8/15/2025	 	 $3,596,692.68
    
	11/15/2020	 	 $13,319,782.33
    	 	9/15/2025	 	 $3,412,073.14
    
	12/15/2020	 	 $13,162,063.34
    	 	10/15/2025	 	 $3,226,942.82
    
	1/15/2021	 	 $13,003,907.99
    	 	11/15/2025	 	 $3,041,300.31
    
	2/15/2021	 	 $12,845,315.08
    	 	12/15/2025	 	 $2,855,144.18
    
	3/15/2021	 	 $12,686,283.40
    	 	1/15/2026	 	 $2,668,473.02
    
	4/15/2021	 	 $12,526,811.72
    	 	2/15/2026	 	 $2,481,285.40
    
	5/15/2021	 	 $12,366,898.84
    	 	3/15/2026	 	 $2,293,579.90
    
	6/15/2021	 	 $12,206,543.53
    	 	4/15/2026	 	 $2,105,355.08
    
	7/15/2021	 	 $12,045,744.58
    	 	5/15/2026	 	 $1,916,609.51
    
	8/15/2021	 	 $11,884,500.74
    	 	6/15/2026	 	 $1,727,341.74
    
	9/15/2021	 	 $11,722,810.80
    	 	7/15/2026	 	 $1,537,550.33
    
	10/15/2021	 	 $11,560,673.52
    	 	8/15/2026	 	 $1,347,233.83
    
	11/15/2021	 	 $11,398,087.66
    	 	9/15/2026	 	 $1,156,390.78
    
	12/15/2021	 	 $11,235,051.98
    	 	10/15/2026	 	 $   965,019.74
    
	1/15/2022	 	 $11,071,565.23
    	 	11/15/2026	 	 $   773,119.24
    
	2/15/2022	 	 $10,907,626.18
    	 	12/15/2026	 	 $   580,687.81
    
	3/15/2022	 	 $10,743,233.55
    	 	1/15/2027	 	 $   387,723.99
    
	4/15/2022	 	 $10,578,386.10
    	 	2/15/2027	 	 $   194,226.30
    
	5/15/2022	 	 $10,413,082.58
    	 	3/15/2027
    and thereafter	 	$0.00
	6/15/2022	 	 $10,247,321.71
    	 	 	 	 
	7/15/2022	 	 $10,081,102.25
    	 	 	 	 
	8/15/2022	 	 $  9,914,422.90
    	 	 	 	 
	9/15/2022	 	 $  9,747,282.41
    	 	 	 	 
	10/15/2022	 	 $  9,579,679.50
    	 	 	 	 
	11/15/2022	 	 $  9,411,612.89
    	 	 	 	 
	12/15/2022	 	 $  9,243,081.29
    	 	 	 	 
	1/15/2023	 	 $  9,074,083.43
    	 	 	 	 
	2/15/2023	 	 $  8,904,618.00
    	 	 	 	 
	3/15/2023	 	 $  8,734,683.72
    	 	 	 	 
	4/15/2023	 	 $  8,564,279.29
    	 	 	 	 
	5/15/2023	 	 $  8,393,403.40
    	 	 	 	 
	6/15/2023	 	 $  8,222,054.76
    	 	 	 	 
	7/15/2023	 	 $  8,050,232.05
    	 	 	 	 
	8/15/2023	 	 $  7,877,933.97
    	 	 	 	 
	9/15/2023	 	 $  7,705,159.20
    	 	 	 	 
	10/15/2023	 	 $  7,531,906.42
    	 	 	 	 
	11/15/2023	 	 $  7,358,174.31
    	 	 	 	 
	12/15/2023	 	 $  7,183,961.53
    	 	 	 	 
	1/15/2024	 	 $  7,009,266.76
    	 	 	 	 
	2/15/2024	 	 $  6,834,088.67
    	 	 	 	 
	3/15/2024	 	 $  6,658,425.93
    	 	 	 	 
	4/15/2024	 	 $  6,482,277.19
    	 	 	 	 
	5/15/2024	 	 $  6,305,641.09
    	 	 	 	 
	6/15/2024	 	 $  6,128,516.31
    	 	 	 	 
	7/15/2024	 	 $  5,950,901.48
    	 	 	 	 
	8/15/2024	 	 $  5,772,795.25
    	 	 	 	 
	9/15/2024	 	 $  5,594,196.26
    	 	 	 	 
	10/15/2024	 	 $  5,415,103.14
    	 	 	 	 
	11/15/2024	 	 $  5,235,514.53
    	 	 	 	 
	12/15/2024	 	  $
    5,055,429.07 	 	 	 	 
	1/15/2025	 	 $
     4,874,845.36 	 	 	 	 
	2/15/2025	 	 $  4,693,762.04
    	 	 	 	 
	3/15/2025	 	 $4,512,177.87
    	 	 	 	 




     Sch. III-1


     

    


 






SCHEDULE
IV


 


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 (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
10.06 of the Pooling and Servicing Agreement to disclose to each Other Trustee and Other Depositor any information described in
the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge
(and in the case of financial statements required to be provided in connection with Item 6 below, possession) of such information
(other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer,
the Special Servicer (in its capacity as such), each Other Trustee and the Other Depositor 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 written notice to the contrary from the Depositor, Other Depositor or Mortgage Loan Sellers. Each of the Certificate
Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other
Trustee and the Other Depositor shall be entitled to conclusively assume that there is no “significant obligor” other
than a party identified as such in the prospectus supplement relating to the Other Securitization. For this Benchmark 2020-IG3
Mortgage Trust Pooling and Servicing Agreement and any Other Securitization Trust, each of the Certificate Administrator, the
Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Trustee and the Other
Depositor 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
    1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included
    on the Distribution Date Statement	●     Each
        Master Servicer (only with respect to 1121(a)(12) as to non-Specially Serviced Loans)

        

        ●     Special
        Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans)

        

        ●     Depositor

        

        ●     Certificate
        Administrator

        

	Item
    2: Legal Proceedings:

    Item 1117 of Regulation AB (to the extent material to Certificateholders)	●    
        Master Servicer (as to itself)

        

        ●    
        Special Servicer (as to itself)

        

        ●    
        Trustee (as to itself)




  






    Sch. IV-1


     


    


 





	 	●    
        Certificate Administrator (as to itself)

        

        ●    
        Depositor (as to itself)

        

        ●    
        Any other Reporting Servicer (as to itself)

        

        ●     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust

        

        ●     Each
        Mortgage Loan Seller

        

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor) 

	Item
    3:  Sale of Securities and Use of Proceeds	●     Depositor
	Item
    4:  Defaults Upon Senior Securities	●    
        Certificate Administrator

        ●    
        Trustee

	Item
    5:  Submission of Matters to a Vote of Security Holders	●     Certificate
    Administrator
	Item
    6:  Significant Obligors of Pool Assets	●     Master
    Servicer
	Item
    7:  Significant Enhancement Provider Information	●     N/A
	Item
    8:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	●     Any
    party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    9:  Exhibits	●    
        Depositor (exhibits required by Item 601 of Regulation S-K, such as material agreements)

        ●    
        Certificate Administrator (Monthly Statement to Certificateholders)



 






    Sch. IV-2


     


    

 


SCHEDULE
V


 


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 (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
10.07 of the Pooling and Servicing Agreement to disclose to each Other Trustee Party and the Other Depositor any information
described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent such party
has actual knowledge (and in the case of financial statements required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer, the Special Servicer (in its capacity as such), each Other Trustee and the Other Depositor 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 written notice to the contrary from the Depositor, the Other Depositor or Mortgage Loan Sellers. Each
of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as
such), each Other Trustee and the Other Depositor shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the prospectus supplement relating to the Other Securitization. For this
Benchmark 2020-IG3 Mortgage Trust Pooling and Servicing Agreement and any Other Securitization, each of the Certificate Administrator,
the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Trustee and the
Other Depositor 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
	Item
    9B:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	●     Any
    party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    15:  Exhibits, Financial Statement Schedules	●     Certificate
        Administrator

        ●     Depositor

	Additional
    Item:

    Disclosure per Item 1112(b)(1) of Regulation AB	●     Master
    Servicer
	Additional
    Item:

    Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	●     N/A



 






    Sch. V-1


     


    

 


	Additional
    Item:

    Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	●     Master
        Servicer (as to itself)


        ●     Special
        Servicer (as to itself)


        ●     Certificate
        Administrator (as to itself)


        ●     Trustee
        (as to itself)


        ●     Depositor
        (as to itself)


        ●     Any
        other Reporting Servicer (as to itself)


        ●     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust


        ●     Each
        Mortgage Loan Seller


        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)


        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        
	Additional
    Item:

    Disclosure per Item 1119 of Regulation AB	●     Master
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the
        Trustee, Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))


        ●     Special
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the
        Trustee, Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))


        ●     Certificate
        Administrator (as to itself) (to the extent material to Certificateholders)


        ●     Trustee
        (as to itself) (to the extent material to Certificateholders)


        ●     Depositor
        (as to itself)


        ●     Depositor
        (as to the Trust)


        ●     Each
        Mortgage Loan Seller


        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)


        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)




 




    Sch. V-2


     


    

 


SCHEDULE
VI


 


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 (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
10.09 of the Pooling and Servicing Agreement to disclose to each Other Trustee and the Other Depositor the occurrence of any
event described in the corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party
has actual knowledge of such information (other than information as to itself). Each of the Certificate Administrator, the Paying
Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Trustee and the Other Depositor
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 written notice to the contrary from the Depositor, the Other Depositor or
Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special
Servicer (in its capacity as such), each Other Trustee and the Other Depositor shall be entitled to conclusively assume that there
is no “significant obligor” other than a party identified as such in the prospectus supplement relating to the Other
Securitization. For this Benchmark 2020-IG3 Mortgage Trust Pooling and Servicing Agreement and any Other Securitization, each
of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as
such), each Other Trustee and the Other Depositor 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 8-K	Party
    Responsible 
	Item
    1.01- Entry into a Material Definitive Agreement

    

    Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization,
    even if depositor is not a party.  

    

    Examples: servicing agreement, custodial agreement.	●     Trustee/Certificate
    Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party
    to or entered into on behalf of the Trust)
	Item
    1.02- Termination of a Material Definitive Agreement

    

    Disclosure is required regarding termination of  any definitive agreement that is material to the	●     Trustee/Certificate
    Administrator/Master Servicer/Depositor/Special Servicer as to the Trust  (only as to the agreements such entity
    is a party to or entered into on behalf of the Trust)



 






    Sch. VI-1


     


    

 


	Item
    on Form 8-K	Party
    Responsible 
	securitization
    (other than expiration in accordance with its terms), even if depositor is not a party.  

    

    Examples: servicing agreement, custodial agreement.	 
	Item
    1.03- Bankruptcy or Receivership	●     Depositor
	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement

    

    Includes an early amortization, performance trigger or other event, including event of default, that would materially alter
    the payment priority/distribution of cash flows/amortization schedule.

    

    Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	●     Depositor

        ●     Certificate
        Administrator

         

	Item
    3.03- Material Modification to Rights of Security Holders

    

    Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the
    Pooling and Servicing Agreement.	●     Certificate
    Administrator
	Item
    5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

    

    Disclosure is required of any amendment “to the governing documents of the issuing entity”.	●     Depositor
	Item
    5.06 – Change in Shell Company Status	●     Depositor
	Item
    5.07 – Submission of Matters to a Vote of Security Holders	●     Depositor
	Item
    5.08 – Shareholder Director Nomination	●     Depositor
	Item
    6.01- ABS Informational and Computational Material	●     Depositor
	Item
    6.02- Change of Servicer or Trustee 

    

    Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other
    servicer servicing 10% or more of pool assets at time of report, other	●     Master
        Servicer (as to itself or a servicer retained by it)

        ●     Special
        Servicer (as to itself or a servicer retained by it)

        ●     Certificate
        Administrator (as to itself or an entity retained by it)




 






    Sch. VI-2


     


    

  


	Item
    on Form 8-K	Party
    Responsible 
	material
    servicers or trustee.	
        ●     Trustee

        ●     Depositor

	Reg
    AB disclosure about any new servicer or master servicer is also required.	●     Master
    Servicer or Special Servicer, as applicable
	Reg
    AB disclosure about any new Trustee is also required.	●     Trustee
	Reg
    AB disclosure about any new Certificate Administrator is also required.	●     Certificate
    Administrator
	Item
    6.03- Change in Credit Enhancement or Other External Support	N/A
	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

    

    Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance
    to certificateholders.	●     Depositor
	Item
    9.01 – Financial Statements and Exhibits	●     Responsible
    party for reporting/disclosing the financial statement or exhibit


 






    Sch. VI-3


     


    

 


SCHEDULE
VII


 


INITIAL
SERVICED COMPANION LOAN NOTEHOLDERS


 


	Loan	Companion
    Holder
	BX
    Industrial Portfolio	Initial
        Note A-1-A-2, A-1-A-3, A-1-A-4, A-1-A-5, A-1-A-6, A-1-A-7, A-1-A-8, A-1-C-1, A-1-C-2, A-1-D and A-2 Holders:

         

        Deutsche
        Bank AG, New York Branch

        60 Wall Street, 10th Floor

        New York, New York 10005

        Attention: Robert W. Pettinato, Jr.

        Facsimile No.: (212) 797-4489

        E-mail: Robert.Pettinato@db.com

         

        with
        a copy to:

        Deutsche
        Bank AG, New York Branch

        60 Wall Street, 10th Floor

        New York, New York 10005

        Attention: General Counsel

        Facsimile No. (646) 736-5721

	Tower
    333	Initial
        Note B and C Holder:

         

        DBR
        Investments Co. Limited

        60 Wall Street, 10th Floor

        New York, New York 10005

        Attention: Robert W. Pettinato, Jr.

        Facsimile No.: (212) 797-4489

        E-mail: Robert.Pettinato@db.com

         

        with
        a copy to:

        DBR
        Investments Co. Limited

        60 Wall Street, 10th Floor

        New York, New York 10005

        Attention: General Counsel

        Facsimile No. (646) 736-5721

         

        Note
        A-1 and A-2 Holder:

         

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

        10851
        Mastin Street, Suite 700

        Overland
        Park, Kansas 66210

        Attention:
        Executive Vice President – Division Head

        Facsimile:
        (888) 706-3565

         

        with
        a copy to:

        

        Stinson LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes

        Facsimile: (816) 412-9338




 






    Sch. VII-1


     


    

 


	 	Email:
    kenda.tomes@stinson.com
	825
    South Hill	Initial
        Note A-1 Holder:

        American
        General Life Insurance Company

        c/o
        AIG Investments

        777
        S. Figueroa Street, 16th Floor

        Los
        Angeles, California 90017-5800

        

        Attention:
        VP-Servicing, Commercial Mortgage Lending

         

        with
        a copy to:

         

        Katten
        Muchin Rosenman LLP

        2029
        Century Park East, Suite 2600

        Los
        Angeles, California 90067-3012

        Attention:
        Adam J. Engel, Esq.

         

        Initial
        Note A-2 Holder:

         

        The
        United States Life Insurance Company in the City of New York

        c/o
        AIG Investments

        777
        S. Figueroa Street, 16th Floor

        Los
        Angeles, California 90017-5800

        Attention:
        VP-Servicing, Commercial Mortgage Lending

         

        with
        a copy to:

         

        Katten
        Muchin Rosenman LLP

        2029
        Century Park East, Suite 2600

        Los
        Angeles, California 90067-3012

        Attention:
        Adam J. Engel, Esq.

         

        Initial
        Note A-3 Holder:

         

        The
        Variable Annuity Life Insurance Company

        c/o
        AIG Investments

        777
        S. Figueroa Street, 16th Floor

        Los
        Angeles, California 90017-5800

        Attention:
        VP-Servicing, Commercial Mortgage Lending

         

        with
        a copy to:

         

        Katten
        Muchin Rosenman LLP

        2029
        Century Park East, Suite 2600

        Los
        Angeles, California 90067-3012

        Attention:
        Adam J. Engel, Esq.

         




 




    Sch. VII-2


     


    

 


SCHEDULE
VIII


 


CONTACT
INFORMATION FOR THE OTHER 17G-5 INFORMATION PROVIDER


 


None.


 




    Sch. VIII-1


     


    

 


SCHEDULE
IX


 


MORTGAGE
LOANS WITH “PERFORMANCE”, “EARN-OUT” OR “HOLDBACK” 

ESCROWS OR RESERVES EXCEEDING 10% OF THE
STATED PRINCIPAL 

BALANCE OF THE MORTGAGE LOAN OR WHOLE LOAN, AS APPLICABLE, AS 

OF THE CUT-OFF DATE


 


	Loan
    No.	Loan	Reserve
    Type	Amount
	5	Tower
    333	TI/LC	$51,939,067



 






    Sch. IX-1